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2022-06-30-accounts

Page
Trustees Report
Legal and administrative information
Trustees Report
Auditors Report and Accounts
Auditors' report
Statement offinancial activities
Balance sheet 12
Statement ofcash flows 13
Principal accounting policies 14
Notes to the accounts 16
Trustees, Legal Legal and administrative administrative
information
Trustees Sister Kathleen
Colmer O.S.U (Chair)
Sister Maureen
Moloney O.S.U
Sister Patricia (Colette) Traveller O.S.U
Sister Marilyn
(Antonia) Ashpole O.S.U
Sister Catherine
Kelly O.S.U
Sir Michael Wilshaw
Mr Nicholas
Richardson
Provincial Sister Kathleen
Colmer O.S.U
Provincial Treasurer Sister Maureen
Moloney O.S.U
Provincial Finance Officer Mr Desmond
Delsol
Provincial Office 38Grosvenor
Road, Forest		 Gate, E7 8JA
Telephone 020 3422 0901
Email ursprovuko
aol.co.uk
Safeguarding Officer Ms Marina Gaudoin
Charity Registration Number 1187069
Website www. ursulinesuk.
org
Auditor Borucki & Co, 42 Radnor Road, Harrow, Middlesex HA1 1RZ
Investment Managers Brewin Dolphin, 12Smithfield
Road,		 London EC1A 9BD
Charles Stanley and Co Ltd, 55, Bishopsgate, London EC2N 3AP
Bankers The Royal Bank ofScotland, 62-63Threadneedle
Street, PO Box412, London EC2R 8LA
Triodos
Bank NV, Brunel
House, 11the		 Promenade, Bristol BS8
3NN
Solicitors Carter Lemon Camerons,
3" Floor, 20 King Street London		 EC2V
8EG
Nursing Home until October Mr Percival
Chari, Lourdes		 Nursing Home, 225 Canterbury Road,
2021 Westgate on Sea, Kent CT8 8LX

for the year ended 30 J une 2022
General Designated Restricted Total Total General Designated Restricted
Notes fund funds funds 2022 2021 fund funds funds
Income
Voluntary
income
Salaries and pensions ofSisters 1 647,821 161,120 808,941 795,719 586,832 208,887
Donations
and legacies		 114,035 20,000 134,035 159,936 132,366 26,000 1,570
Investment
income		 2 43,886 333,385 4,370 381,641 250,091 34,062 213,022 3,007
Activities in furtherance of
the charity's objectives:
Nursing
home fees		 1,924 1,924 232,453 232,453
Other income
Surplus (deficit) on sale offixed assets 4,175 4,175
Furlough
and Covid grants		 9,110 9,110 16,217 16,217
Miscellaneous
income		 5,767 5,767 2,955 2,955
Total income 826,718 514,505 4,370 1,345,593 1,457,371 1,004,885 447,909 4,577
Resources expended
Raising funds
Investment
managers		 fees 8,919 103,700 977 113,596 76,956 6,250 69,963 743
Charitable
activities
Contibutions
to schools		 7,212 15,000 22,212 15,000 15,000
Upkeep ofcommunities 697,676 6,965 704,641 477,127 468,932 8,195
Care ofaged Sisters 244,087 410,759 654,846 741,753 733,375 8,378
Other pastoral activities 69,791 22,327 2,000 94,118 95,915 71,174 21,741 3,000
Governance
costs		 12,240 12,240 9,720 9,720
1,031,006 440,051 17,000 1,488,057 1,339,515 1,283,201 38,314 18,000
Total ependiture 1,039,925 543,751 17,977 1,601,653 1,416,471 1,289,451 108,277 18,743
Net gains (lossses) on investments 8 (280,199) (1,160,370) (21,537) (1,462,106) 2,096,921 262,547 1,805,456 28,918
Net income (expenditure) before
transfers (493,406) (1,189,616) (35,144) (1,718,166) 2,137,821 (22,019) 2,145,088 14,752
Transfers between funds 60,383 (60,383) (37,859) 37,859
Net incoming
(outgoing)		 resources (433,023) (1,249,999) (35,144) (1,718,166) 2,137,821 (59,878) 2,182,947 14,752
Balances brought forward 1 July 4,460,985 20,143,936 231,343 24,836,264 22,698,443 4,520,863 17,960,989 216,591
Balances carried forward 30 June 4,027,962 18,893,937 196,199 23,118,098 24,836,264 4,460,985 20,143,936 231,343

Notes 2022 2021
Fixed assets
Tangible assets 6,672,168 6,694,516
Investments at market value 15,303,466 16,513,312
21,975,634 23,207,828
Current assets
Loan to School 102,656 130,664
Debtors 9 128,194 159,258
Cash at bank and in hand 1,192,901 1,545,669
1,423,751 1,835,591
Creditors: amounts falling due
within one year 10 281,287 207,155
Net current assets 1,142,464 1,628,436
Total assets less current liabilities 23,118,098 24,836,264
23,118,098 24,836,264
Represented by:
Funds and reserves
Restricted funds 196,199 231,343
Unrestricted funds
General funds 4,027,962 4,460,985
Designated funds 12 18,893,937 20,143,936
22,921,899 24,604,921
23,118,098 24,836,264

