Charfty registration number 246045 Company registratlon number 00221066 (England and Wales) THE SOCIETY OF RETREAT CONDUCTORS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE SOCIETY OF RETREAT CONDUCTORS LEGAL AND ADMINISTRATIVE INFORMATION Officers Of The Council Of Management The Revd M Godson The Revd N Heltn Secretary K R@d1ngton Charity nLFmber 246045 Company number 00221066 Registered office cjo Sl Mary'5 Churth 30 Boume Street London United Kingdom SW1W8JJ Independent examiner Azets Audit Services Globe House Eclipse PaFk Sittingboume Road Maidstone Kent United Kingdom ME14 3EN Solicitors Lee Bolton & Lee I, The Sanctuary Westminster London United Kingdom SWIP 3JT Investment advisors JMFinn JM Finn 25 Coplhall Avenue London EC2R 7AH United Kingdom THE SOCIETY OF RETREAT CONDUCTORS CONTENTS Page Chairman's Report Trustees, repDrt Independent examiners report Statement ol finanaal a(Aivilies Balance sheet 9-10 Note5 to the finanaal statements THE SOCIETY OF RETREAT CONDUCTORS CHAIRMAN'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 The CoLJncil has been well served by Ill Its Company Secretary especially in the admin151ration of grant rnaking activities, Iiil its representatives on the CHKT Board who have assisted in the recruitment ol a number of CHKr Tmstees 2nd an overhaul Of operath.ng praCti￿s." and Iiiil members of the Grants Cornmittee who meet monthly to receive. review and decide upon requests foi assistance trom those wshing to Wtdertake training and r8treat5. The Coltncil ha5 kept 8n opèn mind wher7 considering new piovision lor supporting the work of intyividuals and groups in emerging contexts. The website has been cornpletely refveshed and is now frt for purpose. Al a Challeng￿ng time for individuals. course and retreat providers alike. the SRC made a significant contiibution to promoting and supporting traifting and retreats. In particulai: the Council ha5 endeavoured to foster competen and reftective practice atnongst those It supports. The SRC and Council continLJe to encourage and facilitate the provision ol continuing Ignalian training both for its members and for others, and to work with other bodies IN the promotion of the practice ol retreat. The Rev'd M Godson SRC Chaimian Dale. 05.11.￿?4 THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2024 The Council of Managernent present their rep¢yt and the finanual statements ol the oharity for the year ended S April 2023. The Counol of Management have adopted the provisiolls ol the Statetnenl of Recommended Pradce ISORPI 'Atcounb"ng and Reporting by Charities" IFRS 1021 In rKepanny the annual report and financial statements ofthe charity. The finanoal slatemerts have been piepaied in accordan￿ wth the accounting policies Set out in note 1 to the fin8naal statements and comply with the charty's governing document. the Companies Act 2006 and Accounting and Reporting by Charities" Staternellt ol Recommended Practice applicable to char￿￿e$ preparing their accounts In a￿ordanCe with the Financial Repc>rting Standard applicablè In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 Objectives and actNities The chanty s objeclives are to promote and enable training for conduciing of retreat5 and the ministry of spiritu81 direction within the tradition of the Spiritual Exercises of St IgTratius Loyola, and to conduct retre81s. provide 5Plritual direction and occasional conferences, 2nd to as51St those enga9ed in these ministnes_ The charity seeks to promote it5 charrtable aims through fund-rai51ng activitres. The Trustees and Council of Man8gement confifm that they have refe￿ed to the guieance contained In the Charty Commission's gener21 guidance tsn the public benefit when ieviewng the charity's aims and objectives and in the planning of future actsvities. The metnbers ol the Council of Management have authority to Invest funds on behalf of the cliarity. Achievements and perfomiance The charity owns the freehold Interest In two cottages in an Idyllic setting situated In Kent that are currently let to ténants. Rental Income froni these properties is applied for the charity's chantable objectives. The charity Is joint owner with the Coach House Kilmuir Trust la Scottish Charitable Incorporated Organisationl ol several properties near the village ol Kilmuir on the shores of the Moray Firth. The Trust's PLJiposes are to promote the advsncement of religion and spintuality by maintaining a residential centie lor retreats and workshops, and so comply wth Ihe objectives ol this charity The properties are owned by the charitses in the proportion