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2021-08-31-accounts

The Sisters of Christian Instruction (St. Gildas) CIO

Report and Accounts

31 August 2021

Charity Registration Number 1173344

Contents

Reports

Reference and administrative details of the Reference and administrative details of the
charity, its trustees and advisers 1
Trustees’ report 2
Independent auditor’s report 19
Accounts
Statement of financial activities 24
Balance sheet 25
Statement of cash flows 26
Principal accounting policies 27
Notes to the accounts 33

The Sisters of Christian Instruction (St. Gildas) CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees Sister Anne Hogan
Sister Odile Mahé
Sister Elizabeth McNiff
General Councillor Delegate Sister Dominique Guerin
Regional Bursar Sister Odile Mahé
Administrative address The Sisters of Christian Instruction (St Gildas)
36 Dickenson Road
Hornsey
London
N8 9ET
Charity registration number 1173344
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers The Royal Bank of Scotland plc
62-63 Threadneedle Street
London
EC2R 8LA
Investment managers Charles Stanley and Company Limited
55 Bishopsgate
London
EC2N 3AS
Solicitors Pothecary Witham Weld
84 Eccleston Square
London
SW1V 1PX

The Sisters of Christian Instruction (St. Gildas) CIO 1

Trustees’ report Year to 31 August 2021

The trustees present their statutory report together with the accounts of The Sisters of Christian Instruction (St. Gildas) CIO (the charity or the CIO) for the year to 31 August 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 27 to 32 of the attached accounts and comply with the charity’s constitution, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements of 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).

Introduction

The Sisters of Christian Instruction (St Gildas) (the Congregation) is a Roman Catholic religious congregation supporting 329 sisters. It was founded in France in 1820 where its generalate is still located and it is divided into three Regions, a delegation and the Mother House.

The accounts accompanying this report are the accounts of the charity through which the activities and net assets of the Congregation in England have been administered since 1 September 2017. The charity is governed by a constitution dated 30 May 2017 and is registered under the Charities Act 2011 - Charity Registration No. 1173344.

Principal aims and mission

The general objects of the charity during the period were the advancement of the religious and other charitable work carried on by the Sisters of Christian Instruction (St Gildas). This included the maintenance and support of the sisters themselves.

By caring for individual members of the Congregation throughout their lives with the Congregation, the charity aims to enable and support the sisters to live out their faith and to put that faith into practice through a variety of religious and other charitable works.

When setting the objectives and planning the work of the charity for the period, and when encouraging the work of individual sisters, the trustees give careful consideration to the Charity Commission’s guidance on public benefit.

The Sisters of Christian Instruction (St. Gildas) CIO 2

Trustees’ report Year to 31 August 2021

Principal aims and mission (continued)

The ministries of the sisters during the year fell into the following main areas:

Members of the Congregation are given the opportunity for private worship and to continue to develop their knowledge and trust in Jesus and the Church through quiet prayer, study of the Gospel and spiritual development. In addition, members of the Congregation celebrate and pray with the wider community including people of all faiths and none. They do this through the provision of spiritual guidance or by just being available to listen in times of need, through the celebration of the Liturgy, prayer groups and church services.

Activities, specific objectives and relevant policies

As stated under principal aims and mission above, the aims of the charity during the period were to care for individual members of the Congregation throughout their lives with the Congregation and so enable and support them to live out their faith and to put that faith in to practice through a variety of religious and other charitable works.

Caring for members of the Congregation

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to education. In common with many religious congregations, as the age profile of the members increases so too does the need to provide for the care of the sisters in the future. The age profile of the sisters who were in England during the year is shown graphically overleaf:

The Sisters of Christian Instruction (St. Gildas) CIO 3

Trustees’ report Year to 31 August 2021

Activities, specific objectives and relevant policies (continued)

Caring for members of the Congregation (continued)

----- Start of picture text -----
Age Profile 2020/2021
7
6
5
4
3
2
1
0
50-59 60-69 70-79 80-89 90+
Age
Number of Sisters
----- End of picture text -----

At present, most ageing or ailing members live as members of various communities, receiving the care they need from the sisters of the community, making use of local facilities. As a consequence, the trustees of the charity have given careful consideration to the impact of this on the work of individual members of the Congregation and the financial implications. Therefore, the objectives of the trustees of the charity include:

Enabling and supporting members in a variety of religious and charitable works

The religious and charitable works of individual members of the Congregation can be divided into three principal areas: worship and prayer, the social and pastoral work of the sisters and support of overseas missionary work. Each of these is considered in turn.

