## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** **(Registered Charity Number: 1164298)** **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2020** Haysmacintyre LLP Chartered Accountants Registered Auditors London **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** |**INDEX**|**Page**| |---|---| |Report of the Trustees|1 - 6| |Auditors’ Report|7 - 8| |Statement of Financial Activities|9| |Balance Sheet|10| |Statement of Cash flows|11| |Notes to the Financial Statements|12 – 17| **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** **REPORT OF THE TRUSTEES** ## **LEGAL AND ADMINISTRATIVE DETAILS** |**TRUSTEES**|Sister Brigitte Flourez| |---|---| ||Sister Alice KilBride| ||Sister Marina Motta| ||Sister Marie Pitcher| ||Sister Jane Sinprayoon| ||Sister Margaret Walsh (Appointed 22 July 2021)| |**FINANCIAL ADMINISTRATOR**|George Fitzsimons FCA| |**REGISTERED OFFICE**|16 East Acton Lane| ||London| ||W3 7EG| |**CHARITY REGISTRATION NUMBER**|1164298| |**AUDITOR**|Haysmacintyre LLP| ||10 Queen Street Place| ||London| ||EC4R 1AG| |**SOLICITORS**|Stone King LLP| ||Boundary House| ||91 Charterhouse Street| ||London| ||EC1M 6HR| |**PRINCIPAL BANKERS**|HSBC UK Bank PLC| ||1 Centenary Square| ||Birmingham| ||B1 1HQ| |**INVESTMENT BANKERS**|Investec Wealth & Investment Limited| ||2 Gresham Street,| ||London| ||EC2V 7QP| 1 **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **REPORT OF THE TRUSTEES (continued)** The Trustees of The Infant Jesus Sisters (Nicolas Barré) Generalate CIO (“the C harity”) present their report and the audited financial statements for the year ended 31 December 2020. These have been prepared under the provisions of the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) and comply with all statutory requirements and the charity's governing document. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **CONSTITUTION** The Infant Jesus Sisters (Nicolas Barré) Generalate CIO is a Charitable Incorporated Organisation (CIO) and a registered charity (Registration Number 1164298). The Charity was incorporated on 9 November 2015. ## **TRUSTEES** The Trustees who served in the year were as follows: Sister Brigitte Flourez Sister Alice KilBride Sister Marina Motta Sister Marie Pitcher Sister Jane Sinprayoon Sister Margaret Walsh (Appointed 22 July 2021) ## **RECRUITMENT, TRAINING AND INDUCTION OF TRUSTEES** Trustees are appointed based on the Charity's requirements for knowledge, experience and skills and the suitability of candidates for the role. There is currently a preference for members of the Institute. Trustees are provided with formal and informal training based on identified training needs. New Trustees are provided with induction training which focusses on the requirements of charity law, guidance from the Charity Commission and the Charity's own policies, procedures and circumstances. ## **OBJECTS AND ACTIVITIES** The Charity’s object is the advancement of the Roman Catholic religion through the religious and other charitable work of the religious institute known as the Infant Jesus Sisters (including work with people of other faiths). The Charity facilitates the leadership of the worldwide Institute, including international meetings involving its Provincial leadership teams, and funds charitable work performed by sisters of the Institute in various countries as the need arises. The desire of our Institute is to make Jesus Christ known and loved through a variety of ministries which continue to evolve according to the needs in each country. Our particular focus is to reach out to those who are most in need. The work currently undertaken typically involves education and other ministries to young people, health care and pastoral or parish ministries, usually in developing countries (principally, but not exclusively, in Africa). This includes various forms of support for people who are disadvantaged and in need. The Charity’s strategy is to provide financial support (through grants) for Institute projects and to sisters who are members of the Institute (normally to the Institute’s administrative units – we do not make personal grants to individual sisters except for religious formation expenses), as well as providing leadership to the Institute worldwide. The Charity organises meetings between various national and international groups of sisters in leadership positions to coordinate the planning and implementation of the Institute’s strategy. To a lesser extent in financial terms, the