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2021-12-31-accounts

The Sisters of Providence of Ruillé-sur-Loir CIO

Annual Report and Accounts

31 December 2021

Charity Registration Number 1177083

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 16
Accounts
Statement of financial activities 21
Balance sheet 22
Statement of cash flows 23
Principal accounting policies 24
Notes to the accounts 29

The Sisters of Providence of Ruillé-sur-Loir CIO

Trustees’ report Year to 31 December 2021

Trustees Sister Ann Heaney
Sister Gillian Murphy
Sister Eileen Keane
Principal contact Sister Gillian Murphy
Principal address 65 Nettleham Road
Lincoln
LN2 1RT
Charity registration number 1177083
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers Lloyds Bank plc
202 High Street
Lincoln
LN5 7AP
Investment managers Barclays Wealth Management Limited
1 Churchill Place
London
E14 5HP
Solicitors Gateley plc
One Eleven
Edmund Street
Birmingham
B3 2HJ
mfg Solicitors
Adam House
Birmingham Road
Kidderminster
DY10 2SH

The Sisters of Providence of Ruillé-sur-Loir CIO 1

Trustees’ report Year to 31 December 2021

The trustees present the report and accounts of The Sisters of Providence of Ruillé-sur-Loir CIO (the ‘charity’) for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 28 of the attached accounts and comply with the charity’s constitution, applicable laws and the requirements of Statement of Recommended Practice on 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 Institute of The Sisters of Providence of Ruillé-sur-Loir (the ‘Institute’) is an international Congregation of Roman Catholic women founded in the aftermath of the French Revolution in the small village of Ruillé-sur-Loir in the diocese of Le Mans, in France. At the end of that century, because legislation in France was becoming anti-clerical and anti-religious, some of the sisters came to England to carry out their work. The Institute continued to spread to other countries during the following century, first to Belgium and the Netherlands, then to Sri Lanka and Madagascar. These countries now comprise separate Regions of the Institute.

Since its foundation in 1806, the Institute’s purpose has continued to be to serve people, principally through education and health care, thereby enabling them to grow as people, live with dignity and self worth, and help others to do so in their turn. During 2015 the Institute fused with a smaller Congregation of Sisters of Providence of Sees. This Congregation of some 40 elderly French sisters has now become part of the Institute. The Institute now numbers about 260 members spread through the above countries. The Institute, with its Generalate in Le Mans, has always been outward looking and each Region shares in the mission undertaken in any part of the world where the sisters are present.

The accounts accompanying this report are the accounts of the charity through which the activities and assets of the Institute in England are administered. The charity is a Charitable Incorporated Organisation (CIO) and is governed by a constitution dated 9 February 2018 and is registered under the Charities Act 2011 – Charity Registration Number: 1177083.

Mission

The object of The Sisters of Providence of Ruillé-sur-Loir CIO is to advance the religious and other charitable work of the sisters of the Institute.

By caring for individual members of the Institute throughout their lives within the Institute, 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, and when encouraging the work of individual sisters, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

The Sisters of Providence of Ruillé-sur-Loir CIO 2

Trustees’ report Year to 31 December 2021

Mission (continued)

The works or ministries of the sisters of the Institute fall into the following main areas:

Members of the Institute 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 Institute 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 giving of retreats and the celebration of the Liturgy through prayer groups and church services.

Since its formation, the Institute’s (and hence the sisters’) purpose has continued to be to serve people, principally through education and health care, thereby enabling them to grow as people, live with dignity and self worth, and help others to do so in their turn.

The charity supports the work of the Intitute overseas by the provision of grants and donations for specific projects.

Activities, specific achievements and relevant policies

Activities and specific achievements

As stated above under “Mission”, the aims of the charity are to care for individual members of the Institute throughout their lives with the Institute and so enable and support them to live out their faith and to put that faith into practice through a wide variety of religious and other charitable works.

There are five sisters in England, and one sister who divides her time between England and the rest of the Institute. One sister who had worked with the travelling community since her retirement died this year after a short illness. One sister moved to France to become part of a new international community in Brittany, in the birth place of our founders and the founder of the American congregation. This community will welcome sisters from all parts of the Institute as well as being at the service of the local area and the tourists and pilgrims who visit.

The sisters in England live in two parts of Lincoln: two in the South of the city in an apartment for people who are retired, and the four other sisters live in a house in the North of Lincoln in a house that has been adapted for a sister in a wheelchair.

♦ Caring for members of the Institute

In common with many religious congregations in England, the age profile of the members of the Institute is increasing as existing members grow older and the number of new vocations declines.

The Institute 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 most of their lives to education and the care of other people.