Worship and prayer

The sisters are involved in a number of activities which include:

The Sisters of Christian Instruction (St. Gildas) CIO 4

Trustees’ report Year to 31 August 2021

Activities, specific objectives and relevant policies (continued)

Enabling and supporting members in a variety of religious and charitable works (continued)

Worship and prayer (continued)

Social and pastoral work

The charity enables and supports individual members of the Congregation in ministry and outreach work, thereby furthering the message set out in the Gospel to help one another and love one’s neighbour.

The following are examples of the social and pastoral work undertaken by individual sisters:

The objectives of the trustees of the charity included the following in respect to social and pastoral work:

The Sisters of Christian Instruction (St. Gildas) CIO 5

Trustees’ report Year to 31 August 2021

Activities, specific objectives and relevant policies (continued)

Enabling and supporting members in a variety of religious and charitable works (con t inued)

Overseas missionary work

The Congregation’s missions in West Africa are now jointly financed by the English Delegation and the Congregation in France. The financial support of the charity has been used to meet the personal and living expenses of the sisters and their work: literacy, primary evangelisation, religious education, health care (primary health care) and the formation of young African girls aspiring to religious life.

The support enables the sisters to continue to care for some of the poorest and most marginalised in society – an objective which is consistent with the values set out in the Gospel. The individuals who benefit include those of all faiths and none and the help they receive can often mean the difference between life and death for them and their dependents.

Review of activities

The following paragraphs outline the main achievements during the period in each of the charity’s principal activities.

Care of members of the Congregation

During the year the charity assisted members of the Congregation in their charitable and religious work, enabling them to work and volunteer in their chosen ministry. All the members of the Congregation are cared for in their own communities where possible.

Covid-19

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

As most of the members of the Congregation are aged over 70, the sisters have had to adhere to advice issued by the government. This has meant that their normal apostolic activities have had to find new shape or cease altogether. As a result of the social distancing rules,,the sisters have tried to find new ways of working and supporting themselves and those with whom they work. They are gradually starting again their involvement with the local communities and groups.

The sisters throughout the Congregation support each other in prayer and through electronic communication.

The Sisters of Christian Instruction (St. Gildas) CIO 6

Trustees’ report Year to 31 August 2021

Review of activities (continued)

Covid-19 (continued)

The charity’s investment income had been adversely affected in 2020 because of the nervousness in the commercial sector caused by Covid-19 but has recovered in 2021. In terms of expenditure, it is anticipated that there will be a rise in living expenses due to rise in cost of living but such increases will be offset by reductions in other costs. We will continue to keep both income and expenditure under review.

Today, despite Covid-19, we find different ways of working.

Worship and prayer

This year due to continuing restrictions on travel and mixing some of the sisters were unable to attend retreats which provide worship and opportunity for renewal and quiet contemplation. During the partial lockdown when group meeting and sharing was not possible, the sisters took part in group sharing via zoom.

Celebrations of the bicentenary of the Congregation had to be cancelled as well as the Congregation Assembly planned for the summer of 2020 because of the pandemic. These were postponed and rearranged for July 2021. Three sisters managed to travel to France and were able to take part in the celebrations during the weekend of the 2-4 of July. It was an uplifting experience and also a joyful one to be able to meet again; a time where our common bonds, our commitment to follow Christ in faith and obedience were strengthened. May those memories be a source of encouragement in the days to come. The celebration was presided over by the Bishop of Nantes. Not one of the sisters in Africa was able to participate in person due to travel restrictions. During the weekend the sisters present received the revised version of the constitutions.

Reception of the revised rule of life 3july 2021

The Sisters of Christian Instruction (St. Gildas) CIO 7

Trustees’ report Year to 31 August 2021

Review of activities (continued)

Worship and prayer (continued)

200 years Celebration St Gildas 4 july 2021

Social and pastoral work

29 June 2021

The sisters met together in Barnet to say good bye to Sister Marie-Josephe as she was preparing to return definitely to the Mother House in France after spending over 70 years of her Religious Life involved in education in our schools in Somerset and in our Mission in Ghana. Due to restrictions in place over numbers attending the farewell had to be on a much smaller scale than otherwise. However, it was a great joyful occasion for all. Good Bye and Thank you Marie-Josephe for your ministry with us.

The Sisters of Christian Instruction (St. Gildas) CIO

8

Trustees’ report Year to 31 August 2021

Review of activities (continued)

Social and pastoral work (continued)

Sister Ann O Sullivan has been and is working as a Chaplain at MHA Charnwood House Coventry. She also continued to work as a child therapist. Charwood House is a calm welcoming space for people living with Dementia. MHA places great importance on nurturing the mind, body and spirit of those they care for, their families, colleagues of all faiths and none. The chaplain role is about compassion, listening to and supporting the spiritual and religious needs of those in later life.

MHA Charnwood House Coventry

“As a chaplain my role normally is:

As a result of the pandemic we feel that our role has changed. For me I feel that my role as a chaplain can be summarised in 3 ways: Prayer, Presence and a representative of Hope .