Charity also makes donations to other charitable causes, including emergency relief in connection with natural disasters, war zones and refugees (among other things). We invite grant applications from the Institute’s administrative units using a standard application process which requires them to set out their financial needs, what local needs they are seeking to meet, expected outcomes and how the activities will be managed, as well as a range of other information. These applications are considered and, if they meet the Charity’s Grant-making Policy, approved by Trustees. The current priorities for grant funding stipulated in the Grant-making Policy are: - The advancement of the Roman Catholic religion through the religious and other charitable work of the Institute (including work with people of other religious faiths) within local communities and across the world, but particularly in those countries where the Infant Jesus Sisters are based; - Education and human formation, particularly in those countries where the Infant Jesus Sisters are based. 2 **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **REPORT OF THE TRUSTEES (continued)** - The relief of poverty within local communities and among the world’s deprived and needy peoples, with particular focus on those countries where the Infant Jesus Sisters are based or as determined by the trustees from time to time and in accordance with this policy; - The relief of other hardships, such as (not exhaustively) those of old age, disability, illness or oppression; - Addressing charitable needs which the trustees may identify from time to time, for instance needs arising from wars or natural disasters. Due diligence is performed on grant applications to verify the identity, bona fides and other background information relating to applicants and to ensure that the application meets both the Charity’s charitable purposes and the priorities for support set out in the Grant-making Policy. We obtain reports from grant recipients periodically which require them to explain how the grants have been spent (providing relevant evidence) as well as giving qualitative and quantitative assessments of their impact and effectiveness. The performance measures employed are typically focused on the delivery of support to individuals in need and humanitarian issues, since the Charity believes that its objects are best fulfilled by the pursuit of Catholic Social Teaching (“CST”). CST covers all spheres of life - the economic, political, personal and spiritual - with human dignity at its centre. Trustees also visit the projects and Institute units who have received grants periodically to see for themselves how grants have been deployed. The Charity makes grants on the basis of need and demand, so does not prioritise any particular areas of charitable activity. Its strategy is based on responding to the sisters and administrative units within the Institute as they identify specific needs and bring them to its attention. The Charity has no employees. Much of its work is undertaken by the Trustees, supported by a small number of external advisors and personnel for financial management and accounting, general and grant administration and other organisational tasks. ## **ACHIEVEMENTS AND PERFORMANCE** Total funds increased to €36.9m at 31 December 2020 (2019 - €35.4m), with net income before investment gains of €0.6m and investment gains of €0.9m. The Charity paid particular attention during the year to the impacts of the COVID-19 pandemic on the Charity’s investment portfolio and on grant beneficiaries. Investment income from the portfolio proved to be resilient, though still 8% lower than the prior year as some companies halted or reduced dividend payments, and the market recovery resulting from the massive economic support supplied by world governments meant that the initial sharp reduction in portfolio values had been fully recovered by the Autumn and in fact there was a positive total return for the full year. Grants of €661,829 (2019 - €1,047,013) were made during the year to units within the Institute - €511,829 to the ViceProvince of Cameroon (2019 - €798,668) and €150,000 to the Vice-Province of Nigeria (2019 - €248,345). The Charity’s Investment Sub-committee met frequently during the year to monitor the investment portfolio and assess investment risks, liaising closely with investment managers. Although the Charity is financially robust, with strong reserves and good liquidity, in