Charity registration number 246045 Company registration number 00221066 IEngland and Wales) THE SOCIETY OF RETREAT CONDUCTORS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE SOCIETY OF RETREAT CONDUCTORS LEGAL AND ADMINISTRATIVE INFORMATION Officers Of The Coun¢ll Of Managem¢nt Fr L Tonge The Revd N Helm Sacrètary K Redington Charlty number 246045 Company number 00221066 Registered office clo St Mary's Church 30 BoLJrne Street London United Kingdom SW1W 8JJ Indèp•nd•nt èxamin•r Azats Audit Servicès Globe House Eclipse Park SittingboLJrne Road Maidstone Kent United Kingdom ME14 3EN Solicitors Lee Bolton & Lee 1, The Sanduary Westminster London United Kingdom SW1P 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, report Independent examiner's report ststement of financial activities Balance sheet 9-10 Notes to the financial statements
THE SOCIETY OF RETREAT CONDUCTORS CHAIRMAN'S REPORT FOR THE YEAR ENDED 5APRIL 2025 Hrj onty tsèn on th8 rol• of Chalrman at last yearf8 AGM. I hove depended h&aiAty Up tha &xp8rl8nce of othér Coundl mbe upon our Company Secrèt8ry In thg ensulng mt>nths. l am Ilebtsd to them All for thè parts in the gd ordÈmg of tha Iwe of the Soci8ty and the continulng fiJfflm8ni of its rnissk)n. As the marks th8 gnd of ils first c4nlury, the dIrenCe be1 TA)at It ffirst wes 8N1 h88 n¢M bwn8 is no small way rernark8ble. Wllhout rehe8r8lng that Iwstory. it is novgrthejess worth noong 8vJnfflcance, in th8 Socierfs solt U10r$1andlng, of th8 ranèwal ol th8 Spmyluèl Exwrises ol St Ign8tius Loyda d8Ung lapJely from th8 19605 and the relorn of Seco¢wJ Vatkan C(xmdl. l think can lusllffably bg dèscribed as a shift of emph&8L8 from tho contgnt of the Four W8•ks' thems8lv851#23 onwards) to #n amFthas on the acctryanlmont of Iha Ex•rcts&s, dolailed in Ihg Annotstions and Presupwstion {##1-221. Whèraa8 the founding fathers of Ihè Socwty Yuld have Ixen und8rstandabty h8aYy (J) wi19nl Sn 1924, hundrsd yogrs later. m?mbers will all recognlse h thoroughty pftJe8ss tharaclerises most ofwh8t cwJpie5 wr erw4S. Unsurptslngly, IherBfore. thè wincipal aclNlbes of the past ye8r have contlnued as in tha rertI past. The &ants' Committee ntinueS to bear CsIdarSb wetqht of Ihe IYKmth4y-rnth rrk on our beh8Ef, whereby wo $UPF oppNtsmfiUos both pe9 lo make the Exercises ar for peo0 to be fr>md li the a¢¢ompanying Oftn. That same essenual 918ment of formation in accompanim accounts for C4JT connUed cl& asSC¢kt wth th Ignatian SpirStuallty London crE0. Ihe Cambiilg8 in Spiriiual Dir8¢Jkn aNI, less formalty, wth the Sphltual Our CA)ntinulng Ènvofv8menl in the Coaeth House, lQlmuir. has devetoped sIgnfficant 8ln¢o our earfy grwagamgnt deswn8d to ensure the eontinuation of the mln¢lry of th& SwntU81 Exeths in the pArt of ts county. gvoluuon ol the life irf Coad) House ¢(tinu&S to tafft frTr our fepresentstion its Board of Trustees. The SRC Councl wil cononue to rrmitor the ¢Jograo of algnm8ni b8iw8en tho nt8rnsls ol the Coach Houso and the pu8$ of the SRC. Th8 three yeors it took to estsbltsh the So¢ty 88 8 1•3al enffty in 1927 glv8 us the Lypthjnlty to mark the nlen8ry perhaps 8omg approprfats. fom)aUaI offerfr for mombors, as w911 as rewlng the ethnt Vhkh our consltutlonal fram6work fil for purFrf)se as the Society entern its second c8nbJry. Th? Council has kept 8n OFn rniThJ wh8n ¢onsldarlng new provion for supporting thè wcwk of indtrvhluas grow In emeryiro cont8xts. Thg websitè has bo8n crynFlgtely refresh•l and 1$ ncw fflt for purpose. Al 8 th811&nging Ume for indMduaL8, cDw38 aNI rntreat PTovKlw3 Blike. the SRC madè a nth¢ant wntribution to Prot1ng and supp)rtwig training and rètr•ats. In partiwk¥, the Council h8$ endèavourad to fostsr COMpet)r and refiectfv8 prackn amorusl IIM)so It supporls. Thè SRC and Counol cOntinL to entourage arn1 tsdlhats the prowon of crntinuing Ignatuen training l)olh for ts members and tr others, and to Work olhèr bc4Jies in the pr(#motion ofthg prabts of retreat. Father L Tonge Chalrnian. SRC
THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2025 The Council of Management present their report and the financial statements of the charity for the year ended 5 April 2025. The Council ol Management have adopted the provisions of the Statement of Recommended Practi ISORPI 'Accounting and Reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the charity. The financial stalements have been prepared in accordance with Ihe accounting policies sel out in nole 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 IFRS 1021" leffeclive 1 January 20191. Objectives and activities The charity's objectives are to promote and enable training for conducting of retreats and the ministry of spiritual dire¢tion within the tradition of the Spiritual Exercises of St Ignalius Loyola, and lo ¢ondu¢l rtrlreals, provide spiritual direction and 0s1Onal COnferenS, and to assist those engaged in these ministries. The charity seeks to promote its charitable aims through ftjnd-raising activities. The Truslees and Council of Management confirm that they have referred to the guidance contained in the Charity Commission's general guidan on the public benefit when reviewing the charity's aims and objectives and in the planning of future aclivilies. The members of the Council of Management have authority to invest funds on behalf of the charity. Achlèvemènts and performanc8 The charity owns the freehold interest in Iwo cottages in an idyllic setting situated in Kent that are currently let lo lenanls. Rental income from these properties is applied for the charity's charitable objectives. The charity is joint owner with the Coach House Kilmuir Trust la Scottish Charitsble Incorporated Organisalionl of Sévèral propérties nèar thè villagé of Kilmuir on thé shorès of thè Moray Firth. Thè Trust's purposès arè to promote the advancement of religion and spirituality by maintaining a residential ¢entre for retatS and workshops, and so comply with the objectives of this charity. The properties are owned by the tr0 charities in the proportion of 67 10 to 33.10, the larger share belonging to this charity. The Coach House is a retreat centre that has been modernised and extended. In 2023, a dwelling house was created from the dilapidated, adjacent propety known as The Sleadings. The Trust's purposes are lo promote the advancement of religion and spirilualily by maintaining a residential tre for retreats and workshops, and so comply wtth the objectives of this ¢h8nty. The properties are owned by the two charities in the proportion of 670/0 10 330/0, the larger share belonging to this Charity. Two SRC trustees artr appoint&d as members of the CHKT Board, and thèy continuè to providè èssèntial ovèrsight and support for thè work of thè trust. As well as being able to make available Ihe aix)ve facililies, 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 ,Ihe years leading up lo their application. Grants lotalling £119,546 12024.. £118,582) were approved during the year ended 5 April 2025. cambridgeshi Courses in Spiritu&l Direction (CCSD) CCSD offers training to people who undertake its Course The Art of Spiritual Direction. CCSD also delivers an annual development day for practising spiritual directors in the eastern region.
THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2025 The Ignatian SpiritU21ity Course (ISC) ISC introduces people to the richness of the spirituality of Ignatius of Loyola 11491-15561 who was a pioneer in proposing ways for the individual to aitain spirilual freedom. It is an ecumenical Christian course and is open to people of gwdwill from all traditions. The Ihree-year course (online & in-personl is led by an experienced staff of laypeople and clergy. 11 runs for one d8y a week 111..00 - 16.'OO UK timel from September lo July over three years, with Year 1 on Tuesdays, Year 2 on Wednesdays, and Year 3 on Thursdays. The in-person ¢ourse is held at the London Jesuit Centre, 114 Mount Street, London W1 K 3AH. The Ignatian Enrichment Course is ex¢lusively online, and we welcome participants from around the UK, Europe and beyond. The course runs annually from September to July, on Thursdays, 11.'00 to 16'.00 UK time. Flnanclal r8vlew The charity's total incorne from all sources, including investment income, rental income and donations, amounted to £183,595 12024.. £155,720) and lolal expenditure amounted to £287,100 12024.. £275,3631 resulting in nel expenditure before losses on investments of £103,505 12024.. deficit £119,643). Realised and unrealised gainsl 1105sesl arising on the charity's quoted investment portfolio during the year amounted to a loss of £63,05012024.. gain of £58,383), and a net loss of £nil 12024". £nill on th8 charitls investment properties, giving a total loss on investments of £63.05012024: gain of £58,383). As a result, the charity's unrestricted funds decreased in value by £172,052 12024-. decrease of £56,088) and restricted funds increased by £5,49712024.' decreased by £5,172) during the year. The charity's unrestricted reserves amounted to £3,231,342 at 6 April 2024, and these have decreased to £3,059,290 al 5 April 2025. Whilsl the charity's quoted investment portfolio together with its freehold propety formed the majority of the reserves at S April 2025, it has net current assets for day to day operations of £63,205 Ibeing net current assets of £47,817 plus £15,388 with the Charity s investment managers, primarily for application within the Quoted investment porttolio, bul over which the Council of Management had absolute discretion lo apply for day to day needs as required. The Charity's restricted reserves amounted lo £29,522 at 6 April 2024, and these have increased to £35,019 at S April 2025. Investment Policy The Council of Management continues to monttor and review the charity's investsnenls in consideration of current arket conditions, after reIving and considering advice of the charity's investrnenl managers, and in the context of the charity s objectives. Rè$ervè$ Poll¢y It is the policy of the charity (excluding CCSD and ISDI to ullimately maintain 'free' reserves (being that element of the unrestricted income funds which is not funding Fixed Assets) of approximately 2 years running costs Icovering property expenditure and administration costs, bul excluding deprecialionl., this equates lo approximately £40,OOOp.a.12024'. £40,000). As at 5 April 2025 the free reserves of the charity amounted lo £31,28312024'. deficit of £1,384). In the previous year the Council of Management understood that the closing level was insufficient going forward. A plan to address the Society's ability lo continue lo have the funds available to operate within their means Was put in pla in the current year, resulting in the nel increase in free reserves. This includes the ability to drawdown on thg Society's Investment Portfolio to release cash funds as and when required. Designated funds al 5 April 2025 total £3,028,00712024= £3,232,7261- see note 20 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 £3,094,30912024.' £3,260,864). 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 lime lo lime.
THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2025 Plans for future p•rlod$ No further investment in the CHKT is planned. The Society will continue lo support those undertaking Ignatian retreats and Ignalian focussed training in spiritual direction. Risk Management The Council of Management undertakes reviews lo consider the risks fad by the charity together with systems lo onitor and control these risks, as part of their strategy management. structure, governance and management The charity is a company limited by guarantee and was registtrred as a Charity in De¢&mbtrr 1999, numbtrr 246045. The Charity is govorned by ils Mgmorandum and Arti¢lgs ofAsso¢ialion. The directors of the company who are also the ¢h8rity's ttuslees are members of the Council of Management. There were bNo dire¢torsltrustees who held office during the year as follows'.- Fr. L Tonge (Chairman of the Council of Management), and The Revd. N Helm (Vice Chairman). Overall control and strategic direction of the Charitable company is exercised by the Council of Management. Appointments lo the Council of Management are covered by the Articles of the company. Should il 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 relain office until the next General Meeting when they shall then be èligible for ra-oleclion. During the year trnded 5 April 2025, thtr Members of the Coun¢il of Management were as follows'.- Lister Tonge (Chairman) The Revd. D.R. Sutton The Revd. B Batslone Jeremy Summerell Nick Helm (vice chairl Julie Foster Ken Browne Mark Godson Natalie Baxter-strange Elected 2024 for three years Elected 2024 for Iwo years Elected 2024 for iwo years Co-opted 2023 for two years Elected 2022 for three years Elected 2024 for two years Elected 2023 for bts years Elected 2024 for years Elected 2024 for two years Ms. K. Redington (Treasurer) (Company Secretary) cambridgeshi Courses Spirilual Direction (CCSD) CCSD'S training and administration are planned, arranged and delivered through a Management Committee comprising its lulor5, treasurer and administratorlsecretsry,. this cornmittee reports al least annually to the Council of Man8gemenl, and one of ils members sils ex-officio on the Society's Council. Ignatian SpirNtuality Course (ISCJ ISC'S training and administration are planned, arranged and delivered through a hAanagement Committee comprising its tutors, treasurer and administratorlsecretary., this commitlee reports at least annually to the Council of Management, and one of its members sits ex-officio on the Society's Council. Taxatlon Ststu$ The company is a registered charity, and as such is not liable to United Kingdom tax on its income. Going concam The Council of Management have no reason to believe that the charity will be unable lo continue operating as a going concern (able to pay ils debts and grant commitments as they fall duel for a period of al least 12 rllonlhs from the date of approving these accounts
THE SOCIETY OF RETREAT CONDUCTORS REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2025 The Tru8te89' r8POrtwas opwov1 by th8 Board of OflkeTS OfThe Coundl or MageM. K Redington Company S•¢retary The Revd L TorvJe Chaimmn 25 October 2025
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 stalements of The Society Of Retreat Conductors Ithe charity) for the year ended S April 2025. Responslbllltlos and basls of raport As the Officers of the Council of Management of the charity land also its directors for the purposes of company lawl you are responsible for the preparation of the financial stalerllenls in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Act). Having satisfied myself that the financial statements of the charity are not required lo 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 Ilhe 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi thal no matters have come to my attention in connection with the examination giving me cause to believe Ihat in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial ststements do not aord with those rewrds., or the financial statements do not comply with the accounting requirements 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 considered as part of an independent examination., or the financial statements have not beon prepared in a¢cordan¢e with tho methods and principles of the Statement of Recommendèd Practicè for accoLJnting and reporting by charities applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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. Sarah Jennings FCA Azets Audit Services Globe House Eclipse Park Sittingbourne Road Maidstone Kent ME14 3EN United Kingdom 8 December 2025 Dated..
