2020-12-31-accounts - Society Of The Sacred Mission

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		Page
Report ofthe Trustees	I	to	5
Report ofthe Independent Auditors	6	to	8
Statement ofFinancial Activities
Balance Sheet		10
Cash Flow Statement
Notes to the Cash Flow Statement		12
Notes to the Financial Statements	13	to	25

		FORTHE Y	EAR	ENDED 31DE	CEMBER2020
						2020	2019
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
			Notes			f.	6
INCOME AND ENDOWMENTS FROM
Donations and legacies			3	92,435		92,435	117,922
Charitable activities
Income &om charitable		activities		18,587		18,587	22,608
Investment income			4	236,189	99,840	336,029	298,771
Other income			6	8 822		8,822	34563
Total				356,033	99,840	455,873	473,864
EXPENDITURE ON
Raising funds				36,769	12,773	49,542	65,658
Charitable activities
Grant funding ofactivities				30,200	49,390	79,590	42,957
Support costs				42,273		42,273	33,526
Activities undertaken	directly			422,791		422,791	502,862
Governance costs				6,219		6,219	16,151
Total				538,252	62,163	600,415	661,154
Net gains/(losses) on	investments			~303082	~3732533	~474,333	3557261
NKT INCOME/(EXPENDITURE)				(485,301)	(133,574)	(618,875)	3,369,971
RECONCILIATION		OF FUNDS
Total funds brought	forward			10,152,463	3,563,849	13,716,312	10,346,341
TOTAL FUNDS CARRIED FORWARD				9,667,162	3,430,275	13,097,437	13,716,312

	BALANCE SHEET 31DECEMBER2020
		2020	2019
	Notes
FIXEDASSETS
Tangible assets	14	1,416,308	1,329,294
Investments
Investments	15	8,356,455	8,448,194
Investment pmperty	16	3.025.DD2	3 025,0D2
		12,797,765	12,802,490
CURRENT ASSETS
Debtors	17	22,614	10,371
Cash at bank and in hand		330212	994,024
		352,826	1,004,395
CREDITORS
Amounts falling due within one year	18	(49,154)	(84,573)
NET CURRENT ASSETS		303 672	919,822
TOTAL ASSETSLESSCURRENT
LIABILITIES		13,101,437	13,722,312
PENSION LIABILITY	22	(4,000)	(6,000)
NET ASSETS		13 097437	13716312
FUNDS	21
Unrestricted funds		9,667,162	10,152,463
Restricted funds		3 430275	3,563,849
TOTAL FIJNDS		13 097437	13716312

				2020	2019
			Notes
Cash flows from operating	activities
Cash generated from operations				~487,839)	~429,380)
Net cash used in operating	activities			~487,839)	~429,380)
Cash flows from investing	activities
Purchase oftangible fixed assets				(170,657)	(325,994)
Purchase offixed asset investments				(5,175,481)	(2,844,475)
Saleoftangible fixed assets				20,400
Sale offixed asset investments				4,884,745	2,845,716
Saleofinvestment property					954,523
Dividend income				275,326	294,361
Interest received				356	4,410
Net cash (used in)/provided	by investing		activities	165,311	928,541
Cash ilows from financing	activities
New loans in year					294,735
Loan repayments in year Capital repayments in year				~16.662	(17,913)
Net cash (used in)/provided	by financing		activities	~10,662)	276,822
Change in cash and cash equivalents		in
the reporting period				(663,812)	775,983
Cash and cash equivalents	at the
beginning ofthe reporting	period			994,024	218,041
Cash and cash equivalents the reporting period	at the end	of		~330212	~994 024