response to the pandemic Trustees and advisers monitored the Charity’s financial situation carefully and discussed relevant matters frequently in between formal meetings. Trustees also carefully considered the CIO’s context in relation to the financial position of the Institute as a whole. Trustees worked on communications to explain the operation of the Charity within the Institute and maintained close contact with grant beneficiaries in Cameroon and Nigeria, considering and approving additional expenditure for COVID-related hospital equipment in Cameroon and reprioritising grant expenditure in Nigeria. Small donations were given in response to emergencies and crises in Beirut, Yemen and elsewhere. Trustees received training in governance, investment and fraud prevention matters. Trustees also decided to put up for sale the CIO’s house in Crawley (its main fixed asset), since it was no longer serving its original function of domestic and administrative accommodation for the Institute’s General Council. The house was on the market at 31 December 2020 and has since been sold. Financial policies and procedures were reviewed, as a matter of routine, as was the risk management policy and risk register. It is planned to review certain other policies in 2021. A finance and governance manual was written to facilitate continuity in the event that key Trustees or other personnel were to be incapacitated or otherwise unavailable. 3 **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **REPORT OF THE TRUSTEES (continued)** ## **ACHIEVEMENTS AND PERFORMANCE (continued) Cameroon** The grant of €511,829 made to Cameroon in the year was for the charitable activities of the Institute’s sisters in Cameroon as well as for the completion of the nursery school construction and commencement of building work on an adjacent primary school. The construction grant, net of local funding, was €218,608 and in addition the €254,000 of approved construction grant monies accrued but unpaid at 31 December 2019 was paid out. The nursery school started operating in September 2020 and work commenced on the primary school during the Autumn (slightly later than planned because of late rains). The mission work in Cameroon (supported by grant funding of €224,731) continues to focus on health care and the education of young boys and girls, of deaf and dumb children and of young people through Catholic Action movements and catechesis. A new community of sisters was established at the site of the new school. In response to the pandemic, a grant of €38,000 was made for five BiPAP (Bilevel Positive Airway Pressure) ventilators for the hospital in Ekounou, Yaoundé. A grant of €30,490 was made for the purchase of a replacement car for the sisters’ use. ## **Nigeria** The Charity’s grant of €150,000 made in the year supported a range of charitable activities, as well as certain capital projects. The Nigerian sisters manage several schools, work with displaced persons, provide vocational training for women and support people with HIV, among other activities. Nigerian Government lockdowns implemented to control the spread of the coronavirus meant that mission activities had to be curtailed from time to time. Consequently, with exchange rates also favourable to the Charity, the grant paid was less than the amount originally approved. A grant of €68,995 was for the various mission activities of the Nigerian sisters. Grants of €81,005 were made for a range of capital expenditure projects, including new classroom buildings for the New Seed School in Kona, improving the security for school boarders in Ganye, repairing the Kona community’s roof and purchasing two cars. Some of the project priorities changed during the year in response to the pandemic and because of higher pupil numbers in the New Seed School (resulting from movements of displaced people). Trustees therefore agreed certain changes to the expenditure originally planned to be made out of the approved grant. Inflation remained high in 2020 (Nigerian CPI was some 16% in 2020), with food prices in particular increasing as a result of dollar shortages, insecurity in farming areas and supply bottlenecks. ## **PRINCIPAL RISKS AND UNCERTAINTIES** The Trustees have considered the major risks and uncertainties to which the Charity is exposed and have implemented policies and controls in order to limit them. The main risks are explained below. - Trustee body lacks relevant skills or commitment: trustees, including new