of 67¥0 to 33OJts, the largeT share belonging to this charity. The Coach House Is a retreat centre that has been tnodernised and extended. In 2023. a dwelling house was created from the dilapidated, adjacent propety known as The Sleadings. The Trust's purposes are to promote the advancement of religion and spirituality by maintaining a residential eenlre for retre81s and workshops. and so Comply with the objectives of this chanty. The properties are owned by the two charrties In the proportic>n o167DA to 330/.. the larger share belonging to this charity. TNVO SRC trustees are appointed as members of the CHKT Board, gnd they continue to provide essèntial oversight and support ft)r the work of the trust As well a5 being able lo make 3vai18ble the above facilities. the Council of Management Is abk to make giants to asslst those undergoing training In Ignatian SpiritU811ty and the oiving of Spiritual Exeruses. People applying for SPITiiuai aireaion trainlng graii15 Yvill normally be eKptrcted to be ab40 to dgrnonurse is held at the London Jesuit Centre, 114 Mount Street. London W1K 3AH. The Ign3tian Ennchment Course Is exclusively online, and we welcome partiapanls trom around the UK. Europe and beyond. The Gourse tUD5 annually fr(yn September to July. orb Thursd3ys. 11.00 10 16 00 UK time. Flnantlal review The charity's total Income trom all soui¢ès. including Investment inu)me. rental income ancl donatons, arnounted to £155.720 12023 £164,158) and total expenditure amounted to £275,363 12023." £257.7831 resulting In net lèxpènditurel before gains on Inve5trnents of £119.643 12023. deficit £93,625). Realised and unrealised gainsl Ilossesl arising on the chanty's quoted investment portfolio during the year amountecj to a gain of £48.383 12023 loss of £430,913>. and a net loss ol £nil12023" £292,018) on thè charity'5 investment properties. giving a total gain on Investrnents of £58.38312023". 1085 £722.9311. As a result, the chanty's unrestricted fund5 decreased In value by £56,088 12023". decrease of £844 0451 and restrieied funds decreased by £5,17212023". Increased £27,489) during the year. The charity's unrestricied reserves amounted to £3.287,430 at 6 April 2D23. and these have decreased to £3.231.342 at 5 April 2024. Whilst the charity's quoted investment portlolio together with ils freehold propety formed the majority of the re5erve$ at 5 April 2024, it has net Cu￿ent liabilitses for day lo day operations of £11,454 (being net current assets 01 £18,C68 exduding £29,522 held loi restriGted purposes, plus £6.973 wrth the Charity's Investrnellt managers, primarily fof application v￿thin the Quoted investment portfolio, blrt over which the Council of ma￿￿eMent had absolute discretion to apply lor day lo day needs as required). The Charity's restricted reserves arnounted to £34.694 816 April 2023, 8nd these have de(Yeased lo ￿9.$22 at 5 April 2024. These reserves are restricted for the sole use of the Cambridgeshire Courses in Spintual Oirection 1£6,2391 and the Ignab"aR Spirituality Course1£23.2831, THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2024 Investment Pollcy The Council of Management rxsntiDues lo rnonitor and ieview the Eharity's investrnents in consideration of Cu￿ent market Cond￿0￿5, after r￿5ving and considering of the charty's investment rnanagèr5. and in thè context of the charity's objectives. Reservès Policy It Is the pdicy ol the charity (excluding CCSD and ISDI lo ultimately maintain 'free' re5erve5 Ibeing that el&tnent ol the unrestricted income funds which is not funding Fixed Assets) of approximately 2 years running costs (covering property expenditure and administration Gosls. bul excluding depre¢i*'onl, this equates to approximately £40.OOOp.a. 12023.. £32,5001. As at 5 Apnl 2024 the tree reserves of the ¢h2rty amounted to £11,384112023" 3.7421. The Council of Manage￿ent understand that the closing level Is insufficient going fO￿ard and that a plan to address the Society's ability to conbnue to have the funds available to operate within their mear)s Is being put in plaTr. This includes the ability to drawdown on the Society's Investment Ptsrtfolio to relèasè cash funds as and when required. The Society has ha(t two yea15 01 exceptional costs In 2022 & 2023 due to tre investment made In the new development 81 the Coach House Designated ftknds at 5April 2024 total £3.232,72612023'. £3.263,5881- see note 21 for details The Councll ol Managernent intends to build ftjnds W￿¢h should grow In real leims to provide funds for future chantable use. The total v81ue of funds at the year