## **Sisters of Our Lady of the Missions CIO** 

## **Annual Report and Accounts** 

31 December 2020 

Charity Registration Number 1163766 



## **Contents** 

## **Reports** 

|**Reports**|**Reports**|
|---|---|
|Reference and administration details of the||
|charity, its trustees and advisers|1|
|Report of the trustees|2|
|Independent auditor’s report|10|
|**Accounts**||
|Statement of financial activities|14|
|Balance sheet|15|
|Statement of cash flows|16|
|Principal accounting policies|17|
|Notes to the accounts|22|



Sisters of Our Lady of the Missions CIO 



## **Reference and administration details of the charity, its trustees and advisers** 

|**Trustees**|Sister Josephine Kane|
|---|---|
||Sister Margo Murphy|
||Sister Lissy Sebastian|
||Inno van den Berg|
||Derek Wilson|
|**Registered address**|108 Spencer Road|
||London|
||HA3 7AR|
|**Correspondence address**|Via di Bravetta 628|
||00164 Roma|
||Italy|
|**Telephone**|+39 333 248 7864|
|**Charity registration number**|1163766|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Investment managers**|Victoria Private Investment Office|
||28 Charles Street|
||London|
||W1J 5EN|
||Citi Private Bank|
||Citigroup Centre|
||33 Canada Square|
||London|
||E14 5LP|
|**Solicitors**|Stone King LLP|
||13 Queen Square|
||Bath|
||BA1 2HJ|



Sisters of Our Lady of the Missions CIO **1** 



**Report of the trustees** Year to 31 December 2020 

The trustees present their report together with the accounts of the Sisters of Our Lady of the Missions CIO (the “charity”) for the year to 31 December 2020. 

The accounts have been prepared in accordance with the accounting policies set out on pages 17 to 21 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).  The principles set out in 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 United Kingdom and Republic of Ireland (FRS 102) have been followed in the preparation of this report and accounts. 

## **Introduction** 

The Sister of Our Lady of the Missions CIO was established on 29 September 2015 as a charity to separate the restricted “grant making funds” of the Charity for Roman Catholic Purposes Administered in Connection with the Congregation of Our Lady of the Missions (Charity Registration Number 233599) into a separate charity, with separate trustees directly focused on the grant making activities the funds are segregated for. 

The charity is governed by a Constitution dated 29 September 2015 and is registered with the Charity Commission, Charity Registration No. 1163766. 

## **Principal activities and aims** 

The principal aims of the charity are to help support the special aims of the Sisters of the Congregation of Our Lady of the Missions (“the Congregation”, also known as Religieuses de Notre Dame des Missions or RNDM) to extend the Kingdom of God chiefly through the work of Christian education, pastoral care and development of the human person. The particular focus is women and children, especially those who are marginalised by poverty, ill health, unjust social structures and a lack of opportunity to sustain themselves. This has led the Sisters to become involved in health care projects, setting up schools and orphanages and basically responding to the needs of their situation. The project work is always dictated by the needs of local communities. 

Our RNDM sisters find mission in many areas but they are broadly defined under education, health care, social development and pastoral work. The essence of the charity is to help the sisters of RNDM continue in their mission and also to help the charism of our foundress Euphrasie Barbier and their communities to continue and thrive. 

Today, the Sisters live and work in 21 different countries from the UK and Ireland to New Zealand, India, Myanmar, Vietnam, Bangladesh, South Sudan and Kenya, with many other countries as well. Thanks to the lives and work of the early missionary Sisters, the Sisters are blessed with young, dynamic women from these countries who have become Sisters of Our Lady of the Missions and continue to work among their own people. The aims of the charity are to provide solidarity funding for the Sisters of the Congregation of Our Lady of the Missions, to help finance scholarships for the future education of the Sisters, and to help maintain the charism of the Congregation across its international reach. 

Sisters of Our Lady of the Missions CIO **2** 



**Report of the trustees** Year to 31 December 2020 

## **Governance, structure and management** 

## _**Members’ liability**_ 

The members of the CIO are those trustees in office for the time being.  If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. 

## _**Governance**_ 

The Leader of the Congregation appoints the trustees for a period of three years.  At any one time, there must be a minimum of three trustees. 

The names of the trustees who served during the period are set out as part of the reference and administration details on page 1 of this report and accounts. Except where stated, all trustees were appointed on the date of incorporation and served throughout the period. 

## _**Trustees’ responsibilities statement**_ 

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to: 

-  select suitable accounting policies and then apply them consistently; 

-  observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); 

-  make judgements and estimates that are reasonable and prudent; 

-  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and 

-  prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Sisters of Our Lady of the Missions CIO **3** 



**Report of the trustees** Year to 31 December 2020 

## **Governance, structure and management** (continued) 

## _**Structure and management reporting** (continued)_ 

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity or its activities and make any important decisions.  When necessary, the trustees seek advice and support from the charity’s professional advisers including investment managers, solicitors and accountants. 

## _**Key management personnel**_ 

The trustees consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. 

The trustees receive no remuneration in respect of their duties. 