THE SOCIETY OF RETREAT CONDUCTORS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025 Current financial year Unrestricted Restricted funds funds 2025 2025 Total Total 2025 2024 Note5 Incom• from: Donations Charitable activities Investments 1,706 1,706 107,883 74,006 1,982 84,261 69,477 107,883 74,006 Total incom• 75,712 107,883 183,595 155,720 enditure on.. Raising funds 26,789 26,789 28,153 Charitable activities 1 S7,925 102,386 260,311 247,210 Totsl &xp6ndltura 184,714 102,386 287,100 275,363 Net gainslllossesl on investments 11 163,0501 163,0501 58,383 Net lexpenditurellincome for the yearl Net movernent in funds 1172,0521 5,497 1166,5551 161.2601 Fund balances at 6 April 2024 3,231,342 29,522 3,260,864 3,322,124 Fund balances at 5 April 2025 3,059,290 35,019 3,094,309 3,260,864 The statement of financial activities includes all gains and losse5 recognised in the year. l income and expenditure derive from continuing actiwties. 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 2025 Prior financial year Unrestricted Restricted funds fund$ 2024 2024 Total 2024 Notes Incom• from: Donations Charitable activities Investments 1,482 500 84,261 1,982 84,261 69,477 69,477 Total incom• 70,959 84,761 155,720 enditure on.. Raising funds 28,153 28,153 Charitable activities 157,277 89,933 247,210 Totsl &xp6ndltura 185,430 89,933 275,363 Net gainslllossesl on investments 11 58,383 58,383 Nèt l•xp•ndlturèlllncom8 for th• yoarl Net movement in funds 156,0881 15,1721 161,2601 Fund balanS at 6 April 2023 3,287,430 34,694 3,322,124 Fund balanc•s at S Aprll 2024 3,231,342 29,522 3,260,864
THE SOCIETY OF RETREAT CONDUCTORS BALANCE SHEET ASAT5APRIL 2025 2025 2024 Notes Fixed assets Tangible assets Investment propee$ Investments 13 14 15 559,147 800,000 1,687,345 570,614 800,000 1,872,182 3,046,492 3,242,796 Current assets Debtors Cash at bank and in hand 16 5,845 112,450 25,983 66,327 118,295 92,310 Creditors: amounts falling due within one year 17 170,4781 174,2421 Net current assets 47,817 18,068 Total assets lèss curr•nt Ilabllltl•s 3,094,309 3,260,864 Income funds Restricted funds Unrestricted funds Desi9nated funds General unreslricled funds 19 35,019 29,522 20 3,028,007 31,283 3,232,726 11,3841 3,059,290 3,231,342 3,094,309 3,260,864
THE SOCIETY OF RETREAT CONDUCTORS BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2025 2025 The cPanY b tia to th8 from the auitht wuiremtrnt ¢ontslned in SeCn 477 of the CunpanthAc¢ 2006. for1 yeareThled S1 2025. The diTectors aCknO9t thBlr Tesporr6lbllTbes for COMpIrj wilh the requtr&mgnts of th? comp0nS Act 20C W•ilh respect to anng records and th8 Pr8p•at of financial 51atem) Tho mombers have not rwuiigd lh8 ccryany to obtain an audit of its financia $tstwents forth9 year In que8tNJ) kn accordance with 476. Th•s8 finCial statements have been prepared kn accorrlance vAth th& prov181on8 8Pklc4t48 to corry)anles subjèct to th& Small c4Jmpanles rgglm8. 25 October 2025 Th8finanC01818tthntsw8rts aprfofftl bythe Offiws ofT Counrjl Of managet ......................... The Revd L Tongo Tru8ts• Company r•glstr•tlon numb•r th)221066
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accountlng poll¢le$ Charity infomiation The Society Of Retreat Conductors is a private company limited by guarantee incorporated in England and Wales. The registered office is clo St Mary's Church, 30 Bourne Street, London, SW1W 8JJ, United Kingdom. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charty's Igoveming documenll, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP 'Accounling and Reporting by Charities.. Statement of Recommendtrd Practice applicable to charititrs preparing thtrir accounts in accordance with the Financial Reporting Standard applicabl& in the UK and Republi¢ of Ireland IFRS 1021" 1gffo¢tive 1 January 20191. The ¢harity 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 slerling, which is the functional currency of the charily. 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 inveslment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern The Officers of the Council of Management assess whether the use of going concem is appropriate. i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Society lo continue as 8 going concern. The Officers of the Council of Man8gemenl rnake this assessment in respect of a period of 8t least one year from the dale of 8Uthorisalion for issue of the financial ststements. The OffirS of the Council of Management regularly monitors all of its incoming streams, and its overhead costs to ensure that the Society can continue to operate within its means. On the basis of this assessment the Officers of the Council of Management consider it is appropriate to prepare the accounts on a going conrn basis. 1.3 Charitablè 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 L>y donors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the financial ststemenls. 1.4 Income Income is recognised when the charity is legally enlilled to it after any perfOrrnan conditions have been mel, the arllounls can be measured reliably, and it is probable that income will be received. Cash donations are recognised on reipt. Other donations are recognised once the charity has been notified of the donation, Ljnless performan conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Investment income is recognised when receivable by the charity.