end was £3,260,86412023' £3,322,124). Ttte trustees believe this lo be adequate to support the charity's continued operations and to provide a fund for excepb.onal grants when they arise from time to time. Plans for future perlods No further Investment in the CHKT is planned. The Sooety Mqll Gonbnue 10 5UPPOrt Ih05e undertaking Ignatian retreèt5 Ignatian focussed training in spiritual direction. Rlsk Management The Counul of Management undert8ke5 reV￿w$ tD consider the risks faeed by the charity together with systems to monitor and control these risks, as part of their strategy rnan8gernent. Structure, yovernance and management The charity 15 a company limited by guarantee and wa5 registered as a d)arity in December 1999. number 246045. The d)arity Is governed by its Memorandum and Artides olAssouabon. The directors of the comparTry who are also the charity's trustees are members of the Council of Management. There were tsvo directorsltrustees held offiTr during the year as follow$".- The Revd. M Godson IChairm8n ofthe Counc410l Management), and The Revd. N Helm (Vice Chairman). Over811 control and Strateg￿ direction of th8 Charitable o)mpany is ¢xerosed by the Coun￿1 of Management. THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5APRIL 2024 Appointments to Ihe Counal of Managernent are covered by the Articles of the company. Should it be necesssry ihe Council of Management has authority under those A￿CleS lo apptsint new members of the Council ol Management as vacancies owur. Any men7ber so appointed shall retsin office until the next General Meeting when thèy 5h811 then be eligible foi i*lertion Duiing the year ended 5 Apnl 2024. the Membe15 of the Council of Managernent were as tollows.- The Revd M. Gtsdson (Chairman and Trustee) The Revd. O.R. Sutton The Revd. N. Helm Ivice Chairm8n and Trustee) The Revd. A S. Walker IISC represenlativel Mr. J. Summerell IGCSD Representative) Ms J Foster Mr. K. 8rowne The Revd. L. Tonge Eleded 2021 for three years Elected 2022 for two years Eleded 2022 for three years Co-opted 2022 fDI hvo years Co-opted 2023 for years Elected 2022 for two years Elected 2023 for bwo years Elected 2023 for Iwo years Ms. K Rèdington (Treasurer) Icotnpally Secretaryl Cambridg&shir8 Courses in Spintual Direction ICCSD) CCSD'S tiainin9 and administratton are planned. arranged and delivered through 8 Management Committee cornpnsing its tutors. trèasurer and administralorlsecretary. this Gornmittee reports al least annually to the Council of Managetnenl, and one of its members sils ex-offie40 an the Society's Counul. Ignatian Spirituality Course {ISC) ISC'S training and gdministralion are planned. 8rranged and delivered through a Management Cornmittee comprising Ils tutors, treasurer and administiatorlsecrelary,. this committee reports at least annually to the Council of Management. and one of its fflembers &ts ex-offioo on the Souety's Counul. Taxation Status The company is a wistered charFty, and as Such is not liable to United Kingdom lax on i(s income. Goln9 concern The Council of Management have no reason to believe that the charity will be unable to continue operating as 3 going conGern (able to pay its debts a￿d 9rant commitments as they fall duel for a period of at least 12 months from the date ol approving these accounts The Trustees, ieport was approved by the 808rd of Officers Of The Counol 01 Management K Redington Company Secrotary The Revd M Godson Chaimian 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 ol the Counol ol Managernent ON tny exarninalion of the financial statements of The Sooety Of Retreat Conductors Ithe ch3rtyl for the year ended 5 April 2024. Responslbllltles and basls of report As the Officers ol the Council ol Management of the chanty land a150 it5 direecors for the purposes of cotnpany lawl you are ￿spOnSible for the preparation of the financial statem&nts in a¢cordan¢e with the requirements of the Companies Ad 2(X)6 Ilhe 2006 Acll. Having satisfied Thyself that the finan￿81 stslements of the charity are not required ic> be audited under Part 18 01 the 2006 Act afid are eligible for independent examination, I report in respect of my examination of the charity's financi81 statements carried out und&r section 145 of the Charities Act 2011 Ithe 2011 Adl. In carrying out my examination I have followed all the applicable Directions given by the Charity Cornmission under section 14515llbl of the 2011 Act. Independent examinerfs statement I have com￿ete￿ rny exafflinatson. I confimi that rK> matters have come to my attention in eonne¢titsn the examination giwng me cause to believe Ih8t in any rnaterial iespect. accounting records were not kept In respect of the chafity as required by section 386 of the 2006 Act., or the financial statements do not aCCOFd with those record8." 