A compassionate presence is a huge part of this ministry. I have mostly spoken with families over the phone or outside the home. At times when families have requested a prayer for a loved one I have simply stood outside the room and prayed. Prayer is a very powerful gift God has given us and not even the pandemic can take that away. The chaplain represents Hope, and hope is not rooted in just a feeling, but in the reality of the Risen Christ.

Despite what we have experienced, Charnwood House continues to be a vibrant place for the residents, staff and families. It is such a joy and a privilege for me to be engaged in this livegiving ministry.”

Sister Ann O Sullivan, MHA Chaplain

The Sisters of Christian Instruction (St. Gildas) CIO 9

Trustees’ report Year to 31 August 2021

Review of activities (continued)

Overseas missionary work

During this period, the charity continued to support the work and the personal and living costs of the sisters working in West Africa. This was done via the annual contribution to the Generalate and an extra small donation to help with the aftermath of the pandemic.

Sister Joan who worked in Tamale Ghana for many years and was instrumental with Sister Marie-Josephe in setting up the library there, received an e-mail from a young man, who many years ago used the library regularly (he used to walk 2 hours to get there) and through his love of reading and hard work has now completed not only a PhD but a second masters degree from Oxford with distinction. He now wants to offer young people the sort of opportunities he did not have. Sister Joan and Sister Anne Hogan were able to attend the graduation in Oxford. This is one example of the many young people whose education through the years has been helped and continues to be so by the free access to the library.

Library Tamale Ghana

Volunteers

With the easing off of the restrictions, the members of the Congregation were able to gradually start again some of their activities assisting the poor and marginalised and those in need. The majority of members receive no financial reward for this work which contributes to the overall achievement of the CIO’s objectives. In addition, members are involved in administering the work of the Congregation and the CIO. Without their contribution neither would be able to function effectively.

The Sisters of Christian Instruction (St. Gildas) CIO 10

Trustees’ report Year to 31 August 2021

Review of activities (continued)

Volunteers (continued)

Details of the areas in which members gave their time during the year are shown in the table below:

elow:
Area Number of sisters
Parish work
Hospital visiting
Housebound visiting
Working with other groups/organisations
Administration
Education		 3
2
2
3
2
1

Some sisters carry out voluntary work in more than one area as part of their mission and apostolate. Some activities had to stop or were changed because of Covid-19.

Protection of Children and Vulnerable Adults

Along with all other organisations which serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. Where required under the terms of their ministries, sisters obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of The Catholic Safeguarding Advisory Service (CSAS) which are being revised following the Elliot report. The trustees have been kept in touch via zoom meetings organised by the Cor and the new Religious Life Safeguarding Service.

Donations and support of missionary work and ministry

Donations in support of the Congregation’s work overseas are decided on by the trustees in consultation with the Generalate of the Congregation. In the main, the charity has supported the work of the Congregation in overseas countries. Broadly, the policy is to give to the most needy areas.

During the period, the trustees continued to give financial support to charities approved by the trustees and whose work is consistent with the objects of the charity.

Financial report for the period

Results for the period

A summary of the year’s results can be found on page 24 of the attached accounts.

During the year to 31 August 2021, income amounted to £237,889 (2020 – £1,119,745). Income for the year includes donations (including pensions receivable from members of the Congregation under Gift Aid or Deed of Covenant) of £154,546 and investment income and interest receivable of £83,343. Income in 2020 included a surplus on the disposal of tangible fixed assets of £890,736.

The Sisters of Christian Instruction (St. Gildas) CIO 11

Trustees’ report Year to 31 August 2021

Financial report for the period (continued)

Results for the period (continued)

Expenditure totalled £229,619 (2020 – £375,121). Expenditure on maintaining the sisters and enabling them to carry out their work during the year amounted to £188,571 (2020 – £235,338). Charitable donations amounted to £22,541 (2020 - £121,316). The total donations given to the Generalate were £18,314 (2020 - £118,069).

Net income for the year was £8,270 (2020 – £744,624). Net investment gains for the year totalled £319,600 (2020 – losses £189,856).

Reserves policy and financial position

The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work, the level of free reserves should be approximately equal to eighteen to twenty-four months’ ongoing expenditure. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flows, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.

The balance sheet shows total reserves of £5,755,477 (2020 – £5,427,607). Of this, £1,829,529 (2020 – £1,867,230) represents the tangible fixed assets used to support the work of the sisters.

The retirement reserve of £3,400,000 (2020 – £3,000,000) consists of funds that the trustees have designated to provide for the sisters in their retirement. Though calculated using actuarial principles, the fund itself is limited to the resources available and is unlikely to be sufficient to support completely the needs of an ageing community of sisters, particularly if specialist care is required.

