| Page | |||
|---|---|---|---|
| Legal and administrative | information | ||
| Trustees' report | |||
| Independent auditors |
report | 15 | |
| Statement offinancial | activities | 17 | |
| Balance sheet | 18 | ||
| Statement ofcash flows | 19 | ||
| Notes to the accounts | 20 |
| INSTITUTE LEADER | INSTITUTE LEADER | Sister Patricia Ojo |
|---|---|---|
| MISSION LEADER | Sister Blanaid McCauley | |
| TRUSTEES | Sister Mary Moran | |
| Sister Philomena Morris |
||
| Sister Margaret Healy |
||
| Sister Augustina Agyirey-Kwakye |
||
| MISSION TREASURER | Sister Mary Moran | |
| MISSION ADDRESS | 16Chaucer Close | |
| New Southgate | ||
| London | ||
| NW11 1AU | ||
| CIO NUMBER | 1173507 | |
| AUDITORS | Borucki 8 Co. | |
| 42 Radnor Road | ||
| Harrow HA1 1RZ |
||
| INVESTMENT | MANAG ERS | Charles Stanley S.Co. Ltd. |
| 25 Luke Street | ||
| London EC4A 4AR |
||
| Brewin Dolphin Ltd. |
||
| 12Smithfield Street |
||
| London EC1A9BD |
||
| BANKERS | Barclay's Bank | |
| 63/67 Terminus Road |
||
| Eastbourne BN21 3NE |
||
| SOLICITORS | Stone King | |
| Boundary House |
||
| 91Charter House Street |
||
| London EC1M 6HR |
| General | Designated | Designated | General | Designated | |||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | fund | fund | 2023 | 2022 | fund | fund | |||
| Incoming resources | |||||||||
| Voluntary income: |
|||||||||
| Donations and legacies |
4,686 | 4,686 | 2,431 | 2,431 | |||||
| Salaries stipends and pensions |
2 | 136,439 | 136,439 | 197,553 | 197,553 | ||||
| Guests | (100) | (100) | |||||||
| Activities for generating | funds: | ||||||||
| Investment income |
57,917 | 53,660 | 111,577 | 120,977 | 73,954 | 47,023 | |||
| Miscellaneous income |
|||||||||
| Miscellaneous | 3,606 | 3,606 | |||||||
| Surplus on sale ofassets | 68,079 | 68,079 | 818,327 | 818,327 | |||||
| 270,727 | 53,660 | 324,387 | 1,139,188 | 1,092,165 | 47,023 | ||||
| Expenditure | |||||||||
| Raising funds | |||||||||
| Investment managers |
fees | 7,408 | 10,024 | 17,432 | 24,723 | 7,995 | 16,728 | ||
| Property managers fees |
|||||||||
| Charitable activities: |
|||||||||
| Charitable activities |
|||||||||
| Upkeep ofcommunities | 203,059 | 203,059 | 294,705 | 294,705 | |||||
| Care ofaged members | 250 | 250 | 20,713 | 20,713 | |||||
| Donations and missions |
244,193 | 244,193 | 356,966 | 356,966 | |||||
| Governance costs |
13,653 | 13,653 | 16,783 | 16,783 | |||||
| Defecit on sale ofassets | |||||||||
| 460,905 | 250 | 461,155 | 689,167 | 668,454 | 20,713 | ||||
| Total expenditure | 468,313 | 10,274 | 478,587 | 713,890 | 676,449 | 37,441 | |||
| Incoming resources less | expenditure | (197,586) | 43,386 | (154,200) | 425,298 | 415,716 | 9,582 | ||
| Net gains (losses) on investments | (118,046) | (151,102) | (269,148) | 131,226 | 26,466 | 104,760 | |||
| Net income (expenditure) | (315,632) | (107,716) | (423,348) | 556,524 | 442,182 | 114,342 | |||
| Transfers between funds | 171663 | (171 | 663) | 1,452,386 | (1,452,386) | ||||
| Net movement in funds |
(143,969) | (279,379) | (423,348) | 556,524 | 1,894,568 | (1,338,044) | |||
| Reconciliation offunds | |||||||||
| Total funds brought forward | |||||||||
| Transferred from The Institute ofThe Sisters of |
|||||||||
| StLouis Juilly-Monaghan | 5,630,040 | 2,611,683 | 8,241,723 | 7,685,199 | 3,735,472 | 3,949,727 | |||
| Total funds carried forward | 5,486,071 | 2,332,304 | 7,818,375 | 8,241,723 | 5,630,040 | 2,611,683 |
| Notes | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|
| Fixed assets | |||||||
| Tangible assets | 9 | 863,662 | 1,038,121 | ||||
| Investments | at market | value | 10 | 2,950,566 | 3,238,662 | ||
