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2021-06-30-accounts

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APPROVED BY:
THE TRUSTEES OF THE CHARITY OF THE ROMAN
UNION OF THE ORDER OF ST URSULA
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The Roman Union of the Order of St. Ursula Report and accounts Contents

Section Page
Trustees Report
Trustees, Legal and administrative information 1 1
Governance, structure and managenent organisation 2 2
Our Charity 3 2
Our Charity's work 4 3
Where our money comes from 5 3
How did we spend our money ? 6 4
Charity's public benefit 7 4
Accounts 8 5
Auditors Report and Accounts 9
Auditors' report 8
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Principal accounting policies 13
Notes to the accounts 15

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7

������������������������������������������������������������������������������ �� ���������������������������� Auditors' Report

Independent auditors' report to the Trustees of the Roman Union of the Order of St. Ursula

We have audited the financial statements of the Roman Union of the Order of St. Ursulafor the yearended 30June 2021
which comprise the Statement of Financial Activities, the Balance Sheet, Statement of cash flows and the related notes.The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards,includingFinancialReportingStandard102‘TheFinancialReportingStandardapplicableintheUKand
Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice)..
In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sresponsibilitiesfortheauditoftheaccounts
section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our
auditoftheaccountsintheUK,includingtheFRC’sEthicalStandard,andwehavefulfilledourotherethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficient
and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs
(UK) require us to report to you where:

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedinthe
reportandaccountsotherthantheaccountsandourauditor’sreportthereon.Ouropinionontheaccountsdoesnotcover
the other information and we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditoftheaccounts,ourresponsibility istoreadtheotherinformation and,in doingso,consider
whethertheotherinformationismateriallyinconsistentwiththeaccountsorourknowledgeobtainedintheauditor
otherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparentmaterial
misstatements,wearerequiredtodeterminewhetherthereisamaterialmisstatementintheaccountsoramaterial
misstatementoftheotherinformation.If,basedontheworkwehaveperformed,weconcludethatthereisamaterial
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 where theCharities Act2011 requires us toreport toyou if,
in our opinion:-

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 14, the Trustees are responsible for the
preparation of financial statements which 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.
Inpreparingtheaccounts,thetrusteesareresponsibleforassessingthecharity’sabilitytocontinueasagoingconcern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthe
trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
.
8

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Auditor’s responsibilities for the audit of the accounts

Ourobjectivesaretoobtainreasonableassuranceaboutwhethertheaccountsasawholearefreefrommaterial
misstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonable
assuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithISAs(UK)will
alwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsidered
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. 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

Use of 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
withregulationsmadeundersection154ofthatAct.Ourauditworkhasbeenundertakensothatwemightstatetothe
charity’strusteesthosematterswearerequiredtostatetotheminanauditor'sreportandfornootherpurpose.Tothe
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.

Borucki & Co

Signed on 2 March 2022

Chartered Accountants and Statutory Auditors

42 Radnor Road
Harrow
Middlesex HA1 1RZ
Borucki & Co is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
9

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Statement of financial activities (incorporating an income and expediture account)

for the year ended 30 June 2021

General
Designated
Restricted
Total
Notes
fund
funds
funds
2021
£
£
£
£
Income
Voluntary income
Salaries and pensions of Sisters
1
586,832
208,887
-
795,719
Donations and legacies
132,366
26,000
1,570
159,936
Investment income
2
34,062
213,022
3,007
250,091
Activities in furtherance of
the charity's objectives:
Nursing home fees
232,453
-
-
232,453
Other income
Surplus (deficit) on sale of fixed assets
-
-
-
-
Furlough and Covid grants
16,217
-
16,217
Miscellaneous income
2,955
-
-
2,955
Total income
1,004,885
447,909
4,577
1,457,371
Resources expended
Raising funds
Investment managers fees
6,250
69,963
743
76,956
Charitable activities
Contibutions to schools
3
-
-
15,000
15,000
Upkeep of communities
3
468,932
8,195
-
477,127
Care of aged Sisters
3
733,375
8,378
-
741,753
Other pastoral activities
71,174
21,741
3,000
95,915
Governance costs
4
9,720
-
-
9,720
1,283,201
38,314
18,000
1,339,515
Total ependiture
1,289,451
108,277
18,743
1,416,471
Net gains (lossses) on investments
8
262,547
1,805,456
28,918
2,096,921
(22,019)
2,145,088
14,752
2,137,821
Transfers between funds
(37,859)
37,859
-
-
Net incoming (outgoing) resources
(59,878)
2,182,947
14,752
2,137,821
Balances brought forward 1 July
-
-
-
-
4,520,863
17,960,989
216,591
22,698,443
Balances carried forward 30 June
4,460,985
20,143,936
231,343
24,836,264
Net income (expenditure) before
transfers
Transfer from The Charity of the
Roman Union of the Order of St Ursula
Charity Registration No:245661 (The
Trust)
Total
General
Designated
Restricted
2020
fund
funds
funds
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Statement of total recognised gains and losses

The charity has no recognised gains or losses other than those shown above and therefore no separate statement of total gains and losses hes been prepared.