The Sisters of Providence of Ruillé-sur-Loir CIO

3

Trustees’ report Year to 31 December 2021

Activities, specific achievements and relevant policies (continued)

Activities and specific achievements (continued)

The health of one Sister continues to diminish rapidly, partly due to the restrictions imposed by the COVID pandemic but also because of advancing dementia. COVID restrictions have meant that she has been unable to access day care or outside help and activities, meaning that the full time care has had to be shared by community members who are increasingly elderly and frail. The Sisters in Lincoln continue to work together in order to provide support and care for each other and respite when needed. The services of the housekeeper have continued to be important during the last year, not only in looking after the physical needs of the sisters but also in providing emotional and psychological support to them. As a trained nurse, she can advise on appropriate care and helps with doctors’ and social service consultations. We are enormously grateful to the volunteers who help with certain tasks and visits to alleviate the pressure.

As well as providing the necessary means for the sisters to fulfil their spiritual obligations and needs, the sisters celebrate and pray with the wider community including people of other faiths and none. They do this through the provision of spiritual guidance or just being available to listen in times of need, and by joining with the public in Liturgical Celebrations in the local Catholic Parish Church or Anglican Churches.

The use of Zoom is a useful means of continuing the mission of prayer and guidance in the local parishes. A Sister in Lincoln helped to organise a series of talks and discussion for Lent with participants from the parish joining via Zoom.

Parishioners ring up with prayer requests and the sisters ensure that parishioners know that they are included in the thoughts and prayers of the sisters, thus bringing much consolation to people in need at this time.

One such example this year has been the following from the community in the North of Lincoln.

“In Lincoln, a Pentecostal couple wrote to us asking if we would care to pray with them. We met with them and decided that we would pray the Vespers of the day with them and follow this with a time of sharing and reflection. They come to our house once a month, they live a few doors away from us, they are missionaries and have visited Africa several times.”

The Sisters of Providence of Ruillé-sur-Loir CIO

4

Trustees’ report Year to 31 December 2021

Activities, specific achievements and relevant policies (continued)

Activities and specific achievements (continued)

♦ Worship and prayer (continued)

As the couple come to the community it means that the Sister who uses a wheelchair can also fulfil her ministry.

The Sisters meet with the “Friends of the Sisters of Providence” who share our charism and spirituality. They have been able to meet again face to face for faith sharing and prayer in both London and Lincoln, thus maintaining a link with the Congregation and its works.

The sisters particularly value their ecumenical and interfaith relationships and activities.

“One interfaith event in which we participated was organised by the Christian /Jewish Association to commemorate the Holocaust and the subsequent genocides, which followed in Cambodia, Rwanda, Bosnia and Darfur, in the hope that there may be one day in the future without any genocide.This service took place in St. Hugh's RC Church and was attended by the Civic Party and representatives of Hinduism, Islam, and Sikhism. Patrick, Bishop of Nottingham, and the Lincoln Leader of the Jewish Faith, respectively, gave the final blessing.”

They maintain contacts with other networks, particularly concerned with Religious Life both at diocesan and national level.

The Association of Senior Religious has also been able to take off again. Our three more able members were able to attend the annual national conference in Bournemouth. One of them is on the National Executive Committee which organises the conference.

These conferences and gatherings are a source of strength and mutual support for sisters who are facing the challenges of ageing and diminishment within their congregations. They can share joys and sorrows, and they continue to be a vibrant and active group that brings its many gifts to the Church and society in England.

“We have also met on a diocesan level in Nottingham for the annual requiem Mass for the deceased members of the clergy and religious and at Mount Saint Bernard’s Monastery for a meeting of the Religious of the Diocese. We also maintain contacts via zoom with other religious in the Diocese. This is a means of getting news, participating in causes and being less isolated.”

The Sisters are a valued part of the Deanery Conference, which gathers the clergy and religious of the area on a regular basis to look at the life of the Deanery and to help in the organisation of ministry in Lincolnshire as well as giving feedback to the Bishop and his Council on policy and other decisions affecting the life of the Diocese.

“Sister Eileen was already a member of the Lincolnshire Deanery team and the other two sisters who have moved up from London have been invited to join. We shared at first through Zoom, but in the last few months we have been able to meet in person.”

The Sisters of Providence of Ruillé-sur-Loir CIO 5

Trustees’ report Year to 31 December 2021

Activities, specific achievements and relevant policies (continued)

Activities and specific achievements (continued)

The sisters’ vocation calls them to “witness to the love and goodness of the Father.” This they do in their various ministries following the example of their Founders and in line with the charism and aims of the Institute. These ministries can be divided into specifically religious works and general pastoral work.

Religious works

Religious works include:

As far as they are able, Sisters are involved in parish work. For example, they help bereaved, grieving members of the parish to prepare the funeral services for their deceased relatives, whilst accompanying them at these difficult moments. They also care for the elderly members of the parishes through visiting, taking Holy Communion and bringing isolated people together to socialise and enjoy some time together.