01 the financial statements do not comply with the accountsng requirem8nts of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considerèd as part o18n independent examin8lion.' or the financial statements have not been piepaTed ill accordance with the rnethods and pnnryple5 of the Staternent ol Recommended Pradice for accounting and reportin9 by charities applicable to oharities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021. I have no concorns 8nd have rome across no other matters In connection wth the examination to wttich attention 8hould be drawn In this report In order tr) enable a prtsper understanding of the financi81 st8tements lo be reached. Sarah Jennlngs FCA Azets Audit Services Globe House Edipse Park Sittin9boume Road Maidslone Kent ME14 3EN United Kingdom 16 December 2024 THE SOCIETY OF RETREAT CONDUCTORS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Current financial yèar Unrèstricted Restricted funds fundg 2024 2024 Total T¢>tal 2024 2023 Notes Incomo from.. Donations Charitable activitie5 Other Income Investments 1,482 500 84.261 1.982 84.261 5.9( 55.287 69,477 69,477 74.356 Totsl income 70,959 84.761 155,720 164.158 nu4Lui*# yl Raising knnds 28,153 28.153 26,599 Charitable actrwties 157.277 89,933 247.210 231,184 Total expenditure 185.430 89.933 275,3e3 257.783 Net gainsll1055es1 on investsnenls 12 58.383 58 383 1722,9311 Net expendlture forthe yearl Net rnovement In lunds 156.0881 15.1721 161.26DI 1816,5561 Fund balan￿S al 6 April 2023 3,287.430 34.694 3.322, 124 4.138.680 Fund balances at S Aprtl 2024 3.231,342 29.522 3,260,864 3 322.124 The slaternent ol fin2ncial achvities Includes all gains and losses recognised in the year. l incoffle 8nd expenditure derive from continuing activi(ies. The statement of finallcial activities also complies with the requiretnent5 for an Income and expenditure account under the Cornpanies Act 2006. THE SOCIETY OF RETREAT CONDUCTORS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Pthor financlal year Unrestrrcted Re51ri¢te fund¥ funds 2023 2023 Total 2023 Notes Incomè from= Donations Chantable activibes other income Investments 1,406 4,500 55,267 28,629 5.906 55.287 28.829 74.356 74,358 Total income 75,762 88,396 164.158 Ex enditure on- Raising fund5 26,599 26.599 Chantable activities 170.277 60,907 231.184 Total Oxpenditure 196.876 60,907 257.783 Net gainslllossesl on investrnents 12 1722,9311 1722,9311 Net expenditure for the yearl N•t movement tn fund8 1844.0451 27,489 1816,5561 Fund balances at e Aplll 2022 4,131,475 7,205 4,138.680 Fund balances at S April 2023 3,287.430 34.694 3.322, 124 THE SOCIETY OF RETREAT CONDUCTORS BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Note¥ Fixed assets Tangible assets Inve5trnent piopethe5 Investments 14 15 16 570,614 800,000 1.872, 182 682,259 800,000 1,914.901 3.242,796 3.297.160 Current assets Debtors Cash at bank and in hand 17 25.983 66.327 7.258 94,475 92,310 101,733 Credltors.. amounts falllng du8 Within orte year 18 174,2421 178.7691 Net cuffent assets 18,068 24,964 Total agsets1¢88 current Ilabllltiè# 3.260,864 3,322, 124 Incomè funds Restrictefj funds Unrestricted hjnds Designated lunds General unrestricted ￿TrdS 20 29.522 34.694 21 3,232,726 11,3841 3,263,688 23,742 3,231.342 3,287.430 3,2SO.864 3,322,124 THE SOCIETY OF RETREAT CONDUCTORS BALANCE SHEET (CONTINUED) ASAT5APRIL 2024 2024 2023 Notes The company is entitjed to the eXer￿pt￿On trom the audit requirement contained In section 477 of the Companies Act 2006, for the year eftded 5 April 2024. The direetors acknowledge their responsibilib.es for mmplying with the requirements ol the Companies Act 2006 with respect to accounting records and the preparation ol financial st8tements. The members have not required the company to obtain an audit of its financial statements for the year In question in accordanc£ with section 476. These finanual statement5 have been prepared In accordance with the Provisions 8pplicable to (*Jmpanies subject to the small companies regime. The financial statements were approved by the Officers Of Ttie Counol 01 Management on. S'li ly The Revd M Godson Trustee Company registration number 00221066 10- THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity inforrnation The Society Of Retreat Conductors Is a private company limited by guarantee incorporated in Englancl and ales. The Fegistered