At the balance sheet date, free reserves amounted to £525,948 (2020 – £560,377). The trustees consider this level of free reserves to be in accordance with their reserves policy and to be appropriate given the continuing volatility of the investment markets, Covid-19 and economic uncertainties generally.

Investment policy and performance

The charity had a portfolio of listed investments with a market value at the end of the period of £2,372,875 (2020 – £1,978,565). The portfolio achieved an income yield of 4.2% (2020 – 3.7%) and a capital yield of 16% (2020 – negative capital yield of 9%). At 31 August 2021, the investment managers were also holding cash awaiting investment of £35,332 (2020 – £28,549). The investments are managed by Charles Stanley and Company Limited, who operate within guidelines that are set and regularly reviewed by the trustees, who believe their investment policy remains appropriate.

The Sisters of Christian Instruction (St. Gildas) CIO 12

Trustees’ report Year to 31 August 2021

Financial report for the period (continued)

Investment policy and performance (continued)

The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk.

There are no restrictions on the charity’s power to invest.

The performance of the portfolio and the investment strategy are reviewed by the trustees who meet with the investment manager at least once a year. The trustees are content that their policy will be achieved in the medium to long term.

Future plans

The trustees do not anticipate any significant change to the charity or its activities over the next two to five years. It is their intention to continue to meet the following objectives:

Governance, structure and management

Governing document

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution agreed by the trustees on 30 May 2017 and registered with the Charity Commission on 9 June 2017.

Liability of the member

If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Governance

In terms of Canon law, the Congregation is governed at an international level by the Superior General and her General Council in Nantes, France. They are elected every six years at a General Chapter or meeting of delegates of all the regions of the Congregation.

The Sisters of Christian Instruction (St. Gildas) CIO 13

Trustees’ report Year to 31 August 2021

Governance, structure and management (continued)

Governance (continued)

Since the 2017 General Chapter, England and Ireland are now a delegation with a General Councillor having overall responsibility and assisted by a Delegate living in England who works in close collaboration with the General Councillor. After consultation with the sisters of the delegation, the Superior General names the Delegate with the consent of her council.

The Assistant Delegate communicates with the General Councillor responsible for the Delegation. Once or twice a year she meets with the Superior General and her Council to give an account of the progress and development of the ministries in which the sisters are engaged.

In terms of Civil Law, the charity is governed by a constitution dated 30 May 2017 and is registered under the Charities Act 2011 – Charity Registration No. 1173344. The trustees are appointed by the Superior General in her capacity as sole member of the CIO. As members of the Congregation, the trustees are aware of the work of the charity and of its structure. With the help of professional advisers, and through attendance at seminars, conferences etc, they update their knowledge of charity law and its requirements.

The names of the trustees are set out within the reference and administrative details on page 1 of this report and accounts and brief biographical details on each of the trustees in office at 31 August 2021 are given below.

Sister Anne Hogan

Sister Anne joined the Congregation in 1962. She is a qualified teacher but her main involvements have been in the areas of formation and administration. She has been responsible for novices both here in the UK and also in Burkina Faso, West Africa. She served as Regional Superior for twelve years and then as General Councillor for six years. As Regional Superior she was a trustee of the charity. Presently, Sister Anne is Assistant Delegate for England and Ireland.

Sister Elizabeth McNiff

Sister Elizabeth joined the Congregation 55 years ago. After training in child care she worked in the Social Services departments for Haringey, Solihull and Birmingham (1971-1996), caring for disadvantaged young people, mainly adolescents in the residential setting. She has been bursar in the Birmingham Community and is now bursar of the Barnet Community and continues to be actively involved in Parish life supporting people in need.

Sister Odile Mahé

Sister Odile is the Bursar for the Delegation with overall responsibility for the finances of the charity. She joined the Congregation 61 years ago and, after graduating and qualifying as a teacher, spent 20 years of her religious life in education. She was also Bursar of her community. Before taking up the post of Regional Bursar she did some further training in IT. Covid 19 and restrictions have meant that so far she has not yet been able to resume her volunteering work.

The Sisters of Christian Instruction (St. Gildas) CIO 14

Trustees’ report Year to 31 August 2021

Governance, structure and management (continued)

Statement of trustees’ responsibilities

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:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s 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.

Key management personnel

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

All the trustees are members of the Congregation and, whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or key management personnel.

The Sisters of Christian Instruction (St. Gildas) CIO 15

Trustees’ report Year to 31 August 2021

Governance, structure and management (continued)

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet when necessary to review the activities, possible developments, make important decisions and to seek advice and support from professional advisers including solicitors, investment managers, accountants and property consultants. They delegate the day to day management of the activities, and the implementation of policies, to members of the Congregation.