10

���������������������������������������������������������������������������� Balance Sheet

as at 30 June 2021

Notes
Fixed assets
Tangible assets
7
Investments at market value
8
Current assets
Loan to School
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due
within one year
10
Net current assets
Total assets less current liabilities
Represented by:
Funds and reserves
Restricted funds
11
Unrestricted funds
General funds
Designated funds
12
Approved by the Trustees
and signed on their behalf
-
289,922
1,545,669
2021
£
6,694,516
16,513,312
23,207,828
1,628,436
24,836,264
24,836,264
231,343
4,460,985
20,143,936
24,604,921
24,836,264
-
-
-
-
2020
£
-
-
-
-
1,835,591
207,155
-
-
-
-
-
-
-
-
-

Kathleen Colmer Chair of Trustees Approved by the Trustees on 22nd February 2022

11

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Statement of cash flows

for the year ended 30 June 2021

Note
Cash generated in operating activities
A
Cash flows from investing acivities
Investment income
Proceeds of investment sales
Purchases of investments
Proceeds on sale of assets
Purchase of fixed assets
Cash provided (used) in investing activities
Increase (decrease) in cash and cash equivalents in year
Movement in year
(Decrease) increase in cash at bank and in hand
(Decrease) increase in cash held by investment managers for re-investment
Value of net current assets transferred from trust
2021
£
(275,581)
250,091
1,647,286
(1,905,617)
2,413,106
-
(101,444)
2,303,422
2,027,841
1,545,669
482,172
2,027,841
2020
£
-
-
-
-
-
-
-
-
-
-
-
-

A. Reconciliation of net movement in funds to net cash flow from operating activities

Net income (expenditure)
Deduct investment income
Add depreciation
Profit on sale of assets
Add/(deduct) net movement on investments.
Increase (decrease) in creditors
(Increase) decrease in debtors
2021
£
2,137,821
(250,091)
16,377
-
(2,096,921)
207,155
(289,922)
(275,581)
2020
£
-
-
-
-
-
-
-
-

12

������������������������������������������������������������������������������������������������� Principal accounting policies for the year ended 30 June 2021

Accounting policies

1 Basis of preparation and assessment of going concern

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. Legacies are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. 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.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield in the investment portfolio.

4 Expenditure

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

The cost of generating funds includes the fees paid to investment managers in respect of the management of the charity's investment portfolios.

Expenditure on charitable activities comprises direct expenses incurred on the defined charitable purposes of the charity and includes staff costs attributable to the activity.

Governance costs comprise of expenditure on compliance with and advice on constitutional and statutory matters.

As all expenditure can be attributed to specific categories no apportionment between heading has been necessary. Irrecoverable VAT is included in the items of expenditure to which it relates.

5 Tangible fixed assets

Freehold land and buildings are included at a valuation based either on a value estimated by the trustees in 1999 or on historical cost. The Trustees do not consider that the expense of a professional valuation in order to ascertain the separate values of the land and buildings is justified.

The buildings are in constant use in furtherance of the charitable objectives and are maintained to standards that ensure that their residual value is not less than the book value. Buildings are not depreciated, for the reason stated above, they have a very long useful economic life such that annual depreciation would be immaterial. All assets costing more than £1,000 and with an expected life of more than one year are capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant, equipment, fixtures and fittings 20% or 25% on cost.

Motor vehicles 25% on cost .

After five years plant, equipment, fixtures and fittings with a net book value of nil are written out of the accounts as in the opinion of the Trustees such assets have a negligible residual value.

13

������������������������������������������������������������������������������������������������� Principal accounting policies for the year ended 30 June 2021

6 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

7 Investments

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 statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

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

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.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if 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. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

8 Fund accounting

The general fund comprises those monies, which may be used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

8 Taxation

The Trust, as a registered charity, is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

14

������������������������������������������������������������������������������������������������������������������

Notes to the Accounts

for the year ended 30 June 2021

1 Salaries and pensions of Sisters

Salaries
Pensions
Investment income
Dividends
Bank interest
Charitable activities
Contributions to schools
Contributions to schools
Upkeep of communities
Staff costs
Premises
Community and personal
Care of aged Sisters
Staff costs
Other care costs
Governance costs
Audit
Accountancy and advice
Legal and professional fees
The salaries and pensions ar
General
Designated
Restricted
Total
fund
fund
fund
2021
£
£
£
£
14,931
-
-
14,931
571,901
208,887
-
780,788
Total
General
Designated
Restricted
2020
fund
fund
fund
£
£
£
£
-
-
-
-
-
-
-
-
586,832
208,887
-
795,719
-
-
-
-
General
Designated
Restricted
Total
Total
General
Designated
Restricted
fund
fund
fund
2021
2020
fund
fund
fund
£
£
£
£
£
£
£
£
28,933
212,892
3,007
244,832
-
-
-
-
5,129
130
-
5,259
-
-
-
-
e earned income of the Sisters covenanted voluntarily to the trust.
34,062
213,022
3,007
250,091
-
-
-
-
General
Designated
Restricted
Total
fund
fund
fund
2021
£
£
£
£
-
-
15,000
15,000
Total
General
Designated
Restricted
2020
fund
fund
fund
£
£
£
£
-
-
-
-
-
-
15,000
15,000
-
-
-
-
150,966
-
-
150,966
120,914
-
-
120,914
197,052
8,195
-
205,247
-
-
-
-
-
-
-
-
-
-
-
-
468,932
8,195
-
477,127
-
-
-
-
616,112
-
-
616,112
117,263
8,378
-
125,641
-
-
-
-
-
-
-
-
733,375
8,378
-
741,753
-
-
-
-
General
Designated
Restricted
Total
fund
fund
fund
2021
£
£
£
£
5,800
-
-
5,800
3,920
-
-
3,920
-
-
-
-
Total
General
Designated
Restricted
2020
fund
fund
fund
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
9,720
-
-
9,720
-
-
-
-