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies (Continued} Course training income is recognised on an accrual basis. 1.5 Expenditure Expenditure is recognised once there is a legal or constrLJctive 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 obligalion 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 activty. Direct costs attributable lo 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 activrfties comprise grants payable in the furtherance of the activities of the charitys objects. The grants are recognised when any conditions relating lo their payment have been mel. Training fees are those costs incurred by each of the courses run by the associated enlilies included in these financial stalemenls. Other costs include those costs incurred in the governance of the charily and its assets, and are primarily associated with constitutional and statutory requirements. 1.6 Tangible fixed assets Tangible fixed assets ara initially measured at cost and subsaquèntly measurèd at cost or valuation, nèt 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 The gain or loss arising on the disposal of an asset is determined as the difference between Ihe sale proceeds and the carrying value of the asset, and is recognised in the statemenl of financial activities. 1.7 Investment property Investment propety, which is propety held to eam rentals andlor for Capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributsble 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 valLJe are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fixed assets Al each reporting end dale, the charity reviews the csrrying amounts of ils tsngible 8ssels 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 lif anyl. 12-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies (Continued} 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held 8t call with banks, other short-lem liquid investments with original maturities of Ihrse months or less, and bank overdrafts. Bank overdrafts are shi)wn within borrowings in Current liabilitigs. 1.11 Finan¢ial 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 the is 8 legally enforceable right lo sel off the recognised amounts and there is an intention to sellle on a nel 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 conslitutes a financing transaction, where the transactlon 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 al transaction price unless the arrangement ¢onstilules a financing transaction, where the debt insltumenl is rneasud al 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 amorbsed cost, using the effective inlerest 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-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently MeasUd at amortised cost using the effective inltrrest method. Derecognition of financial liabilities Financial liabilities are deCOgniSed when the charity's Contractual obligations expl 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 stslutory member of the charity. 13-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Crltlcal accountlng ¢$tlmate$ and judgements In the application of the ch8rily'$ 8c¢ounting policies, the Officers of the Council of Management a required to make judgemants, estimatès and assumptions about tha carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assLJmptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions lo 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 affec15 both current and future periods. Donations Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2025 2025 2025 2024 2024 2024 Donations 1,706 1,706 1,482 500 1,982 4 Charltabl8 actlvltles Cambrldge8hlre Course8 In SplrltU81 Dlrectlon Ignatlan Splrftuallty Courso Total Cambrldgeshlre 2025 Cour88s In Splrltual Dlractlon Ignatlan Splrltuallty Course Total 2024 2025 2025 2024 2024 Training income 21,770 86,113 107,883 9,210 75,051 84,261 Investments Unrestrlctad Unrestrlctèd funds funds 2025 2024 Rental illCOTne In¢ome from listed investments Interest receivable 11,500 55,459 7,047 10,600 49,268 9,609 74,006 69,477 14-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Ralslng funds Unrestri¢ted Unrestri¢ted funds funds 2025 2024 Investment property costs Garden and maintenance expenses Ratès and insurance other fundraising costs 8,667 1,991 1,657 5,957 1,9 5,738 Investmenl property costs 12,315 13,651 Tradin costs Investmenl management fees 14,474 14,502 26,789 28,153 Charitable activities Charitablè Charitablè activities activities 2025 2024 Depreciation and impairment Cambridgeshire Courses in Spiritual Direction training fees Ignalian Spirituality Course training fees Other ¢osls 11,467 15,148 87,238 26,912 11,645 9,629 80,304 27.050 