At the end of August the Delegation of England and Ireland comprised 12 sisters, 10 of whom continue to live in England. The sisters live in three communities in London and Birmingham. The community houses are located in areas and parishes where their proximity to the people among whom they dwell, enables the sisters to respond most effectively to needs, either working alone, or in partnership with other organisations. As stated above, each community has a Leader appointed by the General Councillor Delegate.

St Gildas Schools in Yeovil and London, formerly the property of the Sisters of Christian Instruction (St Gildas), are administered by the Dioceses of Clifton and Westminster respectively. The sisters continue to maintain an interest in the life of the schools and support their work.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the period, the charity received no complaints about its fundraising activities.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation currently faces and have reviewed the measures already in place to deal with them.

The outbreak of the Covid-19 pandemic has continued to present us with challenges and threats to the well-being of our 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 Sisters of Christian Instruction (St. Gildas) CIO 16

Trustees’ report Year to 31 August 2021

Governance, structure and management (continued)

Risk management (continued)

They note above the financial and operational effects of Covid-19. Over and above these, the areas identified for particular attention within the charity’s risk management strategy are:

Governance and management: looks at the risk of the Congregation, and hence the charity, suffering from a lack of direction, at the skills and training of its members, and the good use of its resources.

An analysis of the age profile of the sisters shows that the average age at 31 August 2021 was 83 years. The trustees are aware that there is both a moral and legal obligation to care for the sisters. None of the sisters have resources of their own as all earnings, pensions and any other income have been donated to the charity under a Gift Aid compliant Deed of Covenant.

As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: a) ensuring that the charity has the available financial resources to finance this care both now and in the future by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and b) ensuring that processes are in place to review the ministries and needs of individual sisters encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.

Operational: looks at the risks inherent in the activities of the charity, particularly pastoral care.

The trustees recognise the absolute necessity of ensuring the protection and safety of all whom the charity serves. This means that all sisters who are in any kind of ministry have obtained clearance from the Disclosure and Barring Service. The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS).

The charity does not work with children, but it does work with adults who may need help at particularly vulnerable moments in life.

Financial: looks at risks including those arising as a result of poor budgetary control, poor accounting and poor management of the investment portfolio.

The principal asset of the charity 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 manager’s 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 Covid-19 pandemic, we communicated with our investment managers and, whilst there remain concerns over the volatility in world stock markets, we acknowledge also that we are long term investors. As such, the charity will be able to wait for markets to stabilise over time whilst we, as trustees, keep a watching brief.

The Sisters of Christian Instruction (St. Gildas) CIO 17

Trustees’ report Year to 31 August 2021

Governance, structure and management (continued)

Risk management (continued)

Reputational: looks at possible damage to the Congregation and hence the reputation of the charity.

Laws, regulations, external and environment: looks at the effect of government policies and the consequences of non-compliance with laws and regulations in so far as they are applicable to the Congregation’s activities.

Having assessed the major risks to which the charity is exposed, 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, they have established effective systems to mitigate those risks.

Working with other organisations

The charity has worked closely with other charities and public bodies in the fields of social and pastoral care and education, including working with the vulnerable and the marginalised. One sister receives a salary, while the others work on a voluntary basis. In all cases, working together enables the sisters to be more effective and avoid duplication of effort in providing services to the people they serve. Examples of the organisations for which members have worked and with which the charity has co-operated during the period are as follows:

Employees, volunteers and members of the Congregation

The members of the Congregation continue to give unsparing service and dedication to all the Congregation’s works and the trustees wish to record their appreciation.

Signed on behalf of the trustees:

O.Mahé Trustee

Approved by the trustees on: 16/02/2022

The Sisters of Christian Instruction (St. Gildas) CIO 18

Independent auditor’s report 31 August 2021

Independent auditor’s report to the members of The Sisters of Christian Instruction (St. Gildas) Charitable Incorporated Organisation (CIO)

Opinion

We have audited the accounts of Sisters of Christian Instruction (St Gildas) CIO (the ‘charity’) for the year ended 31 August 2021 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:

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.

The Sisters of Christian Instruction (St. Gildas) CIO 19

Independent auditor’s report 31 August 2021

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:

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.

The Sisters of Christian Instruction (St. Gildas) CIO 20

Independent auditor’s report 31 August 2021

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:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

The Sisters of Christian Instruction (St. Gildas) CIO 21

Independent auditor’s report 31 August 2021

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

How the audit was considered capable of detecting irregularities including fraud (continued)

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

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

As a result of our procedures we did not identify any key audit matters relating to irregularities.

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.