| 3,814,228 | 4,276,783 | ||||||
| Current assets | |||||||
| Debtors | 19,889 | 24,017 | |||||
| Cash at bank | and in hand | 4,008,921 | 4,092,316 | ||||
| 4,028,810 | 4,116,333 | ||||||
| Creditors: amounts | falling due | ||||||
| within one year | 12 | (24,663) | (151,393) | ||||
| Net current | assets | 4,004,147 | 3,964,940 | ||||
| 7,818,375 | 8,241,723 | ||||||
| Capital and | reserves | ||||||
| Unrestricted | funds: | ||||||
| General funds | 5,486,071 | 5,630,040 | |||||
| Designated | funds | 13 | 2,332,304 | 2,611,683 | |||
| 7,818,375 | 8,241,723 |
| Note | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|
| Cash generated in operating |
activities | (454,069) | (500,940) | ||||
| Cash flows from investing acivities |
|||||||
| Investment income |
111,577 | 120,977 | |||||
| Proceeds ofinvestment sales |
739,996 | 405,917 | |||||
| Purchases ofinvestments | (675,922) | (377,308) | |||||
| Ner proceeds on sale ofassets | 240,150 | 2,270,713 | |||||
| Cash provided (used) in investing |
activities | 415,801 | 2,420,299 | ||||
| Increase in cash and cash equivalents | in year | (38,268) | 1,919,359 | ||||
| Movement in year |
|||||||
| (Decrease) increase in cash at | bank and in hand | (83,395) | 1,911,769 | ||||
| (Decrease) increase in cash held | by investment | managers | for re-investment | 45,126 | 7,590 | ||
| (38,269) | 1,919,359 | ||||||
| Reconciliation ofnet movement | in | funds to net cash | flow from operating | ||||
| 2023 | 2022 | ||||||
| Net income (expenditure) | (423,348) | 556,524 | |||||
| Deduct investment income |
(111,577) | (120,977) | |||||
| Add depreciation | 2,389 | 3,321 | |||||
| (Profit) loss on sale ofassets | (68,079) | (818,327) | |||||
| Add/(deduct) net movement on investments. |
269,148 | (131,226) | |||||
| Increase (decrease) in creditors | (126,730) | (1,117) | |||||
| (Increase) decrease in debtors | 4,128 | 10,862 | |||||
| (454,069) | (500,940) |
| Salaries | and | pensions | ofmembers | ||||||
|---|---|---|---|---|---|---|---|---|---|
| General | Designated | General | Designated | ||||||
| fund | fund | 2023 | 2022 | fund | fund | ||||
| Salaries | 4,165 | 4,165 | 6,909 | 6,909 | |||||
| Pensions | 132,274 | 132,274 | 190,644 | 190,644 | |||||
| 136,439 | 136,439 | 197,553 | 197,553 |
| General | Designated | General | Designated | ||||
|---|---|---|---|---|---|---|---|
| fund | fund | 2023 | 2022 | fund | fund | ||
| Dividends | and interest from investments | 43,636 | 53,660 | 97,296 | 82,473 | 35,450 | 47,023 |
| Bank and | other interest | 14,281 | 14,281 | 267 | |||
| Rents | 38,237 | 38,237 | |||||
| 57,917 | 53,660 | 111,577 | 120,977 | 73,687 | 47,023 |
| 4 | Activities in | furtherance | ofthe charity's | ofthe charity's | objectives | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| General | Designated | General | Designated | |||||||
| fund | fund | 2023 | 2022 | fund | fund | |||||
| Upkeep ofcommunities | ||||||||||
| Staff costs | 3,175 | 3,175 | 14,985 | 14,985 | ||||||
| Premises | 69,046 | 69,046 | 125,628 | 125,628 | ||||||
| Community and personal |
115,678 | 115,678 | 127,132 | 127,132 | ||||||
| Administration | 15,160 | 15,160 | 26,960 | 26,960 | ||||||
| 203,059 | 203,059 | 294,705 | 294,705 | |||||||
| Care ofaged | Sisters | |||||||||
| Care home fees and personal | expenses | 250 | 250 | 41,426 | 20,713 | 20,713 | ||||
| 250 | 250 | 41,426 | 20,713 | 20,713 | ||||||
| 5 | Governance | costs | ||||||||
| General | Designated | General | Designated | |||||||
| fund | fund | 2023 | 2022 | fund | fund | |||||
| Audit fees | 5,850 | 5,850 | 5,600 | 5,600 | ||||||