Note 2022 2021
Cash generated
in operating
activities		 (486,019) (275,581)
Cash flows from investing
acivities
Investment
income		 381,641 250,091
Proceeds ofinvestment
sales		 1,968,912 1,647,286
Purchases ofinvestments (2,341,865) (1,905,617)
Value ofnet current assets transferred
from trust		 2,413,106
Proceeds on sale ofassets 10,080
Purchase offixed assets (6,210) (101,444)
Cash provided
(used) in investing		 activities 12,558 2,303,422
Increase (decrease) in cash and cash equivalents in year (473,461) 2,027,841
Movement
in year
(Decrease) increase in cash at bank and in hand (352,768) 1,545,669
(Decrease) increase in cash held by investment managers for re-investment (120,693) 482,172
(473,461) 2,027,841
Reconciliation ofnet movement in funds to net cash flow from operating activities
2022 2021
Net income (expenditure) (1,718,166) 2,137,821
Deduct investment
income		 (381,641) (250,091)
Add depreciation 22,653 16,377
Profit on sale ofassets (4,175)
Add/(deduct)
net movement
on investments.		 1,462,106 (2,096,921)
Increase (decrease) in creditors 74,132 207,155
(Increase) decrease in debtors 59,072 (289,922)
(486,019) (275,581)

General Designated Restricted Total Total General Designated Restricted
fund fund fund 2022 2021 fund fund fund
Salaries 19,176 19,176 14,931 14,931
Pensions 628,645 161,120 789,765 780,788 571,901 208,887
647,821 161,120 808,941 795,719 586,832 208,887

General Designated Restricted Total Total General Designated Restricted
fund fund fund 2022 2021 fund fund fund
Dividends 43,263 333,222 4,370 380,855 244,832 28,933 212,892 3,007
Bank interest 623 163 786 5,259 5,129 130
43,886 333,385 4,370 381,641 250,091 34,062 213,022 3,007
3 Charitable activities
General Designated Restricted Total Total General Designated Restricted
fund fund fund 2022 2021 fund fund fund
Contributions to schools
Contributions to schools 7,212 15,000 22,212 15,000 15,000
7,212 15,000 22,212 15,000 15,000
Upkeep ofcommunities
Staff costs 167,464 167,464 150,966 150,966
Premises 264,366 1,137 265,503 120,914 120,914
Community and personal 265,846 5,828 271,674 205,247 197,052 8,195
697,676 6,965 704,641 477,127 468,932 8,195
Care ofaged Sisters
Staff costs 198,255 14,353 212,608 616,112 616,112
Other care costs 45,832 396,406 442,238 125,641 117,263 8,378
244,087 410,759 654,846 741,753 733,375 8,378
4 Governance costs
General Designated Restricted Total Total General Designated Restricted
fund fund fund 2022 2021 fund fund fund
Audit 5,800 5,800 5,800 5,800
Accountancy and advice 6,440 6,440 3,920 3,920
Legal and professional fees
12,240 12,240 9,720 9,720

Staff costs
2022 2021
Staff costs during the year were as follows:
Wages and salaries 361,848 719,492
Social security costs 14,826 38,491
Other pension costs 3,398 9,095
380,072 767,078
The average number of employees,
ana		 lysed
by func		 tion was :
2022 2021
Nursing
home		 19
Administrative
staff		 3
Domestic staff in communities 2
24
As members
ofthe 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.
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 10Income Tax Act 2007 or Section 256ofthe Taxation ofChargeable
Gains Act 1992,to
the extent that such income or gains are applied exclusively to charitable purposes
Tangible fixed assets
Plant,
Land and Motor equipment
Buildings Vehicles and fittings Total
Cost or Valuation
At 1 July 2021
Transferred
from Trust		 6,658,540 88,466 64,478 6,811,484
Additions 6,210 6,210
Disposals (14,750) (29,951) (44,701)
At 30June 2022 6,658,540 79,926 34,527 6,772,993
Depreciation
At 1 July 2021
Transferred
from Trust		 71,970 44,998 116,968
Charge for the year 10,086 12,567 22,653
On disposals (14,750) (24,046) (38,796)
At 30June 2022 67,306 33,519 100,825
Net book value
At 30June 2022 6,658,540 12,620 1,008 6,672,168
At 30June 2021 6,658,540 16,496 19,480 6,694,516

8 Investments 2022 2021
Listed Investments
Market value at 1 July 2021 16,031,140 13,675,888
Additions
at		 cost 2,341,865 1,905,617
Sale proceeds (1,968,912) (1,647,286)
Gain (loss) in year (1,462,106) 2,096,921
Market value at 30June 2022 14,941,987 16,031,140
Cash held by investment managers for re-investment 361,479 482,172
15,303,466 16,513,312
Cost oflisted investments at 30June 2022 14,570,258 13,885,908
9 Debtors 2022 2021
Legacies
Prep ayments 75,561 50,352
Other debtors 52,633 108,906
128,194 159,258
10 Creditors: amounts falling due within one year 2022 2021
Taxes and social security costs 2,293 10,971
Redundancy payments 92,531
Sundry creditors 278,994 103,653
281,287 207,155

At 1 July Incoming Utilised/ At 30June
2021 resources realised 2022
Ethiopia Fund 2,009 (2,000) 9
Catherwwod fund 25,542 25,542
Barrington fund 203,792 4,370 (37,514) 170,648
231,343 4,370 (39,514) 196,199

At 1 July Incoming Utilised/ At 30June
2021 Transfers resources realised 2022
Capital fund 6,658,540 6,658,540
Retirement funds 13,135,035 (60,383) (610,228) (542,467) 11,921,957
Apostolic fund 350,361 (35,637) (1,552) 313,172
20,143,936 (60,383) (645,865) (544,019) 18,893,669

Analysis ofnet as sets between funds
General Designated Restricted Total
fund funds funds 2022
Tangible fixed assets 2,852,027 18,952,959 170,648 21,975,634
Current assets 1,277,158 146,584 9 1,423,751
Creditors liabilities (43,709) (237,578) (281,287)
Balances between funds (57,514) 31,972 25,542
Total net assets 4,027,962 18,893,937 196,199 23,118,098