The Sisters of Christian Instruction (St. Gildas) CIO 22

Independent auditor’s report 31 August 2021

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 10 March 2022 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

The Sisters of Christian Instruction (St. Gildas) CIO 23

Statement of financial activities Year to 31 August 2021

Notes 2021
£		 2020
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other income
. Gains on disposal of tangible fixed assets - freehold property and
motor vehicles
Total income
Expenditure on:
Raising funds
. Investment management costs
Charitable activities
. Support of members of the Congregation and their ministry
3
. Charitable donations
4
Total expenditure
Net income for the year before investment gains (losses)
Net investment gains (losses)
Net income and net movement in funds
Reconciliation of funds:
Balances brought forward at 1 September 2020
14
Balances carried forward at 31 August 2021
154,546

83,343
—		 148,039
80,970
890,736
237,889 1,119,745
18,507

188,571

22,541		 18,467
235,338
121,316
229,619 375,121
8,270
319,600		 744,624
(189,856)
327,870

5,427,607		 554,768
4,872,839
5,755,477 5,427,607

The statement of financial activities includes all recognised gains and losses recognised in the year.

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

The Sisters of Christian Instruction (St. Gildas) CIO 24

Balance sheet 31 August 2021

Notes 2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
11
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
Unrestricted funds
. Tangible fixed assets fund
12
. Designated funds
13
. General funds		 3,510
1,582,972		 1,829,529
2,408,207		 2,739
1,614,195		 1,867,230
2,007,114
4,237,736
1,517,741		 3,874,344
1,553,263
1,586,482
(68,741)		 1,616,934
(63,671)
5,755,477 5,427,607
1,829,529
3,400,000
525,948		 1,867,230
3,000,000
560,377
5,755,477 5,427,607

Approved by and signed on behalf of the trustees:

O.Mahé

Trustee

Approved by the trustees on: 16/02/2022

The Sisters of Christian Instruction (St. Gildas) CIO 25

Statement of cash flows Year to 31 August 2021

Notes 2021
£		 2020
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of investments
Purchase of investments
Purchase of tangible fixed assets
Proceeds from the disposal of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2020
Cash and cash equivalents at 31 August 2021
B		 (33,186) (194,168)
83,456
92,204
(166,914)
—
**— **
81,404

223,123

(256,554)
(14,576)
1,165,740
8,746
1,199,137
(24,440)
1,642,744
1,004,969

637,775
1,618,304
1,642,744

Notes to the statement of cash flows for the year to 31 August 2021

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

2021
£
2020
£
Net movement in funds (as per the statement of financial
activities)
Adjustments for:
Depreciation charge
Gains on investments
Gains on disposal of tangible fixed assets
Investment income and interest receivable
Increase in debtors
Increase (decrease) in creditors
Net cash used in operating activities		 327,870
37,701
(319,600)
—
(83,343)
(884)
5,070		 554,768
37,700
189,856
(890,736)
(80,970)
(159)
(4,627)
(33,186) (194,168)

B Analysis of cash and cash equivalents

nalysis of cash and cash equivalents
At 1 At 31
September August
2020 Cash flows 2021
£
£		 £
Cash at bank and in hand 1,614,195 (31,223) 1,582,972
Cash held by investment managers 28,549 6,783 35,332
Total cash and cash equivalents 1,642,744 (24,440) 1,618,304

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Sisters of Christian Instruction (St. Gildas) CIO 26

Principal accounting policies 31 August 2021

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 ended to 31 August 2021 with comparative information provided in respect to the year ended 31 August 2020.

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 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) and the Charities Act 2011.

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.

The items in the accounts where such judgements and estimates have been made include:

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 at least one year from the date of approval of these accounts.

The Sisters of Christian Instruction (St. Gildas) CIO 27

Principal accounting policies 31 August 2021

Assessment of going concern (continued)

The trustees acknowledge and recognise the continuing impact of the Covid-19 pandemic on the charity.

The charity’s investment income may be adversely affected because of the volatility in listed investments as stock markets have reacted to the pandemic and the impact of the pandemic on the commercial sector in particular. In terms of expenditure, it is anticipated that there may be a rise in living expenses due to rise in cost of living but such increases will be offset by reductions in other costs. The trustees will continue to keep both income and expenditure under review but do not anticipate that the impact on the charity’ finances will be material or impact on the charity’s going concern.

With regard to the next accounting period (i.e. the year ending 31 August 2022), the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment market. This is particularly relevant at the current time given the potential for volatility in world stock markets (see the investment policy and the risk management sections of the trustees’ report for more information together with note 9 below).

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.

Income comprises donations, legacies, investment income, interest receivable and income from other sources including the surplus on the disposal of tangible fixed assets. Income also includes the fair value of the net assets transferred from the Charitable Trust.