offiTr is do St Mary's Church, 30 Boume Street, London. SW1W 8JJ, United Kingdom 1.1 Accounting convention The f nan¢ial 5taternents h8ve been prepared in accordance wth the charty's Igoverning documenti. the Companies Act 20(b, FRS 102 'The Financa31 Reporting Standard appli¢able in the UK and Republic ol Ireland. I'FRS 102.1 the Charities SORP 'Accountsng and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts In accordan￿ with the Financial Reporting Standard applicable ID the UK and Republic ol Ireland IFRS 1021 leffective 1 January 20191. The chanty is a Public Benefit Eniity as defined by FRS 102 The charity has taken advantage of the provisions In the SORP for charihes not to pr8pare a Statement of Cash Flows. The financial statetnents are prepared in sterling, which is the functional currency ol the ¢harity. Monetary amounts in these finanaal statemènts are rounded to th8 nearest £. The financial statements have been prepared under the histonGal cost convenboll. fflodifiea lo indude the revaluation of freehold properties and to Inciude Investment properties and certain financial instrumen15 at fair value. The pr￿nciF￿1 accounting poliae5 adopted are sel out below. 1.2 Goin9 concern The Officers of the Council ol Management 8sse5s whether the use of going concern is appropriate. i.e. whether there are any material uncertainties related lo events or conditions that may cast signilicAnl doubt on the ability of the Society lo continue as a going corn￿rn. The Officers ol the Council of Management make this assesstnent in respect ol a period of at least one year from the date of authorisalion for issue of the fin8nryal statements. The Statement of Flnanti31 Activities l￿dICateS that the Society Incurred a net deliat on unrestricted undesignatecl lunds of £25k during th& year ended 5 April 2024 and 8$ of that date the Society's unrestricted nel current Iiabililies were £11 k. These events or coridiliorTS. alwg Wlth other matters Indicate that a matenal unTrrtainty exists that may cast significant d￿bt on the Society s ability to continue as a going ¢onGein. The OffiTrrs of the Council of Management regularly monitors all of its 1nmming slrearns, and ils overhead costs to ensure that the Society can continue lo operate wthin its means. On the bas18 of this assessment the Officers of the Counal of Management (x)nsider rt is appropriate to prepare the accounts on a going concern ba81S. 1.3 Charitsble funds Unrestiicted funds are available for use at the d15cretion ol the Officers of the Counal of Management In furtherance of their th8riiable obJethves. Restricted fur)ds are subject lo specific conditions by L1onors as to how they may be used. Thè purposes and uses of the resln(Xed funds are set out In the notes to the finanaal statements. 1.4 Income Incorne Is rec￿nISed when the charity Is legally entrtled to rt after any performan￿ conditions have been met, the amounts can be measured reliably, and It is probable that incA)me wll be ￿e1ved. THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounttng policie8 Icontinuedl Cash donations are recognised on receipt. Other donations a￿ recognised once the thanty has been nolthed of the donation, unless performance conditlDns require deferral ol the amount. Income lax recoverable in relation to donations re￿iVed under Giftl￿d or deeds of ￿vellant Is recognised at thè time of the donation. Investment income Is recognised when receivable by the chanty. course trairTing inccme is recognised on an wual basis. 1.5 Expendlture Expenditure Is iecognised once there Is È legal or constructive obligation to transfer ecrjnomic benefft lo 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 measure¢J reliably. Expenditure is dassified by Èdivity. The costs of each activity are made up of the total ol direct C05t5 Involved In undertaking each acbvty. Direct wsts attnbuiabl8 to a $inylo a¢bvity are allocal8d dir*dly to that 8ctivty. All expenditure is inclusive ol Irrecoverable VAT whare Incurred. Costs of raising funds Include thè ¢osls ol managing the chafity's investfflents. along Wlth costs IncurTed i running Ihe charity'8 investment properties. The costs Df chaTtsble actiwties compiise grants payable in the ￿rther8n￿ of the adiwtieg of the olanty's objects. Th8 grants are recognised when any condition5 relating to their payment have been mel. Training fees are those costs incurred by each ol the courses run by the associated enlib.es incluJed in these financi81 statements. Other cost$ include those Costs Incurred in the goverll8nc* of the charity and its assets, and are prlmari associated with constilubonal ar)d statutory r8quiféments. 