## _**Risk management**_ 

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. 

The outbreak of the Covid-19 pandemic has clearly presented the trustees with challenges and threats to the well-being of the charity and its activities which could not have been foreseen. The trustees recognise their responsibility for the management of risks faced by the charity and the Sisters. 

The trustees continue to review and update the risks as well as the documents and procedures in place. This process is deemed particularly important during the current Covid19 pandemic. 

The trustees believe that the charity’s principal risk will arise from the fact that it donates significant sums in support of the wider Congregation. The vast majority of donations sent overseas are to fund projects administered directly by members of the Congregation. Whether or not the funds are used here in Great Britain or overseas, the trustees will always ensure that they are fully briefed about and familiar with the work of a potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained and that, wherever possible (and always in the case of monies sent overseas), a full written report of how the monies have been utilised and applied is obtained from the recipient. 

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets.  The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and the managers’ performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs – both now and in the future. During the current Covid-19 pandemic, the trustees continue to communicate with the charity’s investment managers and, whilst there are concerns over the volatility in world stock markets, the trustees acknowledge also that the charity is a long term investor.  As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief. 

Sisters of Our Lady of the Missions CIO **4** 



**Report of the trustees** Year to 31 December 2020 

## **Activities and performance** 

2020 saw the trustees agree total grants of £256,907 for the year, which was approximately 4% of the value of the charity assets. As outlined in our report last year under “future plans” the trustees reviewed applications for grants in relation to formation and scholarship costs, solidarity grants and a grant for the renewal courses. 

## _**Congregation Chapter 2020**_ 

Sisters of Our Lady of the Missions are bound by Canon Law to hold a Congregation Chapter every six years. While in session, it is the highest legislative body of the Congregation. The delegates to the Congregation Chapter are selected through a democratic process of election done in all units across the Congregation. The number of delegates is determined by the number of members in each unit. 

The Congregation Chapter 2020 took place at the Salesian Retreat House, Hua Hin in Thailand from 18 January to 15 February. There were 55 voting members who deliberated on the mission of the Congregation and set new priorities and directions for the next six years. The priorities for mission include a serious commitment to address the climate crisis and care for our planet earth. The Congregation also renewed its commitment to be in solidarity with, and work with, the most vulnerable peoples of the world, particularly women, children, indigenous people and victims of human trafficking. A new central leadership team of five members was elected at the Chapter and given the mandate to lead the implementation of the Chapter directions for the next six years. 

A grant of €80,000 (£72,038) was given to the Generalate to help meet the cost of this international gathering. 

## _**RNDM Region – Philippines**_ 

A grant was again made to the Philippines. Our Congregation has been present in the Philippines since 1987. At the request of Archbishop Philip Smith of Cotabato, Mindanao, the Congregation established a foundation in his diocese to work among an indigenous group called the Dulangan Menubo. The missionary involvements include adult education in remote villages, rural health work, supporting rural farmers, training of farmers, skills development and livelihood projects as well as a dormitory for young girls to enable them to attend school. 

The second foundation in the city of Cotabato houses the Congregation’s formation program where young women undergo training to be future missionaries. Cotabato is a city of great cultural and religious diversity. Our sisters are involved in interreligious dialogue and peace building activities. 

The sisters in Manila are involved in many socially engaging ministries. They work among the urban poor, with street children and are involved in a micro-finance program for women from the slum areas in the city. The Manila community is also a house of administration and accommodation for RNDM sisters from other countries, particularly from Bangladesh, India, Myanmar and Vietnam who undergo professional training in the fields of theology, social work, spirituality and counselling. 

Sisters of Our Lady of the Missions CIO **5** 



**Report of the trustees** Year to 31 December 2020 

## **Activities and performance** (continued) 

## _**RNDM Region – Philippines** (continued)_ 

The CIO has made a grant to help support the financial needs of the Congregation in the Philippines. The region is not financially self-sufficient as most of the sisters are foreigners and their work is voluntary. Additionally, there are costs related to international home leave, immigration, visa renewals and health care. The Philippines, being a Christian country that has good educational institutions, is an ideal location for many Sisters to study. A grant of US $63,000 (£50,237) was transferred to the Philippines in 2020 to cover the living costs, international missioning and formation costs of the Sisters in that region. 

An additional grant of US$10,000 (£7,891) was given to the international formation centre in Davao in the Philippines as partial payment for the cost of the formation program. 

## _**RNDM – Kenya**_ 

A grant of US$30,000 (£23,330) was made to the Kenya province. The Congregation has about 30 sisters in Kenya which include members from other parts of the Congregation who offer their services voluntarily. We work among the urban poor in parishes, teach in village schools and help in health and nutrition programs as well as giving care and support services such as physiotherapy, education, skills training to children and young adults who are physically challenged and some who suffer from epilepsy. The pandemic has affected all the missionary activities in the province while the opportunity to find income through ministries has been reduced. 

The grant supported international missionary needs such as home leave, health insurance, spiritual formation and ongoing formation costs within the province. As the province grows, there are plans to improve the facilities for the Sisters, both for the novitiate and for medical centres. 