OPERATING ACTIVITI	ES
				2020	2019
					g
Net (expenditure)/income	for the reporting	period (as per the
Statement ofFinancial Activities)				(618,875)	3,369,971
Adjustments for:
Depreciation charges				67,091	60,475
Losses/(gain) on investments Profit on disposal offixed assets				474,333 (3,845)	(3,557,261) (3,843)
Interest received				(356)	(4,410)
Dividends and rents received				(275,326)	(294,361)
Movement in SSM(SA) investments				(91,861)	(14,056)
Increase in debtors				(12,243)	(6,252)
(Decrease)/increase in creditors Difference between pension charge and cash		contributions		(24,757) ~2,000)	33,357 ~13,000)
Net cash used in operations				487,839	429,380
ANALYSIS OF CHANGES IN NET FUNDS
			At 1.1.20	Cash flow	At 31.12.20
					6
Net cash
Cash at bank and in hand			994,024	~663,812	330,212
			~994024	~663,812	330,212
Debt
Finance leases			10662	10,662
			10662	10,662
Total			983,362	~653,150	~330212

7.	CHARITABLE AC	T	IVITIES CO	STS
				Direct	Grant	Support
				Costs (see	funding of	costs (see
				note 8)	activities	note 9)	Totals
						8
	Grant funding ofactivities				79,590		79,590
	Support costs					42,273	42,273
	Activities undertaken	directly		422,791			422,791
	Governance costs					6,219	6,219
				422,791	79,590	~48 492	550,873
8.	DIRECT COSTSOF		CHARITABLE ACTIVITIES
							2019
						2020
	Staffcosts					135,211	163,090
	Depreciation					67,091	60,475
	Community costs					210,491	266,975
	Travel and transport					1,238	2,411
	Furniture and equipment					1,254
	Chapter						988
	Publicity					346	2,782
	Administration Profit on disposal offixed assets					11,005 ~3845)	9,984 ~3,843)
						422,791	502,862
9.	SUPPORT COSTS
							2019
						2020
	Trustees' expenses					2,067	5,460
	Bank charges					745	1,727
	Auditor's remuneration					6,219	16,151
	Legal and professional					34,276	24,870
	Accountancy and payroll					5,185
	Interest on finance lease						1,469
						48492	~49677
10.	NET INCOME/(EXPENDITURE)
	Net income/(expenditure)		is stated after charging/(crediting):
						2020	2019
							6
	Depreciation - owned assets					67,088	60,476
	Surplus on disposal offixed assets					~3,845)	~3,843)

			2020	2019
			6
Wages and salaries			124,887	158,401
Social security Contributions	costs to defined contribution	pension schemes	2,490 ~7834	5,489 ~800)
			135,211	~163 090

	The average monthly n	umber ofem	ployees during the year was as	follows:
					2020	2019
	Employees				7	7
	No employees received	emoluments	in excess of860,000.
13.	COMPARATIVKS FORTHE STATEMENT OFFINANCIAL			ACTIVITIES
				Unrestricted	Restricted	Total
				funds	funds	funds
					6
	INCOME AND ENDOWMENTS		FROM
	Donations and legacies			117,922		117,922
	Charitable activities
	Income from charitable	activities		22,608		22,608
	Investment income			193,909	104,862	298,771
	Other income			34,563		34343
	Total			369,002	104,862	473,864
	EXPENDITURE ON
	Raising funds			49,028	16,630	65,658
	Charitable activities
	Grant funding ofactivities			42,957		42,957

		NOTES TOTHE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TOTHE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TOTHE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TOTHE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31DECEMBER 2020	NOTES TOTHE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31DECEMBER 2020
13.	COMPARATIVES	FORTHE STATEMENT OFFINANCIAL ACTIVITIES - continued
					Unrestricted	Restricted	Total
					funds	funds	funds
	Support costs				33,526		33,526
	Activities undertaken	directly			467,405	35,457	502,862
	Governance costs				16,151		16,151
	Total				609,067	52,087	661,154
	Net gains on investments				3,148,228	409033	3557261
	NET INCOME				2,908,163	461,808	3,369,971
	RECONCILIATION	OF FUNDS
	Total funds brought	forward			7,244,300	3,102,041	10,346,341
	TOTAL FUNDS CARRIED		FORWARD		10152463	3 563 849	13716,312
14.	TANGIBLE FIXED	ASSETS
			Freehold	Building	Equipment	Motor
			property	improvements	86furnishings	vehicles	Totals
			6		f,
	COST
	At 1 January 2020		1,131,173	344,787	17,184	45,378	1,538,522
	Additions Disposals			166,618	4,039	~45.378	170,657 ~45,378)
	At 31December 2020		~1131,173	511,405	21,223		1,663,801
	DEPRECIATION
	At 1 January 2020		157,634	26,740	1,461	23,393	209,228
	Charge for year Eliminated on disposal		20,356	37,784	3,518	5,430 ~20,823	67,088 ~28.823
	At 31December 2020		177,990	64,524	4,979		247,493
	NET BOOKVALUE
	At 31IJecember 2020		~953 183	~446 881	16,244		~1416308
	At 31December 2019		~973539	~318047	15,723	21,985	~1329294