Despite the pandemic, the Sisters have been able to maintain this pastoral care through the use of the telephone and social media. Sisters have also been present, where possible, at the funerals of parishioners and at the request of bereaved families, due to the limit on numbers being able to attend.

“There have been many deaths, some of young people and old pupils, who have died very suddenly and even one who was murdered. Several very old friends of the sisters have also died. We were able to attend the funerals and be alongside the parents and families, who were very grateful that we were around to support them.”

“We have also contributed at Parish level by joining in the Liturgies and the gatherings that have been organised to respond to the Pope’s invitation to share our ideas on the present reality of the Church and it’s future development and also the spiritual and social activities of the Parish.”

The Sisters of Providence of Ruillé-sur-Loir CIO 6

Trustees’ report Year to 31 December 2021

Activities, specific achievements and relevant policies (continued)

Activities and specific achievements (continued)

General pastoral work This area of work includes:

One of the consequences of the pandemic has been the increase in people who find themselves in poverty. The Sisters have been able to help with donations to foodbanks and donations of furniture and other materials to poor families as a consequence of closing the house and the apartment in London.

“We are living in a Senior Apartment building and find that within this setting there are great opportunities for outreach and support for many residents. We try to be involved in activities organised in house: Macmillan coffee mornings; Christmas Carols and Readings; Birthday celebrations etc. This helps to alleviate the loneliness of the residents in times when the pandemic has affected many outside relationships. The residents seem very happy to have us in the community and often ask us to pray with them or to spend time providing a listening ear and affirmation.”

Due to their age and health, most of the Sisters have had to shield again this the year, meaning that they have not been physically present in the chaplaincies. The work of the chaplaincies has been hindered by the fact that people were not allowed into the hospitals and the schools have, for the most part, been closed. However, the Sisters have kept in regular touch with families of people who would have needed hospital chaplaincy and support.

Despite the pandemic, the Sisters have been able to continue the translation work for the Institute. Translation of documents from French to English is of the greatest importance especially for the younger Sisters in Sri Lanka who do not have the opportunity to learn French.

Also part of obligation to care for members is the requirement to support the members of the Institute in the other regions when this is needed, particularly in the southern hemisphere.

The Sisters of Providence of Ruillé-sur-Loir CIO 7

Trustees’ report Year to 31 December 2021

Activities, specific achievements and relevant policies (continued)

Activities and specific achievements (continued)

“As we help poorer students to continue their education, Providence Welfare Services gives scholarships to eligible children in the areas where the Sisters are in community. Donations from the English part of the Congregation and benefactors help to finance this project. Education is free for Sri Lankans but they must provide all books, uniform and other materials. This can be extremely difficult for the poorer families and can create a barrier for learning for these pupils.”

The Sisters of Providence in England supported a new project in Sri Lanka. It involves the cultivation and selling of Orchids to enable women to have some income. This takes place in the grounds of the community of Irabadagama. In 2019 the Sisters and the women researched the possibility of growing and selling orchids. Plans were put on hold in 2020 because of COVID. However, in 2021 the project was launched with a grant from the Sisters in England.

Here are extracts from the report:

“ On 20[th] of May 2021 we started to build the net house and it was completed in few days. The cost was Rs.226,450.00. (£905) Now, the place is prepared to start the flower plantation. Although it was hard to get the healthy plants amidst this pandemic situation, the provider of the Orchids plants was able to bring 500 Orchid plants to Irabadagama on 6[th] June. We received thirteen varieties of Orchid plants and its cost was Rs.62,500.00. (£250) We could buy the new pots and these new plants were planted by using potting medium, which was made with the pieces of coconut husks, coir and charcoal. We used recommended manure and chemicals under the guidance of the Instructor.”

The Sisters of Providence of Ruillé-sur-Loir CIO 8

Trustees’ report Year to 31 December 2021

Activities, specific achievements and relevant policies (continued)

Activities and specific achievements (continued)

The ladies responsible for the Orchid project will sell their flowers and plants and buy more equipment and plants during the coming year. They hope to be self sufficient by the end of 2022.

During the year we paid for two Sri Lankan sisters to follow a spirituality course through Zoom. We also continued to support the Conselling Centre that the Sri Lankan sisters built with help from England.

Investment policy

Under the charity’s constitution, the trustees may invest in any investments authorised by law. During the year, the charity’s investments were managed by Barclays Wealth Management Limited.

The charity’s investment policy is to maintain a balanced return from both income and capital with a medium level of risk. The trustees, on the advice of the professional and lay advisers, review the policy annually. The trustees believe that the social and Gospel values of the Catholic Church should be present in the manner in which money is invested and in the way it is used to enhance the development of the charity and the achievement of its objectives. Investments are to be ethically chosen, whilst being mindful of the Charities Act requirement to seek the best possible returns. To achieve this we maintain a diversified investment portfolio.

The performance of the portfolio and the charity’s investment strategy have been reviewed by the trustees whose representatives meet with the investment managers every six months.