appointments, have received induction training and ongoing support in relation to their responsibilities. They are fully engaged in all Charity decisions. - Conflicts of interest: the CIO operates a policy for the disclosure and management of potential conflicts of interest. - Grants made for inappropriate purposes: the grant application and monitoring process explained above are the main mechanisms for managing this risk, as well as visits to the activities funded. - Loss of key staff: there are written contracts and agreed notice periods for the key outsourced personnel, as well as regular progress and planning meetings to share knowledge. The other professional advisers engaged (investment managers, investment advisers, accountants and lawyers) would also be able to fill short-term gaps arising if outsourced personnel gave notice. - Reporting to Trustees: processes exist for reporting on grants, the Charity’s financial performance and position and investments. There is also regular contact between Trustees and key staff and grant recipients. - High staff turnover: to reduce the risk of high turnover, the Charity maintains its awareness of rates of pay, training, working conditions and job satisfaction for key outsourced personnel. 4 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **REPORT OF THE TRUSTEES (continued)** ## **PRINCIPAL RISKS AND UNCERTAINTIES (continued)** - Investment policies: there is an investment policy in place (see below), investment managers were selected following invitation to competitive tender, there is a policy of maintaining adequate reserves and there is regular performance reporting and monitoring. - Fraud or error: the main safeguards are various financial control procedures, segregated duties, authorisation limits and relevant training. - Counterparty risk: the Charity uses banks with strong credit ratings, has a formal investment management agreement and monitors and reviews its investments. Trustees have considered the risks associated with COVID-19 and the actions of international governments to restrict its spread. The charity does not rely on physical office premises and is able to conduct its business electronically using computer technology, telephone calls and video conferencing. As a charity that makes grants and bears certain costs of the Infant Jesus Sisters religious institute, its operations have not been interrupted by COVID-19. The charity has a clear investment strategy and a structured system for managing liquidity and expects that it will be able to maintain its normal business, including the desired level of grant payments and other expenditure, for the foreseeable future. ## **Public Benefit** The Trustees confirm that they have given due consideration to the Charity Commission’s general guidance on public benefit. These requirements are addressed in this report. ## **FINANCIAL REVIEW** The statement of financial activities on page 9 shows total income for the period of €1.7m (2019 - €1.6m), expenditure of €1.0m (2019 - €1.5m), unrealised investment gains of €0.9m (2019 – €5.0m) and a surplus of €1.5m (2019 - €5.1m). The Charity received donations of €0.9m from constituents of the Institute in 2020, with other income of £0.8m (mainly investment income). Grant expenditure was €0.7m and other expenditure (which relates to the professional and governance fees incurred and Trustees’ living and working expenses) was €0.4m. Total funds (all of which are unrestricted) reached €36.9m (2019 - €35.4m). The Charity expects to be able to finance its typical future level of charitable activity from investment income. ## **RESERVES POLICY** It is Charity’s policy to seek to maintain a level of reserves which can generate sufficient investment income to pay for the anticipated costs of overseas missions and projects (including a contingency for possible but unpredictable future expenses) on a sustainable basis. Reserves of €34.9m have been designated for investment purposes. The Charity’s free reserves (excluding designated reserves and fixed assets) were €1.8m at 31 December 2020. Grants are expected to continue at a relatively high level in 2021, while the Cameroon school building project is ongoing. ## **INVESTMENT POWERS, POLICY AND PERFORMANCE** No changes have been made to the investment policy during the year. Investments have been made using the main principles noted below: Minimum Income Provision: The investment portfolio has been designed to produce sufficient income to