## _**RNDM – Myanmar**_ 

The Congregation in Myanmar has seventy five members who are engaged in many vital ministries, caring for the most vulnerable in the missions. Caring for a group of families who are affected by leprosy, preventative actions towards ending human trafficking, care of the orphans and pastoral ministries are among some of the services that the sisters in Myanmar offer to the society. 

The Covid-19 pandemic has affected the life of the Sisters and those who are under their care. Most of the sources of income come from donations and gifts. The year 2020 has been a challenging one for the donors as well. A grant of US$41,000 (£31,876) was given to Myanmar to help cover the living costs, mission activities and formation. 

## _**Special donations in time of the pandemic**_ 

A grant of €5,000 (£4,454) was given to UISG (Union of International Superiors General) in Rome to help those congregations of Women Religious who struggled to find funds to care for their members during the pandemic. The grant assisted towards food and medical help. 

A grant of €5,000 (£4,454) was given to Caritas Italy that organised emergency food supplies to those families and persons affected by Covid-19 around the city of Rome, particularly the migrants, many of whom lost their jobs during the long lockdown period. The donation enabled the organisation to provide food and emergency medical assistance. 

Sisters of Our Lady of the Missions CIO **6** 



**Report of the trustees** Year to 31 December 2020 

## **Future plans** 

The charity is expected to make grants after reviewing applications from Sisters and from Provinces that will correspond to its aims and guidelines. A review of how the grants have been used will be reviewed by the trustees as part of their ongoing due diligence. 

There is an expectation that grants again will be made in relation to the regions of Latin America, Myanmar, Kenya and the Philippines. The Congregation’s charitable activities in these countries continue to face new challenges as the people struggle for lack of basic necessities of life. The CIO will complete the renovation of the heritage site in Sturry, Canterbury in the UK in the coming year. 

## _**L’Abbaye, St Rambert, France**_ 

As many other establishments around the world, the Congregation’s renewal centre in St Rambert, France has not been able to manage its running costs from 2020, owing to the pandemic. The annual revenue comes from hosting groups for spiritual renewal and training groups. This ministry could not continue during the pandemic, but the overhead costs of employment and maintenance continue to be a challenge. There will be a need for financial support for this centre for the next two to three years. 

## _**New ministry in USA**_ 

The Congregation envisions a new ministry involvement in the city of New York to work in collaboration with LifeWay Network, an NGO that works with victims of human trafficking. Two Sisters are missioned to this new missionary outreach. An annual grant from the CIO will be a source of finances for the life and mission of these Sisters. 

## **Covid-19** 

Since March 2020, the Covid-19 pandemic has changed the shape and nature of the world.  It has impacted not only the basic nature of our social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control. 

Along with many other charities the charity is continuing to reflect on what the new needs will be and what position it will be in to respond to those needs. 

The charity’s income will no doubt continue to be affected because of the volatility in world stock markets and the impact of the pandemic on the corporate sector and the consequent reduction in dividends.  In terms of expenditure, the trustees can foresee that grant making and donations may be affected whilst the charity awaits the return of stability to investment markets and the income generated therefrom.  The trustees will continue to keep both income and expenditure under review. 

Whilst there will undoubtedly be challenges ahead, the trustees do not expect material concerns to arise over the charity’s financial position. 

## **Financial report for the year** 

## _**Income and expenditure**_ 

In the year to 31 December 2020 total income amounted to £276,158 (2019 – £154,392), which included £54,679 donated by the Australian Province of the Congregation (2019 - £42,321) and £128,065 (2019 - £nil) donated from the New Zealand Province of the Congregation. 

Sisters of Our Lady of the Missions CIO **7** 



**Report of the trustees** Year to 31 December 2020 

## **Financial report for the year** (continued) 

## _**Income and expenditure** (continued)_ 

Total expenditure amounted to £338,182 (2019 – £265,595), which includes grants of £72,038 (2019 – £58,767) towards the RNDM General Council and grants of £175,962 (2019 – £87,462) to support the work of the Congregation in the UK, the Philippines, Kenya and Myanmar. 

The net expenditure for the period before investment gains was £62,024 (2019 – net expenditure of £111,203). Investment gains totalled £125,385 (2019 – gains of £498,834). As a consequence, there was a net increase in funds (or net income) in the period of £63,361 (2019 – £387,631). 

## _**Investment policy**_ 

The investments are expected to conform with a balanced global portfolio with a reporting currency to the trustees in American dollars though understanding that the auditing and reporting to the Charity Commission will be in pounds sterling. 

The instructions given to the charity’s investment managers are to generate approximately 4% over an investment cycle and to always have enough available cash to cover a year’s grant making activity as well as the ability to cover unexpected requirements. 

There is an expectation that the investment managers will not generally invest in investment products that do not align themselves with the Catholic ethos. 

There was clearly an expectation that 2020 would be a difficult year for investments after Covid struck with force in late March and we saw much of the world go into lockdown. Surprisingly though we witnessed the fastest and shortest “bear market”. Markets recovered and the final investment return in £ was only a little behind target, returning +3.22% net of fees. The $ return was 6.36% net of fees. 