As the sisters are members of a religious congregation and have taken a vow of poverty, any rights they might have to assets and income have been given over to the Institute which, therefore, is responsible for their upkeep and well-being.

The charity has been putting aside monies in a “Pension Scheme” (deferred annuity contracts) for each sister over the last twenty or more years. The scheme provider is Phoenix Life (previously Royal Insurance Company Limited).

Under the terms of the contract, on a member of the scheme reaching the age of 65, the charity may receive either an agreed (guaranteed) basic annuity (pension) over the remaining life of the scheme member together with any bonuses attaching thereto, or receive a cash option in exchange for the ‘pension’.

The Sisters of Providence of Ruillé-sur-Loir CIO 9

Trustees’ report Year to 31 December 2021

Financial review

Results for the year

A summary of the results for the year to 31 December 2021 can be found on page 21 of this report and accounts.

Total income amounted to £211,825 (2020: £214,355). Total salaries and pensions income included within donations in the period amounted to £88,896 (2020: £117,944). All salaries and pensions are covenanted to the charity. Investment income and interest receivable totalled £111,466 (2020: £95,861).

Expenditure totalled £269,314 (2020: £177,514). Expenditure incurred on maintaining the members of the Institute and supporting them in their pastoral work and ministry amounted to £149,395 (2020: £137,145). Fees paid to the charity’s investment managers during the year amounted to £35,432 (2020: £31,020). Charitable grants and donations amounted to £84,487 (2020: £9,349). In 2021 these donations were principally in support of the overseas work of the Institute.

Net expenditure for the year before investment gains, therefore, was £57,489 (2020: net income £36,841). Net investment gains of £480,753 (2020: £119,705) resulted in a net increase in funds for the year of £423,264 (2020: £156,546).

Investment performance

The investment managers continue to be guided by the trustees’ investment policy set out earlier in this report.

During the period, the charity’s investments achieved an income yield of 2.3% (2020: 2.1%) and a capital yield of 9.9% (2020: 2%). Further details of the investment portfolio are included in note 12 to the attached accounts.

The trustees take a long term view and believe their investment policy should continue to be applied.

Reserves policy and financial position

Reserves policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for care and support of the religious members whose average age is increasing and whose needs are changing.

The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. In considering the level of reserves, trustees take into account forecasts of future income and expenditure, potential needs and risks, and the need to ensure the continuity of activity.

The Sisters of Providence of Ruillé-sur-Loir CIO 10

Trustees’ report Year to 31 December 2021

Financial review (continued)

Reserves policy and financial position (continued)

Reserves policy (continued)

Given the nature of the charity’s work and the increasing, often unpredictable, call on its resources to provide continuing essential care to its members, especially those impaired by age and illness, the trustees believe that the level of free reserves may be up to thirty six months’ worth of expenditure without giving rise to concern.

Financial position

At 31 December 2021, the charity had net assets totalling £6,320,081 (2020: £5,896,817). Of this, £811,795 (2020: £838,165) was represented by properties and other tangible fixed assets essential for the support and work of the sisters, £3,350,000 (2020: £3,350,000) represented a retirement reserve designated to provide an income to maintain the sisters as they grow older and £171,341 (2020: £171,341) had been set aside as a property repair and replacement fund to be used to purchase and modify properties to accommodate older and frail sisters.

Community funds, being the cash and bank balances held by communities and designated or set aside to meet their day-to-day costs, amounted to £93,727 (2020: £91,846).

The trustees have also set aside £850,000 (2020: £850,000) in a Financing and Congregational fund with the broad intention to use the fund for making donations including contributions to the Congregation’s work overseas. It is expected that the money will continue to be invested and income from this fund will be used to fund future donations.

Therefore, at 31 December 2021, funds which are available to support the work of the sisters in the future are those shown on the balance sheet as general funds and total £1,043,218 (2020: £595,465). The trustees are of the opinion that this level of free reserves was adequate but not excessive.

Future plans

The trustees plan to continue to care for the sisters as long as possible and enable them to carry out their pastoral work and ministry. Focus will continue to be given to assisting and caring for the elderly, the poor and the marginalised and reaching out to as many as possible in the way of evangelising; and to monitoring the needs of the sisters as they grow older and to ensuring the provision of care to elderly members.

Paying due heed to the impact of the Covid-19 pandemic and its consequences, both socially and economically, we will continue to work towards the good stewardship of the monies we are receiving for the present and the future.

The Sisters of Providence of Ruillé-sur-Loir CIO 11

Trustees’ report Year to 31 December 2021

Governance, structure and management

In terms of Canon Law, the Institute is governed by a Superior General and General Council elected at a six-yearly General Chapter made up of representatives elected by all the professed members of the Institute. Being too small to be divided into Provinces, the Institute was divided into three geographical Regions: Sri Lanka and Madagascar each with a Regional Superior and her three councillors and the European Region (comprising England, Belgium, France and the Netherlands) with a Delegate appointed from each of these countries. England, now part of the Region of Europe, is financially autonomous.