1.6 Tanglble fixed assets Tangible fixed assets are initially measLJred at cost and subsequenlty rneasured at C05t or v81ualion, net ol depreciation and any Impairtnent losses. Depreuation is recognisÈd so as lo wrile oft the cost or valuats'on of assets less their residual values over their useful lives on the lollowng bases". Freehold land and buildings 210 The gain or loss arising on the disposal ol an asset is determined as the difference between the sale prO￿edS and the carying value of the asset. and 1$ recognised in thè 5tat&ment of financjal activities. 1.7 Inwestment property Inveslmenf property, which is prO￿ty held to earrl ientals andlor for capit81 appreoation, Is inrtially iecognised at C05t. which Indudes the Pufchase cost and any direthy attributable expenditure. Subsequently il is measured at fair value at the reporting end date. The surplus or deficit on revaluatson is re¢ognised in prtsfit or loss. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction CDsts, and are subsequently tneasured at fair value at e8ch reporting ¢Jate. Changes In fair value are recognised In net incomellexpenditurel for the year. Transaction costs are expensed as Incurred. THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng polici08 Iconlinuedl 1.9 Impalrrnent of r￿ed assets At each reporting end date, the charity reviews the cxrrying amounts of its tangible assets to determine wttÈther there Is any indication that those assets have suffered an impairment Ioss. 113ny such Indic8bon exists. the iecoverable atnount of the asset is eth"mated In orcter to determine the extent of the impairment loss lif any). 1.10 Cash and cash equlvalents Cash and cash equivalents indude cash In hand. deposits held at call wilh banks. other short-term liquirj Investmenls original matunties of three months or less. and bank overdratt5. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Finan¢i31 instruments The charity h£$ eleded to apply the provisions ol Section 11 'Basic Financial IrTrstrumenls' and Section 12 'Other Financ131 Instwments Issues. of FRS 102 to all of it5 financial Instrurnents. Financial Instruments are rewgnised in the chanvs balance sheet when the charity beuimes paty to the contractU81 provisions of the inslrurnent. Financial assets and liabilities are offsel, wth the net amounts presented in the finanoal st81ements, 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 lo realise the asset and setue the liabllty simultaneously. Basic Ilnancial assets Basic financial assets, which Indude debtors and cash and bank b31anTrs. are initially measured at transaction price Induding transa¢tiDn costs and ale subsequently carried at amortised cost Using the effective interest rnethi￿ unless the arrangement Constitutes a financing transacbon. where the transaction Is measured at the presènt V8lue of the ￿tu￿ re￿Ipts discourrted at a market rate of Interest. Financial assets assified as r￿e1vable within one year are not amortlsed. 8asic linan¢i81 liabilities Basic financial liabilitie5 induding cieditors and bank loans are initially recogrTrised at transaL1ion price unless the ariangeNEnt COn5tilutes 3 finanang transathon, where thé debt ir)strument Is measured al the present value of the future payments discounted at a market rate of interest. Fin8ncial lialNlities dassified as payable thin one year are not 2mDtbsed. D&bt inslrurnèntS are subsequently carried at amortised eost. using the effethve Interest rate method. Trade creditors are ablig8tions to pay for goods or servi￿$ that have been 8cquir8d in the ordinary course of operations frorn suppliers. Amounts payable are das5ified as eurrent Iiatjilitiès if payment Is due wthin one year or less. If not. they are preserTrted as non-¢urrent Iiabilibes. Trade credrtors are recA)gnised initsally at transaction ppice and subsequ8ntly measured at amorbsed cost using the effectsve Interest method. Derecognfftion of financial Ilabllltles Financial liabilities 8re derecognised when the thaiity's contractual obligations expl￿ or are discttarged Dr cancelled. 1.12 Charitablè status The company was Incorpor8ted with charitable slatU5 and is lifniled by guaianlee. not having a share capital. In the event of the charity being wound up the li8bility In respect of the guarantee is limited to £20 p8r stalulory member olthe charity. 