The portfolio had suffered a significant drawdown by mid-March but had recovered half of this loss in the next couple of months, though it wasn’t until October before we recovered fully this drawdown. 

The portfolio benefited towards the end of the year with some rotation towards value stocks from the growth and technology stocks that had dominated investment returns over the previous number of years. This technology outperformance was enhanced by the need to stay at home and the fast adoption of new technologies and ways of working. The performance of Tesla and Zoom really highlighted this. 

Over the next few years there is an expectation that the riskier assets in the portfolio, equities, will have to do much of the heavy lifting in terms of returns. In 2020 our fixed income exposures (which include our convertible exposure) returned over 8% in $ terms. With the continued fiscal stimulus being brought forward, especially after the Democrat win in the US elections, inflation becomes a clear threat and the recent moves in US treasuries shows the potential capital hit to portfolios. 

Sisters of Our Lady of the Missions CIO **8** 



Report of th• trusi908 Year lo 31 December 2020
Flnanclal report for th• y•ar {conlinuedl
InYos¢montpoli¢y {¢ontinued)
Our cash weighting has remained high as the planned grants for the next year or so may well
be higher than usual, though we are looking to reduce OUT cash weighting by around 50
The first quarter of 2021 has been reasonably positive for investments th￿gh there are
¢on¢erns that markets have travelled a little too far ahead of actL￿1 ¢orporate numbers and
further eV￿ence of a global economie recovery needs lo be seen lo diive markets higher.
Resems policy
The chanty was only established in September 2015 and il is not possible to proje¢t 11$ level
and pattern of future expendiiure with accuracy al the present time. The situation will become
clearer over the next few years. In the meanlime, the trustees are content for the charity to
hold several years of anlicipaled unreslricled fund expenditure as free reserves. The trustees
consider this level of free reserves appropriate in the exceptional Gircumslances created by
the Covid-19 pand8mic. In addition, il is important for the charity lo have sufficient reserves
to enable it to respond lo an urgent need in any provincelregion or to provide immediate
financial assistsnce as necessary. The trustees will review this policy as lime passes and the
level and pattern of expenditure becomes clearer.
Fln8nclalposition
The balance sheet shows totsl fvnds of £6.33 million al 31 December 202012019 - £6.27
mllllon).
Funds which are available to sijpport any of the work of the charity in the future (i.e. free
reserves) are those shown on the balance sheet as unrestricted. Thesè amounted to £6.20
million al 31 December 202012019- £6.27 million) and, in Ihp light of the charity's Infancy
and the ￿mmItMent lo support the Congregation for the long term, they are deemed
adequate I￿t rK>t excessNe.
Signed on behalf of the trustees
Trustee
Approved by the trustees on:
Sisters of Our Lady of the Missions CIO 9

**Independent auditor’s report** Year to 31 December 2020 

## **Independent auditor’s report to the trustees of the Sisters of Our Lady of the Missions CIO** 

## **Opinion** 

We have audited the accounts of the Sisters of Our Lady of the Missions CIO (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the accounts: 

-  give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended; 

-  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

-  have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

Sisters of Our Lady of the Missions CIO **10** 



**Independent auditor’s report** Year to 31 December 2020 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual report and Accounts other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. 

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: 

-  the information given in the trustees’ annual report is inconsistent in any material respect with the accounts; or 

-  sufficient accounting records have not been kept; or 

-  the accounts are not in agreement with the accounting records and returns; or 

-  we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. 

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Sisters of Our Lady of the Missions CIO **11** 



**Independent auditor’s report** Year to 31 December 2020 

## **Auditor’s responsibilities for the audit of the accounts** 

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

-  the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

-  we identified the laws and regulations applicable to the charitable company through discussions with management, and from our commercial knowledge and experience of the sector; 

-  the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; 

-  We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity.  These included but were not limited to relevant financial reporting standards and the Charities Act 2011; and 

-  we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing trustee meeting minutes. 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

-  making enquiries of management and representatives from those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

-  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we: 

-  performed analytical procedures to identify any unusual or unexpected relationships; and 

-  tested the authorisation of expenditure as part of our substantive testing thereon. 

Sisters of Our Lady of the Missions CIO **12** 



## **Independent auditor’s report** Year to 31 December 2020 

## **Auditor’s responsibilities for the audit of the accounts** (continued) 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

-  agreeing financial statement disclosures to underlying supporting documentation; 

-  reading the minutes of trustee meetings; 

-  enquiring of management and those charged with governance as to actual and potential litigation and claims; and 

-  reviewing any available correspondence with HMRC and the Charity Commission. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Buzzacott LLP 23 July 2021 Statutory Auditor 130 Wood Street London EC2V 6DL 

