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
H￿r￿j onty ts*èn on th8 rol• of Chalrman at last yearf8 AGM. I hove depended h&aiAty Up￿ tha &xp8rl8nce of
othér Coundl m￿be￿ upon our Company Secrèt8ry In thg ensulng mt>nths. l am I￿lebtsd to them All for thè
parts in the g￿d 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 dI￿renCe be￿1 T*A)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 U￿10r$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 amFtha￿s on the acctryanlmont of
Iha Ex•rcts&s, dolailed in Ihg Annotstions and Presupwstion {##1-221. Whèraa8 the founding fathers of Ihè Socwty
Y￿uld have Ixen und8rstandabty h8aYy (J) wi19nl Sn 1924, hundrsd yogrs later. m?mbers will all recognlse h
thoroughty pftJe8ss tharaclerises most ofwh8t cwJpie5 wr erw4￿S.
Unsurptslngly, IherBfore. thè wincipal aclNlbes of the past ye8r have contlnued as in tha r￿ertI past. The &ants'
Committee ￿ntinueS to bear C￿sIdarSb￿ wetqht of Ihe IYKmth4y-r￿nth *rrk on our beh8Ef, whereby wo $UPF
oppNtsmfiUos both pe￿9 lo make the Exercises ar￿ for peo￿0 to be fr>m￿d li the a¢¢ompanying Oft￿n.
That same essenual 918ment of formation in accompanim￿ accounts for C4JT con￿nUed cl￿& asSC¢kt￿ wth th*
Ignatian SpirStuallty London c￿rE0. Ihe Cambiilg8 in Spiriiual Dir8¢Jkn aNI, less formalty, wth the Sphltual
Our CA)ntinulng Ènvofv8menl in the Coaeth House, lQlmuir. has devetoped sIgnfficant￿ 8ln¢o our earfy grwagamgnt
deswn8d to ensure the eontinuation of the mln¢lry of th& SwntU81 Exeths in the pArt of ts county.
gvoluuon ol the life irf Coad) House ¢(￿tinu&S to t￿afft fr￿Tr our fepresentstion ￿ its Board of Trustees. The SRC
Councl wil cononue to rrmitor the ¢Jograo of algnm8ni b8iw8en tho nt8rnsls ol the Coach Houso and the
pu￿￿8￿$ 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)aU￿aI offerfr￿ for mombors, as w911 as rewlng the ethnt
V*hkh our consltutlonal fram6work fil for purFrf)se as the Society entern its second c8nbJry.
Th? Council has kept 8n OF*n rniThJ wh8n ¢onsldarlng new prov*ion 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
Pr￿￿ot1ng 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
prow*on 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 0￿s1Onal COnferen￿S, 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 ret￿atS and workshops, and so
comply with the objectives of this charity. The properties are owned by the tr￿0 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 re￿Iving 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 fa￿d 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 b￿ts 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 opwov￿1 by th8 Board of OflkeTS OfThe Coundl or M￿ageM￿￿.
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 a￿ord 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 balan￿S 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 prope￿e$
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 c￿￿PanY b ￿ti￿a￿ to th8 from the auitht wuiremtrnt ¢ontslned in SeC￿n 477 of the CunpanthAc¢
2006. for1￿ yeareThled S￿1 2025.
The diTectors aCknO￿￿9t thBlr Tesporr6lbllTbes for COMp￿Ir￿j wilh the requtr&mgnts of th? comp0n￿S Act 20C
W•ilh respect to a￿￿n￿ng 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 fi￿nCial statements have been prepared kn accorrlance vAth th& prov181on8 8Pk*lc4t48 to corry)anles subjèct
to th& Small c4Jmpanles rgglm8.
25 October 2025
Th8finanC01818tthn￿tsw8rts aprfofftl bythe Offiws ofT￿ Counrjl Of manage￿￿t ￿ .........................
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 Offi￿rS 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 con￿rn 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 re￿ipt. 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 rneasu￿d 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 MeasU￿d at amortised cost using the effective inltrrest method.
Derecognition of financial liabilities
Financial liabilities are de￿COgniSed 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-