2 Investment income

3 Charitable activities

15

������������������������������������������������������������������������������������������������������������������ Notes to the Accounts

for the year ended 30 June 2021

5 Staff costs

Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
2021
2020
£
£
719,492
-
38,491
-
9,095
-
767,078
-

No employee earned more than the equivalent of £60,000 per annum (including benefits) during the period (2020: nil).

The average number of employees, analysed by function was:

The average number of employees, analysed by function was:
Nursing home
Administrative staff
Domestic staff in communities
2021
2020
19
-
3
-
2
-
24
-

As members of the Order the Trustees' living expenses were borne by the Trust but the trustees received no remuneration or other benefits in connection with their duties as trustees during the year or in the previous year.

6 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes

7 Tangible fixed assets

Tangible fixed assets
Cost or Valuation
At 1 July 2020
Transferred from Trust
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Transferred from Trust
Charge for the year
On disposals
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020
Land and
Buildings
Motor
Vehicles
Plant,
equipment
and fittings
Total
£
£
£
£
-
-
-
-
6,558,540
88,466
63,034
6,710,040
100,000
-
1,444
101,444
-
-
-
-
6,658,540
88,466
64,478
6,811,484
-
-
-
-
-
65,337
35,254
100,591
-
6,633
9,744
16,377
-
-
-
-
-
71,970
44,998
116,968
6,658,540
16,496
19,480
6,694,516
-
-
-
-

16

������������������������������������������������������������������������������������������������������������������ Notes to the Accounts

for the year ended 30 June 2021

8
Investments
Listed Investments
Market value at 1 July 2020
Transferred from Trust
Additions at cost
Sale proceeds
Gain (loss) in year
Market value at 30 June 2021
Cash held by investment managers for re-investment
Cost of listed investments at 30 June 2021
9
Debtors
Legacies
Ursuline Preparatory School Wimbledon
Prepayments
Other debtors
10 Creditors: amounts falling due within one year
Taxes and social security costs
Redundancy payments
Sundry creditors
2021
2020
£
£
-
-
13,675,888
1,905,617
-
(1,647,286)
-
2,096,921
-
16,031,140
-
482,172
-
16,513,312
-
13,885,908
-
2021
2020
£
£
-
-
130,664
-
50,352
-
108,906
-
289,922
-
2021
2020
£
£
10,971
-
92,531
-
103,653
-
207,155
-

11 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

Ethiopia Fund
Catherwwod fund
Barrington fund
At 1 July
2020
Transferred
from Trust
Incoming
resources
Utilised/
realised
At 30 June
2021
£
-
-
-
£
£
£
439
1,570
-
2,009
28,542
-
(3,000)
25,542
187,610
31,925
(15,743)
203,792
- 216,591
33,495
(18,743)
231,343

The specific purposes for which the funds are to be applied are as follows:

The Ethiopia fund has been set up to assist the activities of the Order in Ethiopia. The Catherwood fund represents monies to be used with the agreement of two Sisters The Barrington fund exists to provide funds for educational purposes.

17

������������������������������������������������������������������������������������������������������������������

Notes to the Accounts for the year ended 30 June 2021

12 Designated funds

The income funds of the charity includes the following designated funds, set aside from the unrestricted funds by the Management Committee for specific purposes:

Committee for specific purposes:
Capital fund
Retirement funds
Apostolic fund
At 1 July
2020
Transferred
from Trust
Transfers
Incoming
resources
Utilised/
realised
At 30
September
2020
£
£
-
6,558,540
-
11,101,920
-
300,529
£
£
£
100,000
-
-
6,658,540
(62,141)
2,202,435
(107,179) 13,135,035
-
50,930
(1,098)
350,361
-
17,960,989
37,859
2,253,365
(108,277) 20,143,936

During the period £200,00 was transferred from the general fund to add to the inveatment portfolios. £262,141 was paid to the general fund for the care of aged Sisters.

13 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Creditors liabilities
Balances between funds
Total net assets
General
Designated
Restricted
Total
fund
funds
funds
2021
£
£
£
£
3,120,229
19,883,807
203,792
23,207,828
1,597,075
238,516
-
1,835,591
(196,796)
(10,359)
-
(207,155)
(59,523)
31,972
27,551
-
4,460,985
20,143,936
231,343
24,836,264

18