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

Sisters of Our Lady of the Missions CIO **13** 



**Statement of financial activities** Year to 31 December 2020 

|Notes|**Unrestricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**2020**<br>**Total funds**<br>**£**|Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|2019<br>Total funds<br>£|
|---|---|---|---|---|---|---|
|**Income from:**<br>Donations<br>1<br>Investments and interest receivable<br>2<br>Gains on currency conversion<br>Other sources<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>. Investment management fees<br>Charitable activities<br>. Grants, donations and support<br>of missionary work and ministry<br>3<br>. Administrative expenses<br>4<br>. Losses on currency conversion<br>**Total expenditure**<br>**Net (expenditure) income before**<br>**gains on investments**<br>5<br>Net gains on investments<br>**Net (expenditure) income**<br>Gross transfers between funds<br>11<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward<br>at 1 January 2020<br>Fund balances carried forward<br>at 31 December 2020|**—**<br>**76,259**<br>**8,689**<br>**982**|**190,228**<br>**—**<br>**—**<br>**—**|**190,228**<br>**76,259**<br>**8,689**<br>**982**|42,321<br>112,071<br>—<br>—|—<br>—<br>—<br>—|42,321<br>112,071<br>—<br>—|
||**85,930**|**190,228**|**276,158**|154,392|—|154,392|
||**68,099**<br>**194,279**<br>**13,176**<br>**—**|**—**<br>**62,628**<br>**—**<br>**—**|**68,099**<br>**256,907**<br>**13,176**<br>**—**|63,456<br>146,229<br>11,866<br>44,044|—<br>—<br>—<br>—|63,456<br>146,229<br>11,866<br>44,044|
||**275,554**|**62,628**|**338,182**|265,595|—|265,595|
||**(189,624)**<br>**125,385**|**127,600**<br>**—**|**(62,024)**<br>**125,385**|(111,203)<br>498,834|—<br>—|(111,203)<br>498,834|
||**(64,239)**<br>**—**|**127,600**<br>**—**|**63,361**<br>**—**|387,631<br>923,822|—<br>(923,822)|387,631<br>—|
||**(64,239)**<br>**6,267,122**|**127,600**<br>**—**|**63,361**<br>**6,267,122**|1,311,453<br>4,955,669|(923,822)<br>923,822|387,631<br>5,879,491|
||**6,202,883**|**127,600**|**6,330,483**|6,267,122|—|6,267,122|



All recognised gains and losses for the period are included in the statement of financial activities. 

All of the charity’s activities derived from continuing operations during the above two financial periods. 

Sisters of Our Lady of the Missions CIO **14** 



Balanco sheet 31 De￿mber 2020
2020
2020
2019
2019
Notes
Flx•d ass•ts
Investments
5,139,7M
4,855,562
urrent assets
Debtors
Cash hèld by Inveskn8nl manage
4,283
1.19S,206
1.199,489
4.625
1.415,685
1,420.310
Curr•nt Ilabili¢i•s
Creditors.. amounts f8lllng due
wllhin one year
N•t curr•nt ass•ts
Total net assets
10
{8,750
{8.750
1.190,739
6,330,483
1.411.580
6,267,122
RopreBgnt¢d by.
The income fvnds ofthe tharfty
Unrestri¢tod lunds
Restrkted funds
6.202,883
127,600
6,330,483
6.267,122
6,267.122
Approved by the trustees and signed on their b8half by:
Trustee
Approved by the trustees on..
Sisters of Our Lady of the Missions CIO 15

## **Statement of cash flows** Year to 31 December 2020 

|Notes|<br>**2020**<br>**£**|2019<br>£|
|---|---|---|
|**Cash flows from operating activities**<br>Net cash used in operating activities<br>A<br>**Cash flows from investing activities**<br>Investment income and interest received<br>Payments to acquire investments<br>Receipts from disposals of investments<br>**Net cash used in investing activities**<br>**Change in cash and cash equivalents in the period**<br>**Cash and cash equivalents at 1 January 2020**<br>B<br>**Change in cash and cash equivalents due to exchange rate**<br>**movements**<br>**Cash and cash equivalents at 31 December 2020**<br>B|<br>**(146,630)**|(189,681)|
||**76,259**<br>**(939,201)**<br>**780,404**|112,071<br>(307,294)<br>192,400|
||**(82,538)**|(2,823)|
||**(229,168)**<br> <br>**1,415,685**<br>**8,689**|(192,504)<br>1,652,233<br>(44,044)|
||<br>**1,195,206**|1,415,685|



## **Notes to the statement of cash flows for the year to 31 December 2020** 

## **A Reconciliation of net movement in funds to net cash used in operating activities** 

|**B**||**2020**<br>**£**|2019<br>£|
|---|---|---|---|
||**Net movement in funds (as per the statement of financial activities)**<br>**Adjustments:**<br>Gains on investments<br>Exchange rate movements on investments and cash<br>Investment income and interest receivable<br>Decrease (increase) in debtors<br>Decrease in creditors<br>**Net cash used in operating activities**|**63,361**<br>**(125,385)**<br>**(8,689)**<br>**(76,259)**<br>**342**<br>**—**|387,631<br>(498,834)<br>44,044<br>(112,071)<br>(551)<br>(9,900)|
|||**(146,630)**|(189,681)|
||**Analysis of cash and cash equivalents**|**2020**<br>**£**|2019<br>£|
||**Total cash and cash equivalents:**Cash held byinvestment managers|**1,195,206**|1,415,685|



Sisters of Our Lady of the Missions CIO **16** 



**Principal accounting policies** Year to 31 December 2020 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below: 

## **Basis of preparation** 

These accounts have been prepared for the year to 31 December 2020, with comparatives for the year to 31 December 2019. 