ensure the maintenance and sustainability of the organisation (this includes grant expenditure as well as leadership, coordination and administrative costs). This combined income requirement is approximately €750,000 per annum on average but may vary significantly from year to year. Long-term security: The investments require long term financial security so that the charitable objects can be delivered indefinitely, with their value keeping pace with inflation. Liquidity / flexibility: Investment assets should provide diversification, flexibility and liquidity to cater for changes in the Charity’s situation and requirements. There is a separate lower-risk investment portfolio as an intermediate source of liquidity (i.e. a stage between cash and the long-term investment portfolio). 5 INFANTJESUS SISTERS INICOKAS BARRÈ) GEIYERALATE CIO IIEpoifr OFTHE TRUSTEES (comtiDry¢d) INVESTMENfpowEK% POLICY AND PERFORMANCE {eo•li#•al) Ethical & ￿)c&al investment: The inyestsnent managtr lus I￿1 selectal frorn th¢ Prtn¢iples fw ReS￿)nSIble Investment IPRII Initiativr sig1￿l￿ry list supwted by the United Natioos w ensu￿ investtxhents align with the Charity's ethical standard5 while seekingmaximum rkn{within thestipulatejj risk FATameth). The Clwity has an ethi￿1 investsnert policy. Rijk The Inv¢5¢ma￿ have S￿l￿dIvi￿kd iErto w*vide l¥4utdity tic[5 with thefollowing risk pmfiles.. • Cash: vim*lly EJO risk (É1.9m) • Lower-risk wrtfolio: lower risk (Q.2m) •IA)ng.tenn w￿0110. ￿￿J1[￿n (the rf4naitKlerofthe WIr￿li0) The Charity's invcstrnent risk toluatKe wts k￿8.1￿n P)￿0]10 is de5criW as -m￿lUM- with the aim to produce rebjms that are better than those cash deFrfTrsits with a high level of ￿Urity of (xpitsl. The aim i5 to avoid the lottg- tenn inv¢5llne¢]¢ porrfollo lo51￿￿ rnorc than 15Y• of value at a]y annualty. The Charity inteTrJs to continue to develop its eximing activities aKI to adapt tts straiegy atjd opertions tts changing ¢ir¢umstanc4 Encl￿AIn8 the trend of fewtt v(Trli(Ks in Europe ￿￿E Asi& and to the needs of the WK)ralld dis2dv8ntag pyle in the s(Kieties where th¢ i1￿]￿rte'S sister5 WO￿ internatto￿lIY. STATEMENf OF TRUSTEES, ￿PoNSIBIL[￿lEs The TruMees are resp(￿ible for preparing the Tru￿te5. Annuaj Report and the financial statements in accordance with applicable law8￿] UnitLxI Kingdom Accounting staTKIar￿ (Untted Kingdom C¢nernlly Acccpted Accounting Practice). Jhe law appli¢ableto tharitie5 ID England and Wa]es ￿lUireS the TnL5tges of the charity to prepare financial statcments for each fir]ancia] year which give a true and farr VI￿ of the state of affairs of the charity and of the incoming resO￿TceS and applicatton of resources of the charity for that perio¢L In preparing th)se financia] statemettL% the In&¢es are required to: select 5uitsble accounting wliri¢5 and then arply them Consjstwt￿y. observe the metlM)ds and principles in the a)artties SORP. make judgements and e#irna*5 that are reasonable and FnMknL stste M41ether applicable accounting standard¥ have been folknvemovements|(3,841,734)||(2,923,311)|| |Proceeds from sale of investments|2,537,354||2,256,579|| ||--------------------||--------------------|| |**Net cash provided by (used) in investing**||||| |**activities**||(608,017)||102,099| |||--------------------||--------------------| |**Change in cash and cash equivalents in the**||||| |**reporting period**||(874,279)||(313,235)| |**Cash and cash equivalents at the beginning of**||||| |**the reporting period**||2,724,876||3,038,111| |||--------------------||--------------------| |**Cash and cash equivalents at the end of the**||||| |**reporting period**||€1,850,597||€2,724,876| |||===========||===========| |**Reconciliation of net income to net cash flows**||||| |**from operating activities**||**2020**||**2019**| |||**€**||**€**| |Net income for the reporting period||1,504,360||5,050,206| |Gains on investments||(862,169)||(4,953,096)| |Depreciation||5,719||5,134| |Dividends, interest and rents from investments||(697,133)||(771,654)| |Increase in debtors||(39)||(96)| |(Decrease)/increase in creditors||(217,000)||254,172| |||--------------------||--------------------| |**Net cash provided by/(used) in operating**||||| |**activities**||€(266,262)||€(415,334)| |||===========||===========| |**Analysis of cash and cash equivalents**||**2020**||**2019**| |||**€**||**€**| |Cash in hand||1,850,597||2,724,876| |||--------------------||--------------------| |**Total cash and cash equivalents**||€1,850,597||€2,724,876| |||===========||===========| 