140,765 128,628 Grant funding of activities Isee note 81 119,546 118,582 260,311 247,210 Analysis by fund Unrestricted funds Reslricled funds 157,925 102,386 157,277 89,933 260,311 247,210 15-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Grants payable Charitable Charitable a¢tivitiès a¢tivitiés 2025 2024 Grants to institutions.. Jesuit Prison other Ignalian weekend retreat at St Mary's Church Elham 2,300 1,000 768 1,900 2,668 3,300 Grants to individuals 116,878 115,282 119,546 118,582 Included in other creditors is £95012024.. £4,483) in grants payable. Offlc8rs Of Thè Councll Of Managemènt None of the Officers of the Council of Management lor any persons Connected with them) received any remuneration or benefits from the charity during the year. However, expenses of £2,97412024'. £1,483) and member grants of £63612024.. £5,6511 were incurred in the furtherance of the charity's objects, and included in other costs, were reimbursed as follows.. Trustees - travel.. £1,354 Trustees - meeting costs.. £89 Trustees - member grant.. £nil Council of Management- travel.. £1,129 Council of Managem&nl- member grant.. £636 Secretsry- travel £402 10 Employaès The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60,000. 16-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 11 Net galnslllo$$e$} on Inve$tm¢nt$ Unrestri¢ted Unrestri¢ted funds funds 2025 2024 Gainl{lossl on sale of investments 163,0501 58,383 12 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 13 Tangible fixed assets Froehold land and bulldlng8 Cost Al 6 April 2024 582,259 Al 5 April 2025 582,259 Depreciation and impairment Al 6 April 2024 Depreciation Charged in the year 11,645 11,467 Al 5 April 2025 23,112 Carrying amount Al 5 April 2025 559,147 Al S April 2024 570,614 14 Investment property 2025 Fair value At 6 April 2024 and 5 April 2025 800,000 The Council of Managernenl h8ve confirmed th8t their eslim81e of market value of 1 and 2 Stsckl8nd Coltsges al 5 April 2023 was £800,000 based on advice from Savills Ihislori¢al Cost £162,068). This estimate has not changed for the yèar ended 5 April 2025. 17-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 15 Flxed a$$el Investments Listed investments Cash in portfolio Total Cost or valuation Al 6 April 2024 Additions Valuation changes Other movements Disposals 1,865,209 242,495 163,0501 6,973 1242,4951 1,872,182 163,0501 1121,7871 1121.7871 372,697 1372,6971 Al 5 April 2025 1,671,957 1 5,388 1,687,345 Carrying amount At 05 April 2025 1,671,957 1 S,388 1,687,345 Al 05 April 2024 1,865,209 6,973 1,872,182 2025 2024 Investments at fair value comprise.. Fixed interest Equity Managed funds Allernalives Cash 276,508 420,236 708,387 266.826 15,388 293,297 438,990 798,808 334,114 6,973 1,687.345 1,872,182 16 Debtors 2025 2024 Amounts falling due within one year: A¢¢rued income Prepayments 4,120 1,725 24,435 1,548 5,845 25,983 18-
THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 17 Credltors: amounts falllng due wlthln one year 2025 2024 Notes Deferred incorNe Other creditors Accruals 18 31,683 1,851 36,944 28,332 5,384 40,526 70,478 74,242 18 Deferred income 2025 2024 Arising from Course fees paid in advance 31,683 28,332 Deferred incorne is included in the financial stslernents as follows.. 2025 2024 Deferred income is included within.. Current liabilities 31,683 28,332 Movements in the year.. Deferred income al 6 April 2024 Released from previous periods Resources deferred in the year 28,332 128,3321 31,683 25,028 125,0281 28,332 Deferred income at 5 April 2025 31,683 28,332 19-
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THE SOCIETY OF RETREAT CONDUCTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 21 Analy$l$ of net a$$ets betwèet7 fund$ Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Fund balances al 5 April 2025 are repressnled by.. Tangible assets Investment properties Invèstmènts Current assetsllliabililiesl 559,147 800,000 1,687,245 12,798 559,147 800,000 1,687,345 47,817 570,614 800,000 1,872,182 111,4541 57D,614 800,000 1,872,182 18,068 35,019 29,522 3,059,290 35,019 3,094,309 3,231,342 29,522 3,260,864 22 Related party transactions Remuneration of key management personnel The remuneration of kéy management personn81 is as follows. 2025 2024 Aggregate compensation 16,020 12,876 The only such costs paid by the Society, amounting to £5,83012024-. £6,138) were to the administrator, who is the Treasurer and Company Secretary. The Ignalion Spirilualily Course paid £6,00012024.. £6,000) lo the course directors and £4,64012024= £7381 lo their adminislralor. The Cambridgeshire Courses in Spiritual Direction did not incur any costs in respect of key personnel in the Current or preceding period. 22-