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. 

The charity constitutes a public benefit entity as defined by FRS 102. 

The accounts are presented in sterling and are rounded to the nearest pound. 

## **Critical accounting estimates and areas of judgement** 

Preparation of the accounts requires the trustees to make significant judgements and estimates. 

Other than the allocation of governance and support costs between the various categories of expenditure, the key area of judgement is estimating future income and expenditure flows for the purpose of assessing going concern (see below and note 8). 

## **Assessment of going concern** 

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. 

Since March 2020, the Covid-19 pandemic has changed the shape and nature of the world. It has impacted not only the basic nature of the social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control. 

Along with many other charities, the trustees are continuing to reflect on what the new needs will be and what position the Sisters will be in to respond to those needs. 

Sisters of Our Lady of the Missions CIO **17** 



## **Principal accounting policies** Year to 31 December 2020 

## **Assessment of going concern** (continued) 

The charity’s income will no doubt continue to be affected because of the volatility in world stock markets and the impact of the pandemic on the corporate sector and the consequent reduction in dividends.  In terms of expenditure, it is anticipated that grant making may be affected whilst the charity awaits the recovery of investment markets and the income generated therefrom.  The trustees will continue to keep both income and expenditure under review. 

During the current Covid-19 pandemic, the trustees continue to communicate with their investment managers and, whilst there are concerns over the volatility in world stock markets, they acknowledge also that the charity is a long term investor.  As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief. 

Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity’s financial position or going concern.  The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due. 

## **Income recognition** 

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. 

The principal sources of income are donations, investment income from listed investments and interest receivable. 

Donations, including contributions receivable from the Province and Regions and pensions received from individual members of the Congregation, receivable in cash or investments, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. 

Donations received in the form of investments are recognised at their market value on the date of the transfer. 

Income from listed investments is recognised once the dividend has been declared and notification has been received of dividend due. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

Other income includes exchange gains on currency conversion. See below for the accounting policy for foreign currencies. 

Sisters of Our Lady of the Missions CIO **18** 



## **Principal accounting policies** Year to 31 December 2020 

## **Expenditure recognition** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis. The classification between activities is as follows: 

-  Expenditure on raising funds comprises investment management fees. 

-  Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity.  Such costs include grants made in accordance with the charity’s objects and costs incurred in support of the Congregational Leadership Team and international meetings/administration. 

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial period are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the accounts. 

All expenditure is stated inclusive of irrecoverable VAT. 

## **Allocation of support and governance costs** 

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support including in the form of financial procedures. 

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. 

Support and governance costs are apportioned using percentages based on the direct expenditure incurred on each of the activities of the charity i.e. the support of the Congregational Leadership Team and international meetings/administration and the support of missionary work and ministry. 

## **Fixed asset investments** 

Listed investments are a form of basic financial instrument and are initially recognised as their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. 

The charity does not acquire put options, derivatives or other complex financial instruments. 

Sisters of Our Lady of the Missions CIO **19** 



**Principal accounting policies** Year to 31 December 2020 

## **Fixed asset investments** (continued) 

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 

Realised gains (or losses) in investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the period in which they arise. 

## **Debtors** 

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. 

## **Cash held by investment managers** 

Cash held by investment managers is classified as a current asset as it is used to fund the ongoing expenditure of the charity. 

## **Creditors and provisions** 

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 

## **Fund structure** 

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions. 

Unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees. 

## **Foreign currencies** 

Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net movement in funds. 

Sisters of Our Lady of the Missions CIO **20** 



## **Principal accounting policies** Year to 31 December 2020 

## **Services provided by members of the Congregation** 

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation. 

Sisters of Our Lady of the Missions CIO **21** 



**Notes to the accounts** Year to 31 December 2020 

## **1 Income from: Donations** 

|**Income from: Donations**|||||||
|---|---|---|---|---|---|---|
||**Un-**<br>**restricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**2020**<br>**£**|Un-<br>restricted<br>funds<br>£|Restricted<br>funds<br>£|2019<br>£<br><br>42,321<br><br>—<br><br>—<br><br>42,321|
|Donation from the Australian Province of the<br>Congregation<br>Donation from the New Zealand Province of<br>he Congregation<br>Other donations<br>**Total funds**|**—**<br>**—**<br>**—**|**54,679**<br>**128,065**<br>**7,484**|**54,679**<br>**128,065**<br>**7,484**|42,321<br>—<br>—|—<br>—<br> <br>—||
||**—**|**190,228**|**190,228**|<br>42,321|<br>—||