11 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **ACCOUNTING POLICIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. ACCOUNTING POLICIES** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **a) Basis of preparation** The financial statements 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 UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). There are no areas of critical judgment or estimation used in the preparation of the financial statements. ## **b) Functional Currency** The functional current of the charity is the Euro (€). ## **c) Preparation of accounts on a going concern basis** The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future. Financial projections have been subjected to stress tests based on extreme reductions in both investment valuation and investment income, far beyond anything so far experienced, such as might conceivably result from future actions taken internationally to restrict the spread of COVID-19 in a very adverse scenario, and it is considered that the charity would remain a going concern even in that event. ## **d) Income** All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that income will be received, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: ## **Donations and legacies** Donations and legacies are recognised when receivable or when the Charity becomes legally entitled to them. Receipts of property, investments or other gifts in kind are included at market value. ## **e) Expenditure** Charitable expenditure consists of all expenditure relating to the objects of the Charity. All costs are directly attributable to the activities under which they have been analysed. Governance costs include expenditure on the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Irrecoverable VAT is included with the category of expense to which it relates. ## **Grants payable** Grants are included in the period of account when they are approved at a meeting of the Trustees. ## **f) Buildings and Furniture, fittings and equipment** Buildings are reported in the balance sheet at original cost. Depreciation is charged over the estimated useful life of the assets using the straight-line method on a monthly basis. Buildings are depreciated over 50 years. Furniture, fittings and equipment are reported in the balance sheet at original cost. Depreciation is charged over the estimated useful life of the assets using the straight-line method on a monthly basis. A rate of depreciation of 20% is used. 12 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. ACCOUNTING POLICIES (CONTINUED)** ## **g) Investments** Quoted investments are valued at their closing middle market price on the balance sheet date and the gain or loss taken to the Statement of Financial Activities. All movements in value are shown in the Statement of Financial Activities. ## **h)** ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **i) Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments. ## **j) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **k) Estimates and judgements** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustees’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements. ## **l) Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. The portfolio of investments held by the charity is included at fair value. ## **2.** |**DONATIONS AND LEGACIES**|**2020**|**2019**| |---|---|---| ||**€**|**€**| |Congregation:||| |Malaysia|-|512,255| |Thailand|84,006|41,744| |Spain|-|271,000| |Peru|9,890|-| |Donation from previous Generalate|746,628|-| |Other donations|132,282|4,547| ||---------------------|---------------------| ||€972,806|€829,546| ||==========|==========| 13 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** |**3.**|**INVESTMENT INCOME**|**2020**|**2019**| |---|---|---|---| |||**€**|**€**| ||Dividend income|694,971|758,398| ||Bank interest|2,162|6,721| ||Exchange rate gains|-|6,535| |||----------------|----------------| |||€697,133|€771,654| |||========|========| |**4.**|**EXPENDITURE**|**Total**|**Total**| |||**2020**|**2019**| |||**€**|**€**| ||**_Charitable Activities:_**||| ||Support of members and their ministry:||| ||Sisters’ living and ministry expenses|197,093|160,977| ||Travel and international meetings|22,188|152,827| ||Professional fees|2,780|4,734| ||Governance costs|10,457|8,751| ||Depreciation|5,719|5,134| ||Grants awarded:||| ||. Cameroon|511,829|798,668| ||. Nigeria|150,000|248,345| ||Loss on foreign exchange|2,125|-| ||Investment management fees|125,557|124,654| |||----------------|----------------| |||€1,027,748|€1,504,090| |||========|========| ||The charity did not have any employees in the current or preceding period.||| ||Governance costs include:|**2020**|**2019**| |||**€**|**€**| ||Auditors’ remuneration||| ||- Audit services|€10,457|€8,751| ## **TRANSACTIONS WITH TRUSTEES** Certain Trustee expenses were borne by the Charity, but the Trustees received no remuneration or other benefits in connection with their duties as Trustees during the current or preceding year. 14 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** **FOR THE YEAR ENDED 31 DECEMBER 2020** |**5**