In terms of civil law, the charity is governed by three trustees appointed having regard to their years of experience. Those now holding office have all been involved in teaching and the administration of educational establishments, subsequently widening their experience in other pastoral activities. Trustees are appointed for three yearly terms to ensure renewal and balance of competence. They attend conferences on charity law and other topics relevant to the charity’s activities.

The names of the trustees who served during 2021 are set out on page 1 of this annual report and accounts.

The trustees for the time being shall automatically be the members of the CIO. The members are responsible for the appointment of new trustees.

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

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 year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:

The Sisters of Providence of Ruillé-sur-Loir CIO 12

Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Statement of trustees’ responsibilities (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. 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

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 trustees are members of the Institute 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 work as key management.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances, and are satisfied that systems are in place to mitigate exposure to these risks.

The trustees recognise their responsibility for the management of risks faced by the charity, the Institute in England and its individual members.

The trustees continue to review and update the charity’s risks. This process has been particularly important during the Covid-19 pandemic.

The areas identified for particular attention within our risk management strategy are:

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 years ahead 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 regularly 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.

The Sisters of Providence of Ruillé-sur-Loir CIO 13

Trustees’ report Year to 31 December 2021

Governance, structure and management (continued)

Risk management (continued)

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.

Fundraising policy

The charity aims to achieve best practice in the way in which they communicate with donors and other supporters. Care is taken with both the tone of communications and the accuracy of data to minimise the pressures on supporters. Best practice is applied to protect supporters’ data and data is never sold, swapped and 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 fundraising activities and to learn from them. During 2021, the charity received no complaints about its fundraising activities.

The Sisters of Providence of Ruillé-sur-Loir CIO 14

Trustees’ report Year to 31 December 2021

Members of the Institute

The trustees wish to record their recognition of the professionalism and commitment of individual members of the Institute. Their dedication and positive approach are very much appreciated.

Approved by the trustees and signed on their behalf by:

G.M.Murphy

Trustee

Approved by the trustees on: 3[rd] June 2022

The Sisters of Providence of Ruillé-sur-Loir CIO 15

Independent auditor’s report 31 December 2021

Independent auditor’s report to the trustees of The Sisters of Providence of Ruillé-sur-Loir CIO

Opinion

We have audited the accounts of The Sisters of Providence of Ruillé-sur-Loir CIO for the year ended 31 December 2021, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and 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 Providence of Ruillé-sur-Loir CIO 16

Independent auditor’s report 31 December 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 Providence of Ruillé-sur-Loir CIO 17

Independent auditor’s report 31 December 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 to 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:

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Independent auditor’s report 31 December 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:

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.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements 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 Providence of Ruillé-sur-Loir CIO 19

Independent auditor’s report 31 December 2021

Use of this 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 Statutory Auditor 130 Wood Street London EC2V 6DL

9 June 2022

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

The Sisters of Providence of Ruillé-sur-Loir CIO 20

Statement of financial activities Year to 31 December 2021

Notes 2021
Total
funds
£		 2020
Total
funds
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Rental income
. Surplus on disposal of tangible fixed assets
3
. Miscellaneous
Total income
Expenditure on:
Raising funds
. Investment management fees
Charitable activities
. Support of members of the Institute and their ministry
4
. Charitable grants and donations
5
Total expenditure
Net (expenditure) income before investment gains
Net investment gains
12
Net movement in funds
7
Reconciliation of funds:
Funds balances at 1 January 2021
Funds balances at 31 December 2021
89,461

111,466

6,500

4,118
280		 118,244
95,861
—
—
250
211,825 214,355




35,432

149,395

84,487
31,020

137,145

9,349
269,314
177,514
(57,489)


480,753		 36,841
119,705

423,264


5,896,817		 156,546
5,740,271
6,320,081 5,896,817

All income and expenditure related to unrestricted funds in both of the above accounting periods.

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

The Sisters of Providence of Ruillé-sur-Loir CIO 21

Balance sheet 31 December 2021

Notes 2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
14
Short term deposits
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
15
Net current assets
Total net assets
The funds of the charity
Unrestricted income funds
. Tangible fixed assets fund
16
. Designated funds
17
. General funds		 1,889
169,143
299,079		 811,795
5,104,642		 3,051
169,126
268,637		 838,165
4,658,527
5,916,437
403,644		 5,496,692
400,125
470,111
(66,467)		 440,814
(40,689)
6,320,081 5,896,817
811,795
4,465,068
1,043,218		 838,165
4,463,187
595,465
6,320,081 5,896,817

Approved by the trustees and signed on their behalf by:

G.M.Murphy

Trustee

Approved on: 3[rd] June 2022

The Sisters of Providence of Ruillé-sur-Loir CIO 22

Statement of cash flows Year to 31 December 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 tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments

Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at 1 January 2021
Cash and cash equivalents at 31 December 2021
B
**(124,892) **		 (31,098)


111,221
9,492
—
2,287,805
**(2,315,000) **		 101,571
—
(181,309)
822,283
(758,188)
93,518 (15,643)

(31,374)

518,311
 (46,741)
565,052

486,937		 518,311

Notes to the statement of cash flows for the period to 31 December 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
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Decrease (increase) in debtors
Increase in creditors
Net cash used in operating activities		 423,264
20,996
(480,753)
(111,466)
(4,118)
1,407
25,778		 156,546
23,684

(119,705)

(95,861)

—
(2,611)
6,849
(124,892) (31,098)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2021
£		 2020
£
Short term deposits
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 169,143
299,079
18,715		 169,126
268,637
80,548
486,937 518,311

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

The Sisters of Providence of Ruillé-sur-Loir CIO 23

Principal accounting policies 31 December 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 period to 31 December 2021 with comparatives given for the year to 31 December 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) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 only areas in the accounts where such judgements and estimates have been made are in respect to:

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 Providence of Ruillé-sur-Loir CIO 24

Principal accounting policies 31 December 2021

Assessment of going concern (continued)

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

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

Income recognition

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

Income comprises donations, investment income, interest receivable, rental income, the surplus on disposal of tangible fixed assets and other income.

Donations, including salaries and pensions of individual religious 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.

Investment income is recognised once the dividend or relevant 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.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the disposal proceeds net of disposal 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, including rental 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.

The Sisters of Providence of Ruillé-sur-Loir CIO 25

Principal accounting policies 31 December 2021

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. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

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

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 personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

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 attributed directly to the charitable activity of supporting members of the Institute and enabling their ministry as any support and/or governance costs in relation to the provision of donations and grants is considered to be negligible.

The Sisters of Providence of Ruillé-sur-Loir CIO 26

Principal accounting policies 31 December 2021

Pension costs

The charity contributes to two pension arrangements for its members. A deferred annuity contract and a stakeholder contract, both of which are defined contribution pension schemes. Contributions in respect to both defined contribution schemes are charged to the statement of financial activities as they fall due.

Tangible fixed assets

All assets costing more than £2,000 and with an expected useful life exceeding one year are capitalised.

Freehold land and buildings owned by the charity since 1 January 1996 are included on the balance sheet at their estimated valuation as at that date net of accumulated depreciation. The valuations were determined by the trustees with professional assistance on the basis of replacement cost for existing use. Under the transitional provisions of FRS 102, these valuations are now regarded as deemed cost. Additions to freehold land and buildings since that date are included at cost.

Expenditure on the purchase and replacement of fixtures and fittings is capitalised and depreciated over a five year period, based on the estimated useful life of the asset, on a straight line basis.

Motor vehicles are capitalised and depreciated over a four-year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.

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.

The Sisters of Providence of Ruillé-sur-Loir CIO 27

Principal accounting policies 31 December 2021

Investments (continued)

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.

Fund accounting

The charity’s funds comprise a number of unrestricted income funds which are available for application towards the charity’s objectives. Within unrestricted funds the trustees have identified those non-liquid funds represented by tangible fixed assets and have designated certain amounts for specific purposes. Details of these funds are given in notes 16 and 17 to the accounts.

Services provided by members of the Institute

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

The Sisters of Providence of Ruillé-sur-Loir CIO 28

Notes to the accounts 31 December 2021

1 Income from: Donations and legacies 2021
£		 2020
£
Salaries and other pensions of individual religious received under Gift Aid
or Deed of Covenant
Donations		 88,896
565		 117,944
300
89,461 118,244
2 Income from: Investments and interest receivable 2021
£		 2020
£
Income from listed investments
Interest receivable
. Bank interest		 111,449
17		 95,746
115
111,466 95,861
3 Income from: Surplus on disposal of tangible fixed assets 2021
£		 2020
£
Disposal of motor vehicles 4,118 —

4 Expenditure on: Support of members of the Institute and their ministry

Expenditure on: Support of members of the Institute and their ministry
2021
£		 2020
£
Premises
Sisters’ living and ministry expenses
Education, training and spiritual renewal
Governance costs (note 6)		 51,590
77,449
2,253
18,103		 37,321
80,079
4,094
15,651
149,395 137,145

5 Expenditure on: Grants and donations The charity makes grants and donations, principally in support of the overseas work of the Institute.