## **2 Income from: Investments and interest receivable** 

|**Un-**<br>**restricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**2020**<br>**£**|Un-<br>restricted<br>funds<br>£|Restricted<br>funds<br>£<br>—<br>—<br>—|2019<br>£|
|---|---|---|---|---|---|
|**71,256**<br>**5,003**|**—**<br>**—**|**71,256**<br>**5,003**|88,185<br>23,886||88,185<br>23,886|
|**76,259**|**—**|**76,259**|112,071||112,071|



## **3 Expenditure on: Grants, donations and support of missionary work and ministry** 

||**Un-**<br>**restricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**2020**<br>**£**|Un-<br>restricted<br>funds<br>£|<br> <br> <br> <br>Restricted<br>funds<br>£|2019<br>£|
|---|---|---|---|---|---|---|
|Contribution to the Generalate of the<br>Congregation<br>RNDM Renewal Programme<br>Emergency Response Mission 2020<br>Support of missionary work and<br>ministry of the Congregation in:<br>. The Philippines<br>. Kenya<br>. Myanmar<br>**Total funds**|**72,038**<br>**—**<br>**8,907**<br>**58,128**<br>**23,330**<br>**31,876**|**—**<br>**62,628**<br>**—**<br>**—**<br>**—**<br>**—**|**72,038**<br>**62,628**<br>**8,907**<br>**58,128**<br>**23,330**<br>**31,876**|—<br>58,767<br>—<br>70,436<br>9,287<br>7,739|—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—|—<br>58,767<br>—<br>70,436<br>9,287<br>7,739|
||**194,279**|**62,628**|**256,907**|146,229|<br>—|146,229|



No grants or donations were made to individuals during either period. 

Sisters of Our Lady of the Missions CIO **22** 



**Notes to the accounts** Year to 31 December 2020 

## **4 Support and governance costs** 

||**Un-**<br>**restricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**2020**<br>**£**|Un-<br>restricted<br>funds<br>£|Restricted<br>funds<br>£|2019<br>£|
|---|---|---|---|---|---|---|
|Office and administrative costs<br>Governance costs – Auditor’s<br>remuneration<br>. Current year<br>. Prior year overprovision<br>Other professional fees<br>**Total funds**|**626**<br>**7,550**<br>**—**<br>**5,000**|**—**<br>**—**<br>**—**<br>**—**|**626**<br>**7,550**<br>**—**<br>**5,000**|555<br>7,500<br>(1,189)<br>5,000|—<br>—<br>—<br>—|555<br>7,500<br>(1,189)<br>5,000|
||**13,176**|**—**|**13,176**|11,866|—|11,866|



## **5 Net (expenditure) income before gains on investments** This is stated after charging: 

|Auditor’s remuneration(includingVAT)|**2020**<br>**£**|2019<br>£|
|---|---|---|
||**7,550**|<br>6,311|



## **6 Staff costs and remuneration of key management personnel** 

The charity did not employ any staff in either financial period. 

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.  They have received no remuneration or reimbursement of expenses in connection with their duties as trustees in either financial period. 

## **7 Taxation** 

Sisters of Our Lady of the Missions CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **8 Investments** 

|**Investments**|||
|---|---|---|
||**2020**<br>**£**|2019<br>£|
|**Listed investments**<br>At 1 January 2020<br>Additions at cost<br>Disposals at book value (proceeds: £780,404; losses: £72,522)<br>Unrealised gains on revaluation<br>**Market value at 31 December 2020**<br>**Cost of listed investments at 31 December 2020**|**4,855,562**<br>**939,201**<br>**(852,926)**<br>**197,907**|<br>4,241,834<br> <br>307,294<br> <br>(209,381)<br> <br>515,815|
||**5,139,744**|<br>4,855,562|
||**4,318,611**|<br>4,112,902|



Sisters of Our Lady of the Missions CIO **23** 



**Notes to the accounts** Year to 31 December 2020 

## **8 Investments** (continued) 

At 31 December 2020, the charity’s investment portfolio included the following holdings which represented a material proportion of the total value of the fixed asset investment portfolio at that date: 

|**2020**|**2020**|2019|2019|
|---|---|---|---|
|**Percentage**<br>**of portfolio**<br>**%**|**Market**<br>**value**<br>**£**|Percentage<br>of portfolio<br>%|Market<br>value<br>£|
|**6.8**<br>**10.9**<br>**6.2**<br>**6.1**<br>**5.5**<br>**6.2**<br>**—**<br>**5.1**|**347,357**<br>**559,491**<br>**319,931**<br>**315,240**<br>**282,850**<br>**317,991**<br>**—**<br>**260,233**|7.5<br>10.4<br>6.6<br>6.1<br>7.0<br>5.6<br>5.8<br>5.0|365,435<br>505,194<br>321,878<br>294,295<br>338,814<br>271,584<br>280,525<br>243,513|



Listed investments held at 31 December 2020 comprised the following: 

||**2020**<br>**£**|2019<br>£|
|---|---|---|
|UK equities<br>Overseas equities<br>Fixed interest<br>Alternative investments|**140,285**<br>**3,203,392**<br>**1,579,682**<br>**216,385**|136,962<br>3,098,195<br>1,604,718<br>15,687|
||**5,139,744**|4,855,562|