Donations, including salaries and pensions of religious individuals received under Gift Aid or deed of covenant, 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.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

The Sisters of Christian Instruction (St. Gildas) CIO 28

Principal accounting policies 31 August 2021

Income recognition (continued)

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Investment income is recognised once the dividend or income has been declared and notification has been received of the amount 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.

Any surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

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. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible.

Expenditure on raising funds includes the fees paid to investment managers in connection with the management of the listed investments.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities and includes:

The Sisters of Christian Instruction (St. Gildas) CIO 29

Principal accounting policies 31 August 2021

Expenditure recognition (continued)

All expenditure is stated inclusive of irrecoverable VAT.

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 in the form of financial procedures, provision of office services and equipment.

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.

All expenditure on support and governance is allocated to the charitable activities of care of members of the Congregation and enabling their ministry as any costs in relation to provision of donations or raising funds is considered to be minimal.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost, or, in the case of older properties where cost is not available, at a trustees’ valuation made in 1996 based on market value for existing use. As permitted by FRS 102, with effect from 1 September 2014, the value assigned to those properties valued in 1996 is now deemed to be cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Specialised buildings comprise a large residential convent stated at cost. Depreciation is provided at 2% per annum on a straight-line basis to write the building off over its estimated useful economic life to the Congregation.

Freehold land is not depreciated.

The Sisters of Christian Instruction (St. Gildas) CIO 30

Principal accounting policies 31 August 2021

Investments

Listed investments are a form of basic financial instrument and are initially recognised at 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.

As noted above 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) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year 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 year 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 at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

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.

The Sisters of Christian Instruction (St. Gildas) CIO 31

Principal accounting policies 31 August 2021

Funds structure

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s objects.

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. Details of these are provided in note 13.

Services provided by members of the Congregation

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

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

The Sisters of Christian Instruction (St. Gildas) CIO 32

Notes to the accounts 31 August 2021

1 Income from: Donations and legacies

2021
£		 2020
£
Salaries and pensions of individual religious received under deed of
covenant or Gift Aid
154,546		 148,039

2 Income from: Investments and interest receivable

2021
£		 2020
£
Income from listed investments
UK equities
Overseas equities
Fixed interest securities
Unit trusts
Interest receivable
Bank interest		 47,783
9,650
7,640
18,139		 42,640
8,918
9,621
18,548
83,212
131		 79,727
1,243
83,343 80,970

3 Expenditure on: Support of members of the Congregation and their ministry

2021
£		 2020
£
Premises (excluding depreciation)
Sisters' living and personal expenses
Education, training and spiritual renewal
Depreciation
Support costs
. Governance (professional fees)
. Other costs		 58,239
61,832
11,436
37,701
12,870
6,493		 105,657
64,699
9,997
37,700
11,510
5,775
188,571 235,338

The Sisters of Christian Instruction (St. Gildas) CIO 33

Notes to the accounts 31 August 2021

4 Expenditure on: Charitable donations

The donations payable during the year were to institutions and were for the following purposes:

2021
£		 2020
£
Support of the Congregation’s work overseas
Support of the Congregation’s Generalate
Other donations of less than £1,000 each		 894
18,314
3,333		 967
118,069
2,280
22,541 121,316

5 Net income for the year before investment gains (losses)

This is stated after charging:

2021
£		 2020
£
Auditor’s remuneration, including VAT
. Statutory audit services
.. Current year
.. Previous period
Depreciation
Operating lease payments
. Land and buildings
. Office equipment		 11,880
990
37,701
7,800
2,784		 10,890
330
37,700
7,800
2,784

6 Staff costs, key management personnel and Trustees' remuneration

As members of the Congregation, the trustees’ living and personal expenses during the year were borne by the charity, but they received no remuneration or reimbursement of expenses in connection with their duties as trustees or as members of key management during the year.

The charity did not have any employees during the year (2020 – none).

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

None of the trustees have resources of their own as all earnings, pensions and other income has been donated to the charity. During the year, a total of £42,152 (2020 – £41,255) was donated by the trustees to the charity.

7 Taxation

The Sisters of the Christian Instruction (St. Gildas) 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.

The Sisters of Christian Instruction (St. Gildas) CIO 34

Notes to the accounts 31 August 2021

8 Tangible fixed assets

Freehold land and
buildings		 Freehold land and
buildings
Motor
vehicles
£		 Furniture,
fittings
and
equipment
£		 Total
£
Specialised
£		 Non-
specialised
£
Cost or deemed cost
At 1 September 2020 and 31
August 2021
Depreciation
At 1 September 2020
Charge for the year
At 31 August 2021
Net book values
At 31 August 2021
At 31 August 2020		 1,578,817 645,342
25,326		 30,983 2,280,468
393,885
31,576		 —
—
14,393