The grants and donations payable during the year were as follows:

Institute.
The grants and donations payable during the year were as follows:
2021
£		 2020
£
Contribution to the Generalate of The Sisters of Providence of Ruillé-sur-
Loir
Donation to the missions of The Sisters of Providence of Ruillé-sur-Loir
. Sri Lanka
Donation to St Peter-in-Chains Church, Stroud Green, London
Donation to St Hugh’s Church, Lincoln
Donations of less than £1,000 each		 50,000
25,000
3,250
5,000
1,237		 —
4,600
4,500
—
249
84,487 9,349

The Sisters of Providence of Ruillé-sur-Loir CIO 29

Notes to the accounts 31 December 2021

Governance costs
2021
£		 2020
£
Legal and professional fees
Auditor’s remuneration		 5,531
12,572		 1,475
14,176
18,103 15,651

7 Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2021
£		 2020
£
Auditor's remuneration (including VAT)
. Statutory audit services
. Other advisory services
Depreciation		 11,780
792
20,966		 12,460
1,716
23,684

8 Staff costs

The charity had no employees during the year (2020: none).

9 Trustees’ expenses and remuneration and transactions with trustees

The charity's trustees are all members of the Institute and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Institute, are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (2020: none).

As members of the Institute, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £20,492 (2020: £20,590).

10 Taxation

The Sisters of Providence of Ruillé-sur-Loir CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

The Sisters of Providence of Ruillé-sur-Loir CIO 30

Notes to the accounts 31 December 2021

11 Tangible fixed assets

Tangible fixed assets
Freehold
land and
buildings
£		 Long
leasehold
property
£		 Fixtures
and
fittings
£		 Motor
vehicles
£		 Total
£
Cost
At 1 January 2021
Disposals
At 31 December 2021
Cost
Deemed cost: 1996 valuation
Depreciation
At 1 January 2021
Disposals
Charge for the year
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 844,627
—		 178,659
—
18,912

—		 31,498
(10,750)		 1,073,696
(10,750)
844,627 178,659
18,912		 20,748 1,062,946
669,627
175,000		 178,659
—
18,912

—		 20,748
—		 887,946
175,000
844,627 178,659
18,912		 20,748 1,062,946
189,046
—
16,893		 3,573
—
3,573
16,789

—

530		 26,123
(5,376)
—		 235,531
(5,376)
20,996
205,939 7,146
17,319		 20,747 251,151
638,688 171,513
1,593		 1 811,795
655,581 175,086
2,123		 5,375 838,165

As permitted under Financial Reporting Standard 102 the charity has adopted a policy of not revaluing its tangible fixed assets. The book value of freehold land and buildings is based on a 1996 valuation net of depreciation, where appropriate, with additions since that date at cost and after adjusting for any impairment losses. Under the transitional provisions of FRS 102, the 1996 valuations are regarded as deemed cost. Other tangible fixed assets are stated at cost.

It is likely that there are differences between the open market value of the freehold land and buildings and their book values. These arise because of the specialised nature of the properties. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of the trustees, is not justified in terms of the benefit to the users of the accounts.

The original cost of the freehold land and buildings cannot be ascertained with accuracy without incurring significant research time and costs which in the opinion of the trustees are not justified.

The Sisters of Providence of Ruillé-sur-Loir CIO 31

Notes to the accounts 31 December 2021

12 Fixed asset investments

Fixed asset investments
2021
£		 2020
£
Listed investments
Market value at 1 January 2021
Additions at cost
Disposals at opening book value (proceeds:£2,287,805, gains:£52,397)
Net unrealised investment gains
Market value at 31 December 2021
Cash held by investment manager
Cost of listed investments as at 31 December 2021		 4,577,979
2,315,000
(2,235,408)
428,356		 4,522,369
758,188

(872,605)
170,027
5,085,927
18,715		 4,577,979
80,548
5,104,642 4,658,527
4,211,540 3,772,394

Listed investments held at 31 December 2021 comprised the following:

2021
£		 2020
£
Government stocks
UK fixed interest and corporate bonds
UK equities
Overseas equities
UK unit trusts
Overseas unit trusts		 66,417
674,621
1,147,214
2,340,540
368,821
488,314		 46,936
327,140
997,173
2,447,529
359,785
399,416
5,085,927 4,577,979

At 31 December 2021, the following individual holdings were deemed material in the context of the entire portfolio:

Holding 2020
Market
value of
holding
£
Percentage
of total
portfolio
%
245,230
5.4
299,102
6.5
245,681
5.4
239,376
5.2
250,715
5.5
Fidelity Investment Funds – Asia Fund – W-
Findlay Park American USB Distribution Units
Natixis Int Fds – Loomis Sayles US Growth Fd
PIMCO Funds Global Inv –Diversified Income
Xtrackers ESG MSCI USA UCITS ETF

13 Pension contracts

The charity contributed to both a deferred annuity contract and a stakeholder pension scheme administered to provide benefits in respect to individual members of the Institute. Under the terms of the deferred annuity contract, the assets are invested in a With Profits Deferred Policy on the lives of certain scheme members to provide a pension of £8,270 per annum on the member reaching the normal vesting date, which is the age of 65. The policy also includes a guaranteed cash option at normal vesting date under which the charity may exchange pension for a cash sum to be used in such manner as the trustees decide. The deferred annuity contract is with Phoenix Life.