## **9 Debtors** 

|**Debtors**|||
|---|---|---|
||**2020**<br>**£**|2019<br>£|
|Prepayments and accrued income|**4,283**|4,625|



## **10 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2020**<br>**£**|2019<br>£|
|Accruals|**8,750**|8,750|



Sisters of Our Lady of the Missions CIO **24** 



**Notes to the accounts** Year to 31 December 2020 

## **11 Restricted funds** 

The income funds of the charity included restricted funds comprising the following unexpended balances held on trusts to be applied for specific purposes. 

||**At 1**<br>**January**<br>**2020**<br>**£**|**Income**<br>**£**|**Expenditure**<br>**£**|**Transfers**<br>**between**<br>**funds**<br>**£**|**At 31**<br>**December**<br>**2020**<br>**£**|
|---|---|---|---|---|---|
|Brooklyn House fund|**—**|**190,228**|**(62,628)**|**—**|**127,600**|
||At 1<br>January<br>2019<br>£|Income<br>£|Expenditure<br>£|Transfers<br>between<br>funds<br>£|At 31<br>December<br>2019<br>£|
|Latin America and Philippines fund|923,822|—|—|<br>(923,822)|—|



##  _Brooklyn House fund_ 

These funds represented monies given by the International Congregation to be used to finance the refurbishment of Brooklyn House by the UK Province. 

##  _Latin America and Philippines fund_ 

These funds represented monies given by the International Congregation to be used to finance the overseas missions of the charity and the broader work of the Congregation in Latin America and the Philippines. The funds have been transferred to unrestricted funds as the International Congregation has confirmed that it now wishes the funds to be applied towards the general purposes of the charity. 

## **12 Analysis of net assets between funds** 

|**Analysis of net assets between funds**||||
|---|---|---|---|
||**Unrestricted**<br>**funds**<br>**£**<br>|**Restricted**<br>**funds**<br>**£**|**Total**<br>**2020**<br>**£**|
|**Fund balances at 31 December 2020**<br>**are represented by:**<br>Fixed asset investments<br>Net current assets<br>Total net assets<br>**Unrealised gains included above**<br>On investment assets<br>**Reconciliation of movement in unrealised gains**<br>Unrealised gains at 1 January 2020<br>Add: in respect to disposals in the year<br>Net gains on revaluations in the year<br>**Unrealisedgains at 31 December 2020**|**5,139,744**<br>**1,063,139**|<br>**—**<br> <br>**127,600**|**5,139,744**<br>**1,190,739**|
||**6,202,883**|<br>**127,600**|**6,330,483**|
||**821,133**|<br>**—**|**821,133**|
||**742,660**<br>**(119,434)**<br>**197,907**|<br>**—**<br> <br>**—**<br> <br>**—**|**742,660**<br>**(119,434)**<br>**197,907**|
||**821,133**|<br>**—**|**821,133**|



Sisters of Our Lady of the Missions CIO **25** 



## **Notes to the accounts** Year to 31 December 2020 

## **12 Analysis of net assets between funds** (continued) 

||Unrestricted<br>funds<br>£<br>|Restricted<br>funds<br>£|Total<br>2019<br>£|
|---|---|---|---|
|**Fund balances at 31 December 2019**<br>**are represented by:**<br>Fixed asset investments<br>Net current assets<br>Total net assets<br>**Unrealised gains included above**<br>On investment assets<br>**Reconciliation of movement in unrealised gains**<br>Unrealised gains at 1 January 2019<br>Add: in respect to disposals in the year<br>Net losses on revaluations in the year<br>Transfers between funds (note 11)<br>**Unrealisedgains at 31 December 2019**|4,855,562<br>1,411,560|<br>—<br> <br>—|4,855,562<br>1,411,560|
||6,267,122|<br>—|6,267,122|
||742,660|<br>—|742,660|
||232,065<br>(52,281)<br>515,815<br>47,061|<br>47,061<br> <br>—<br> <br>—<br> <br>(47,061)|279,126<br>(52,281)<br>515,815<br>—|
||742,660|<br>—|742,660|



## **13 Transactions with related parties** 

In the year to 31 December 2020 total income amounted to £267,469 (2019 – £154,392), which included £54,679 (2019 – £42,321) donated from the Australian Province of the Congregation and £128,065 (2019 – £nil) donated from the New Zealand Province of the Congregation. 

In the same period, total expenditure amounted to £338,182 (2019 – £265,595), which includes grants of £72,038 (2019 – £nil) to the Generalate, £62,628 (2019 – £nil) to the UK Province to support their renovation of Brooklyn House and £113,334 (2019 – £87,462) to support the work of the Congregation in Peru, the Philippines, Kenya and Myanmar. 

## **14 Members’ liability** 

The members of the CIO are those trustees in office for the time being.  If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. 

Sisters of Our Lady of the Missions CIO **26**