13 THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 Critical accounting estimates and judgements In the applic8tion of the chanty's accounbng poliaes. the OfficErs of the Coun(Jl ol Management ale required lo make iudgemenls. estim8les 8nd 8ssumplions about the carrying amount of assets and Iiabililies that are not readily apparent from other sourTrs. The estimates and associated assumptions are ￿aSed on historical experience and otheT factors that are tonsidered to be Felevant. Actual results may differ from these estimates The estimates and LSndeilying assurnplions ale reviewed on an ongoing basis. Revisitsns to accounting estimates are recognised In ltte period In which the estimate 1$ revised wttere the revision affects only that period. or In the period of the revision and future penc¥Js where the revision affects both current and hjture periods. Donation5 Vnrestrlcted Restricted funds funds Total Unre$tri¢ted Restricted fund$ funds Totsl 2024 2024 2024 2023 2023 2023 Oonalions 1.482 500 1,982 1,406 4.500 5.906 4 Charitable activitie8 Cambridgeshirè Courses in Spiritsjal Ignaban Spiritualty cDu￿e Total camb￿dgeSfvlre 2024 Courses in Spiritual DireGtIDn Total 2023 Spirituality Ctsutse 2023 2024 2Q24 2023 Training income 9.210 75,051 84,261 7,200 48,067 55.267 Other income Total Restricted funds 2024 2023 Transfer IrTr of net fund5 of the Ignatian Spintuality Course 28,629 14- THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments Unrestricted Unrestricted fund nd5 2024 2023 Rental incotne Incoffle Iiom listed Investment5 Interest re￿1v#ble 10.600 49,268 9.609 11,250 58.742 4,364 69.477 74.356 Raising lunds Unrestricted Unrestricted funds funds 2024 2023 Inveslrnent property costs Garden expenses Rates and Insuran other fvndraising costs 5,957 1.956 5,738 2,466 1,e03 5.722 Inveslrnenl propety costs 13.651 9,991 din Investment managernent fees 14.502 16.608 28.153 26,599 . THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Charitable activiti Charftable Charitable activities activlties 2024 2023 Deprec4ation and irnpairment Cambridgeshire Courses in Spiritual Direction- tfaining fees Ignatian Spirituality Cokjrse training lees Other usts 11.645 9.629 80.304 27,050 8,247 52,660 22,511 128,628 83,418 Grant funding of activities Isee note 91 118,582 147.766 247.210 231.184 Analy$is by fund Unrestricted fund5 Restricted funds 157,277 89,933 170277 60.￿7 247.210 231,184 Grants payable Charitable Charitable actlvitles activities 2024 2023 Grants to Instrtutions Jesuit Prison street Talk Other 2,300 7.428 3.120 3,300 10,S48 Giants to individuals 115.282 137,218 118,582 147,766 Induded in oiher creditors is £4,48312023". £16.2601 in grants payable. 16 THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Ofncers Of The Council Of Management None ol the offi￿r$ of the Council ol Management lor any persons Co￿nedEd ￿1th them) re￿IVed any remuneration or benefits from the charity during the year However. expenses of £1.48312023 £1,399) and ember grants of £6,077 were incurred in the furtherance ol the charity's objects, and Included In other costs, were reimbursed as follows. Trustees- travel. £1,020 Trustees- member grant £318 Council of Management- travel.. £183 Council of Management- member grant" £5,759 Secretary- travel ￿80 17 Employ￿$ The average monthty number ol employees dunng the yearwas". 2024 Number 2023 Number Total There weie no employees whjse annual remuneration was more than £60,000. 12 N8t gainslllossesl on investments Unrèstrlcted Unrestrlcted funds fund5 2024 2023 Gainlllossl ON sale of investmen15 Revaluation of Investment properties 58,383 1430.9131 1292.0181 58,383 1722,9311 13 Taxation The charity is exempt from tax on Income and 9ains f811ing within section 505 01 ttte Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Ar* 1992 to the extent that these a￿ applied to its charitable objed5 17 THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Tangible fixed assets Frp&hold land and buildings Cost At 6 April 2023 582,259 At 5 April 2024 582.259 Depreciatlon and impaimbent Depreciation charged in the year 11.645 At 5 April 2024 11,645 Carrytng amount At 5 April 2024 570.614 At 5 April 2023 582,259 1S Investrnent property 2024 Fair valug At 6 April 2023 and 5 April 2024 800,000 The Counul of Management have confirmed trat their e5timale ol markel value of 1 and 2 Stackland Cottages at 5 April 2023 was £800,0(KTr based on advi￿ trom Savills Ihistorical cost £162.0681. This estimate ha5 not thanged for the year ended 5 Apnl 2024 18 THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 16 Fixed asset Investments sted investments Cash In portlollo Total Cost or valuation At 6 April 2023 AdditlDnS Valuation changes other movements Disposals 1.884,524 313.769 58.383 