**FIXED ASSETS**
**_Cost_**
At 1 January 2020
Additions
**At 31 December 2020**
**_Depreciation_**
At 1 January 2020
Depreciation
**At 31 December 2020**
**_Net book value_**
**At 31 December 2020**
At 31 December 2019
**6.**
**FIXED ASSET INVESTMENTS**
As at 1 January 2020
Additions less fees
Disposals
Net investment gains
Sub total
Cash held in portfolio
Market value at 31 December 2020
Historical cost at 31 December 2020|**Land and**
**Buildings**
**Fixtures and**
**fittings**
**€**
**€**
249,094
5,796
-
770
~~--------------------~~
~~--------------------~~
249,094
6,566
~~--------------------~~
~~--------------------~~
8,866
2,035
3,991
1,728
~~--------------------~~
~~--------------------~~
12,857
3,763
~~--------------------~~
~~--------------------~~
€236,237
€2,803
~~==========~~
~~==========~~
€240,228
€3,761
~~==========~~
~~==========~~
**2020**
**€**
32,166,726
3,916,738
(2,537,354)
862,169
---------------------
34,408,279
444,475
---------------------
€34,852,754
==========
€30,065,728
==========|**Total**
**€**
254,890
770
~~--------------------~~
255,660
~~--------------------~~
10,901
5,719
~~--------------------~~
16,620
~~--------------------~~
€239,040
~~==========~~
€243,989
~~==========~~
**2019**
**€**
24,185,029
5,285,180
(2,256,579)
4,953,096
---------------------
32,166,726
519,479
---------------------
€32,686,205
==========
€29,197,739
==========| |---|---|---| 15 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** **FOR THE YEAR ENDED 31 DECEMBER 2020** |**7.**|**DEBTORS**||**2020**|**2019**| |---|---|---|---|---| ||||**€**|**€**| ||Prepayments and accrued income||€2,823|€2,784| ||||=======|=======| |**8.**|**CREDITORS: Amounts falling due within one year**||**2020**|**2019**| ||||**€**|**€**| ||Accruals||€87,792|€304,792| ||||=======|=======| |**9.**|**DESIGNATED FUNDS**|||| ||||**Designated**|| |||**1 January**|**in the**|**31 December**| |||**2020**|**year**|**2020**| |||**€**|**€**|**€**| ||Investment portfolio|||| |||€32,686,205|€2,166,549|€34,852,754| |||==========|========|==========| ||||**Designated**|| |||**1 January**|**in the**|**31 December**| |||**2019**|**year**|**2019**| |||**€**|**€**|**€**| ||Investment portfolio|||| |||€27,066,378|€5,619,827|€32,686,205| |||==========|========|==========| The Trustees of the Charity have designated €34,852,754 (2019: €32,686,205) the majority of its funds, to be invested in assets which generate income to pay for its charitable activities. |**10.**|**ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS**|**ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS**||| |---|---|---|---|---| ||**2020**|**Fixed assets**|**Net current**|| |||**& investments**|**assets**|**Total**| |||**€**|**€**|**€**| ||**Unrestricted funds:**|||| ||General|239,040|1,765,628|2,004,668| ||Designated|34,852,754|-|34,852,754| |||-----------------------------|---------------------------|--------------------------| |||€35,091,794|€1,765,628|€36,857,422| |||==============|=============|===============| ||**2019**|**Fixed assets**|**Net current**|| |||**& investments**|**assets**|**Total**| |||**€**|**€**|**€**| ||**Unrestricted funds:**|||| ||General|243,989|2,422,868|2,666,857| ||Designated|32,653,218|32,987|32,686,205| |||------------------------------|-----------------------------|------------------------------| |||€32,897,207|€2,455,855|€35,353,062| |||==============|==============|==============| 16 ## **INFANT JESUS SISTERS (NICOLAS BARRÉ) GENERALATE CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **11. RELATED PARTY TRANSACTIONS** There were no related party transactions in the current or preceding year. ## **12. POST BALANCE SHEET EVENTS** The Trustees have sold the property located at 22 Hexham Close since year end. The sales proceeds will be used towards the Charity's objectives and activities. 17