| Accountancy | fees | 4,150 | 4,150 | 3,400 | 3,400 | |||||
| Solicitors fees | 3,653 | 3,653 | 7,783 | 7,783 | ||||||
| 13,653 | 13,653 | 16,783 | 16,783 | |||||||
| 6 | Net incoming | (outgoing) | resources before transfers | |||||||
| This is stated | after charging | (crediting) | ||||||||
| General | Designated | General | Designated | |||||||
| fund | fund | 2023 | 2022 | fund | fund | |||||
| Staff costs | 3,175 | 3,175 | 14,985 | 14,985 | ||||||
| Auditors remuneration |
5,850 | 5,850 | 5,600 | 5,600 | ||||||
| Accounting and other |
4,150 | 4,150 | 3,400 | 3,400 | ||||||
| Depreciation | 2,389 | 2,389 | 3,321 | 3,321 | ||||||
| 7 | Staff costs and trustees' | remuneration | 2023 | 2022 | ||||||
| Staff costs during the year |
were as follows: | |||||||||
| Wages and salaries | 3,175 | 14,972 | ||||||||
| Social security costs | 13 | |||||||||
| Pension contributions | ||||||||||
| 3,175 | 14,985 |
| 9 | Tangible fix | ed assets | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Furniture | ||||||||||
| Freehold land | Motor | and | ||||||||
| and buildings | vehicles | equipment | Total | |||||||
| Cost | ||||||||||
| At 1 ApA'1 2021 | 1,028,158 | 83,027 | 1,111,185 | |||||||
| Additions | ||||||||||
| Disposals | (171,663) | (19,140) | (190,803) | |||||||
| At 31March | 2023 | 856,495 | 63,887 | 920,382 | ||||||
| Furniture | ||||||||||
| Freehold land | Motor | and | ||||||||
| and buildings | vehicles | equipment | Total | |||||||
| Depreciation | ||||||||||
| At 1 ApA'1 2021 | 73,064 | 73,064 | ||||||||
| Charge for the year | 2,389 | 2,389 | ||||||||
| On disposals | (18,733) | (18,733) | ||||||||
| At 31March | 2023 | 56,720 | 56,720 | |||||||
| Net book value | ||||||||||
| At 31March | 2023 | 856,495 | 7,167 | 863,662 | ||||||
| At 31March | 2022 | 1,028,158 | 9,963 | 1,038,121 | ||||||
| 10 | Investments | 2023 | 2022 | |||||||
| Listed Investments | ||||||||||
| Market value | 1 April | 3,073,321 | 2,970,704 | |||||||
| Additions at cost |
675,371 | 377,308 | ||||||||
| Sale proceeds | from disposals | and | transfers | (739,996) | (405,917) | |||||
| Gain (loss) in year | (269,148) | 131,226 | ||||||||
| Market value | at 31March 2023 | 2,739,548 | 3,073,321 | |||||||
| Cash held by | investment | managers | for re-investment | 100,127 | 55,001 | |||||
| Deposit in Oikocredit Capital Account | 110,891 | 110,340 | ||||||||
| 2,950,566 | 3,238,662 | |||||||||
| Cost oflisted | investments | at | 31March 2023 | 2,759,943 | 2,759,943 | |||||
| 11 | Debtors | 2023 | 2022 | |||||||
| Sundry debtors | 18,889 | 20,916 | ||||||||
| Other debtors | 1,000 | 3,101 | ||||||||
| Prepayments | and accrued | income | ||||||||
| 19,889 | 24,017 | |||||||||
| 12 | Creditors: amounts | falling | due | within one year | 2023 | 2022 | ||||
| Patrimony and dowry |
10,996 | 134,676 | ||||||||
| Sundry creditors | 1,667 | 7,117 | ||||||||
| Accruals | 12,000 | 9,600 | ||||||||
| 24,663 | 151,393 |
| Designated funds |
|||||
|---|---|---|---|---|---|
| At 1 April | Incoming | Utilised/ | At 31March | ||
| 2022 | Transfers | resources | realised | 2023 | |
| Care Fund | 1,583,525 | 53,660 | (161,376) | 1,475,809 | |
| Capital fund | 1,028,158 | (171,663) | 856,495 | ||
| 2,611,683 | (171,663) | 53,660 | (161,376) | 2,332,304 |
| Analysis ofnet as | sets between funds | |||
|---|---|---|---|---|
| General | Designated | |||
| fund | funds | 2023 | ||
| Tangible fixed assets | 1,557,350 | 2,256,878 | 3,814,228 | |
| Current assets | 3,953,384 | 75,426 | 4,028,810 | |
| Creditors: amounts | falling due | |||
| within one year | (24,663) | (24,663) | ||
| 5,486,071 | 2,332,304 | 7,818,375 |