30.377 1313,7591 1,914.901 58,383 1101,1031 1101.1031 391.468 1391,4871 At 5 April 2024 1.865,209 6,973 1,872.182 Carrying amount At 05 April 2024 1,B65.209 6.973 1,872.182 At 05 April 2023 1,884,524 30.377 1.914.901 2024 2023 Investment$ at frair value comprise" Fixed interest Equity M8n8ged funds Aiiernatives Cash 293,297 438,990 798,808 334.114 6.973 199.772 556.645 627.747 500,360 30,377 1,872 182 1.914,901 17 Debtors 2024 2023 Amounts lalling due within onè year: Accrued income Prepayments 24.435 1.548 5.899 1.359 25,983 7,258 19 THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 18 Cfyditors= amounts falliny due within ong year 2024 2023 Notes Deferred Incomè Other creditors Ar£ru815 19 28.332 5384 40.526 25,028 17,261 34,480 74.242 76,769 19 Deferred income 2024 2023 Ansing from Course fee5 paid In advan(x 28.332 25,028 Deferred income is induded in the financial ststements as follows" 2024 2023 Deferred Income is Included within.. Current liabilities 28,332 25.028 Moveménts in thè year". Deferred ino)me * 6 April 2023 Released trom previou5 periods Resource5 deleiied In the year 25.028 125.0281 28.332 25.028 Delerrec5 Income at 5 April 2024 28.332 25.028 20- 00> oc4 ou> opj o ro p- LO THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 22 Anatysi$ of net a¥sots bèt%wn funds Unrestrlcted Restrlcted funds fund* 2024 2024 Ttstsl Unrestricted Restricted fund8 funds 2023 2023 Total 2024 2023 Fund balances at 5 4oril 2024 are iepresented by". Tangible assels Investment piopertye5 Investments Current assetsllliabiliknesl 570,614 800,000 1,872.182 111.4541 570,614 800.000 1.872,182 18,066 582,259 800 00(1 1,914.901 19,7301 582,259 800,000 1,914,901 24,W 29,522 34,694 3.231.342 29,522 3.280,864 3,287.430 34,694 3,322.124 23 Related party transactions Remuneration of key rnanagernent personnel The remuneration ol key management personnel is as follows. 2024 2023 Aggregate compensation 12,876 10.606 The only such costs paid by the Society, amounting to £6,13812023. £5,8S61 were to the administrator. who is the Treasurei and Company Secretary. The IgT)atson Spirituality Course paid £6.000 to the course dire(#ors and £738 to their administrator. The Cambiidgeshire Courses In s￿lItYa1 Direction did not incur 8ny costs in respect of key personnel In the current or preceding period. -23- THE SOCIETY OF RETREAT CONDUCTORS DETAILED INCOME AND EXPENDITURE ACCOUNT- SOCIEfY ONLY FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 INCOME Donations and legacies individuals Gift Aid receivable Rents receivable Deposit account interest Investment income 1,185 296 1,132 274 10,600 9,610 49,268 70,959 11,250 4,364 58,742 75,762 EXPENDITURE PROPERTY EXPENSES Depreciation Garden expenses Rates and insurance Coach House property expenses Let property expenses 11,645 5,957 1,956 3,367 5,737 2,466 1,803 5,907 5,723 28,662 15,899 GRANTS MADE 118,582 147,766 ADMINISTRATION EXPENSES Administrator's salary Rent Subscriptions Independent Examiner's fees Legal and professional fees Postage and telephone Sundry expenses Travel expenses Computer expenses Irbvestment management expenses 6,138 1,200 35 10,842 13 5,856 1,2(K) 35 4,950 13 2,132 2311 3,300 255 14,502 1,053 504 916 2,076 16,608 38,186 33,211 185,430 196,876 SURPLUSIIDEFICITI FOR THE YEAR 1114,4711 121,1141 This poge does notform port of the statutoryfinancial stotements THE SOCIETY OF RETREAT CONDUCTORS DETAILED INCOME AND EXPENDITURE ACCOUNT- CCSD FOR THE YEAR ENDED 31 MARCH 2024 2023 2023 INCOME Donations Training 500 9,210 9,710 7,200 7,200 EXPENDITURE Tutor and speaker fees Tutor and speaker expenses Venue hire Printing, postage and stationery Refreshments Other costs 4,315 1,106 2,980 1,229 5,560 871 1,630 35 143 8,247 9,630 SURPLUS/IDEFICITI FOR THE YEAR 80 1,0471 This page does not form part of the statutory financial statements THE SOCIETY OF RETREAT CONDUCTORS DETAILED INCOME AND EXPENDITURE ACCOUNT- ISC FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME Training Bursary Irbterest 75,027 76,696 4,500 24 75,051 81,196 EXPENDITURE Administrator Rent Course directors Tutor and speaker fees Tutor and speaker expenses Interview fees Printing, postage and stationery Training On-line hosting fees 738 11,000 6,000 56,481 loo 1,625 1,056 333 1,371 78,704 750 7,0(K) 4,0(X) 37,550 1,754 800 243 213 350 52,660 GRANTS MADE 1,600 80,304 52,660 SURPLUSIIDEFICITI FOR THE YEAR 1 5,2531 28,536 TRANSFER OF FUNDS INTO SOCIETY OF REfREAT CONDUCTORS ON I AUGUST 2022 28,629 NET SURPLUSIIDEFICITI FOR THE YEAR 57,165 This page does not form part of the statutory financial statements