The Sisters of Providence of Ruillé-sur-Loir CIO 32

Notes to the accounts 31 December 2021

13 Pension contracts (continued)

The stakeholder pension contract is a money purchase contract, under which the premiums paid are invested in the unitised Stakeholder With Profits Fund and the Stakeholder Managed Fund administered by Standard Life. Under the terms of the contract the charity contributes a sum of money on an annual basis which is invested equally in the two funds. The value of the benefit will depend on the amounts invested and performance of the assets underlying the funds.

14 Debtors

Debtors
2021
£		 2020
£
Prepayments and accrued income 1,889 3,051
15 Creditors 2021
£		 2020
£
Accruals
Deferred Income		 53,467
13,000		 40,689
—
66,467 40,689

Deferred income is in respect to rental income received but not due until 2022.

16 Tangible fixed assets fund

Tangible fixed assets fund
£
At 1 January 2021
Net movements in year
At 31 December 2021		 838,165
(26,370)
811,795

The tangible fixed assets fund represents the net book value of the charity’s freehold properties and other tangible fixed assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets were essential to the day-to-day work of the charity and as such their value did not represent reserves available to finance operations.

17 Designated funds

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

At 1
January
2021
£		 New
designations
£		 Utilised or
realised
£		 At 31
December
2021
£
Communities fund
Property repair and replacement fund
Retirement fund
Financing and Congregational fund		 91,846
171,341
3,350,000
850,000		 102,163
—
—
—		 (100,282)
—
—
—		 93,727
171,341
3,350,000
850,000
4,463,187 102,163 (100,282) 4,465,068

The Sisters of Providence of Ruillé-sur-Loir CIO 33

Notes to the accounts 31 December 2021

17 Designated funds (continued)

At 1
January
2020
£		 New
designations
£		 Utilised or
realised
£		 At 31
December
2020
£
Communities fund
Property repair and replacement fund
Retirement fund
Financing and Congregational fund		 78,610
350,000
3,200,000
650,000		 93,470
—
150,000
200,000		 (80,234)
(178,659)
—
—		 91,846
171,341
3,350,000
850,000
4,278,610 443,470 (258,893) 4,463,187

This fund relates to cash and bank balances held by the communities to meet their dayto-day costs. As these amounts have been assigned to the communities, the trustees believe that a separate fund should be designated for this purpose. The transactions on the funds, including designations released (and new designations) being transfers to (and from) the charity’s central bank accounts, represent the net movement in the communities’ cash and bank balances during the year.

The property repair and replacement fund represents an amount designated by the trustees to finance potential future expenditure on purchasing and modifying properties to accommodate older and frail sisters.

18 Analysis of net assets between funds

The fund balances at 31 December were represented by the following assets and liabilities:

Designated
funds
£
Tangible
fixed
assets
fund
£		 General
funds
£		 2021
Total
£
Balances at 31 December 2021 are
represented by:
Tangible fixed assets
Investments
Net current assets		 —
4,371,341
93,727
811,795

—

—

—

733,301

309,917		 811,795
5,104,642
403,644
4,465,068
811,795
1,043,218		 6,320,081

The Sisters of Providence of Ruillé-sur-Loir CIO 34

Notes to the accounts 31 December 2021

18 Analysis of net assets between funds (continued)

Analysis of net assets between funds (continued)
Designated
funds
£		 Tangible
fixed assets
fund
£		 General
funds
£		 2020
Total
£
Balances at 31 December 2020 are
represented by:
Tangible fixed assets
Investments
Net current assets		 —
4,371,341
91,846
838,165

—

—
—

287,186

308,279
838,165
4,658,527

400,125
4,463,187
838,165
595,465		 5,896,817

The total unrealised gains as at 31 December 2021 constitute movements on revaluations of investments and are as follows:

investments and are as follows:
2021
£		 2020
£
Total unrealised gains at 31 December 2021
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2021
In respect to disposals in year
Net gains arising on revaluation in the year
Unrealisedgains at 31 December 2021		 874,387 805,585
805,585
(359,554)
428,356		 679,183

(43,625)
170,027
874,387 805,585

19 Ultimate control and liability of members

The trustees for the time being shall automatically be the members of the CIO. The members are responsible for the appointment of new trustees.

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

20 Related party transactions

Sister Gillian Murphy, a trustee of the Charitable Incorporated Organisation, serves as the Assistant General to the Generalate of the Institute in France. There were donations of £50,000 during the year from the charity to the Generalate (2020: £nil).

Donations by the trustees to the charity are disclosed in note 9 to these accounts.

There are no other related party transactions requiring disclosure in these accounts (2020: none).

The Sisters of Providence of Ruillé-sur-Loir CIO 35