3,644		 4,960
2,481		 413,238
37,701
425,461 —
18,037		 7,441 450,939
1,153,356 645,342
7,289		 23,542 1,829,529
1,184,932 645,342
10,933		 26,023 1,867,230

It is likely that the open market values of certain of the charity’s land and buildings are materially greater than their book values. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

9 Investments

Investments
2021
£
1,978,565
166,914
(70,825)
298,221
2,372,875
35,332
2,408,207
1,713,719		 2020
£
Listed investments
Market value at 1 September 2020
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains (losses)
Market value at 31 August 2021
Cash held by investment managers for re-investment
Cost of listed investments at 31 August 2021		 2,134,990
256,554

(243,662)
(169,317)
1,978,565
28,549
2,007,114
1,639,902

Disposals at book value included above one made up of the following:

2021
£		 2020
£
Proceeds
(Gains) losses		 92,204
(21,379)		 223,123
20,539
70,825 243,662

The Sisters of Christian Instruction (St. Gildas) CIO 35

Notes to the accounts 31 August 2021

9 Investments (continued)

Listed investments held at 31 August 2021 comprised the following:

2021
£		 2020
£
UK equities
Overseas equities
Fixed interest
Unit trusts		 234,005
623,913
1,108,209
406,748		 783,578
368,393
565,492
261,102
2,372,875 1,978,565

At 31 August 2021 there were no individual holdings deemed material when compared with the overall portfolio valuation as at that date.

All listed investments were dealt in on a recognised stock exchange.

10 Debtors

Debtors
2021
£		 2020
£
Investment income receivable
Prepayments and other debtors		 58
3,452
171

2,568
3,510
2,739

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£		 2020
£
Amounts held on behalf of individual members of the Congregation
Accruals
Other creditors		 52,338
11,923
4,480		 52,338
10,933
400
68,741 63,671

12 Tangible fixed assets fund

Tangible fixed assets fund
2021
£		 2020
£
At 1 September 2020
Net movement in the year
At 31 August 2021		 1,867,230
(37,701)		 2,165,358
(298,128)
1,829,529 1,867,230

The tangible fixed asset fund represents the net book value of the charity’s tangible fixed assets. It has been identified separately in recognition of the fact that the tangible fixed assets are required for the charity’s work and are not available as a reserve to fund day to day activities or meet future contingencies.

The Sisters of Christian Instruction (St. Gildas) CIO 36

Notes to the accounts 31 August 2021

13 Designated funds

The income funds of the charity include the following designated fund which had been set aside out of unrestricted funds by the trustees for specific purposes:

Retirement reserve: 2021
£		 2020
£
At 1 September 2020
Designated in the year
At 31 August 2021		 3,000,000
400,000		 2,300,000
700,000
3,400,000 3,000,000

The retirement reserve is calculated using actuarial principles and was created in order to assist in providing for the sisters in their retirement.

14 Analysis of net assets between funds

At 31 August 2021, the fund balances are represented by the following assets and liabilities:

General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Total
2021
£
Fund balances at 31 August 2021
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
—
525,948		 1,829,529
—
—		 —
2,408,207
991,793		 1,829,529
2,408,207
1,517,741
525,948 1,829,529 3,400,000 5,755,477
General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Total
2020
£
Fund balances at 31 August 2020
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
—
560,377		 1,867,230
—
—		 —
2,007,114
992,886		 1,867,230
2,007,114
1,553,263
560,377 1,867,230 3,000,000 5,427,607

The Sisters of Christian Instruction (St. Gildas) CIO 37

Notes to the accounts 31 August 2021

14 Analysis of net assets between funds (continued)

The total unrealised gains at 31 August 2021 constitute revaluation of listed investments and the movements on the unrealised gains are as follows:

2021
£		 2020
£
Unrealised gains included above on listed investments
Total unrealised gains at 31 August 2021
Reconciliation of movements in unrealised gains
Total unrealised gains at 1 September 2020
In respect to disposals in the year
Net gains (losses) arising on revaluation in the year
Total unrealisedgains at 31 August 2021		 659,156 338,663
338,663
22,272
298,221		 538,292
(30,312)
(169,317)
659,156 338,663

15 Operating leases

At 31 August 2021, the charity had total future commitments under non-cancellable operating leases in respect to certain assets as follows:

Operating lease payments payable: Equipment Equipment Land and buildings
2021
£		 2020
£		 2021
£		 2020
£
Amounts due within one year
Amounts due between two and five years		 2,784
232		 2,784
3,016		 3,250
—		 2,600
—
3,016 5,800 3,250 2,600

16 Ultimate control and liability of the member

The Superior General of the Congregation for the time being shall automatically, by virtue of holding that office, be ex officio the sole member of the CIO. The sole member is responsible for the appointment of the trustees.

If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Sisters of Christian Instruction (St. Gildas) CIO 38