		Listed
		investments
MARKET VALUE
At 1 January 2020		8,448,194
Additions		5,175,481
Disposals		(4,256,921)
Revaluations		(1,102,160)
Movement in amounts	held for SSM(SA)	91,$61
At 31December 2020		8,356,455
NKT BOOKVALUE
At 31December 2020		~8356455
At 31December 2019		~8448 194

INVESTMENT PROPERTY
FAIR VALUE
At 1 January 2020
and 31December 2020	3,025,002
NET BOOKVALUE
At 31December 2020	3,025,002
At 31December 2019	3,025,002

		2020	2019
		g
Trade debtors		13,500	4,109
Other debtors			100
Prepayments	and accrued income	9,114	6,162
		~22 614	~10371

			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			6	8	8
Unrestricted	funds
General fund			356,033	(538,252)	(303,082)	(485,301)
Restricted funds
Kelham College fund			99,840	(62,163)	(171,251)	(133,574)
TOTAL FUNDS			455,873	~600,415)	~474,333	~618,875)
Comparatives	for movement	in funds

Compar	atives	for movement in funds
				Net
				movement	At
			At 1.1.19	in funds	31.12.19
				8	8
Unrestricted		funds
General	fund		3,244,300	2,908,163	6,152,463
Care ofthe elderly			4 DOII DDD		4,000,000
			7,244,300	2,908,163	10,152,463
Restricted funds
Kelham	College fund		3,079,962	461,808	3,541,770
Durham	fund		22,079		22 079
			3 1021341	461 808	3,363,849
TOTAL	FUNDS		10346.341	3369971	13,716,312

	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
	8
Unrestricted funds
General fund	369,002	(609,067)	3,148,228	2,908,163
Restricted funds
Kelham College fund	104,862	(52,087)	409,033	461,808
TOTAL FUNDS	~473 864	~661,154)	~3557261	3,369,971

				Net	Transfers
				movement	between	At
			At 1.1.19	in funds	funds	31.12.20
				g	6
Unrestricted		funds
General fund Care ofthe elderly			3,244,300 4000000	2,422,862	2,000,000 ~2000000)	7,667,162 2IIOIIOOO
			7,244,300	2,422,862		9,667,162
Restricted funds
Kelham	College fund		3,079,962	328,234		3,408,196
Durham	fund		22,079			22,079
			3 102 041	328234		3 430275
TOTAL	FUNDS		10,346,341	2,751,096		33007437

	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
Unrestricted funds
General fund	725,035	(1,147,319)	2,845,146	2,422,862
Restricted funds
Kelham College fund	204,702	(114,250)	237,782	328,234
TOTAL FUNDS	929,737	(1,261,569)	3,082,928	2~751 096

		December 2020	December 2019	December 2018
Discount rate		0.2'/o	1.1'/o pa	2.1'/o pa
Price inflation		3.1'/o	2.8'/o pa	3.19/8 pa
Increase to total pensionable	payroll	1.6'/o	1.3'/o pa	1.6'/o pa

											2020	2019
Financial	assets										6
Financial	assets	measured	at	fair	value	through	income	and	expenditure	11	381 457	11,473,196
										11	381 457	1,473,196