2023-06-30-accounts - The Charity Of The Roman Union Of The Order Of St Ursula

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Reports	Reports
Reference and administrative		information	1
Trustees' report
Independent auditor's	report
Financial statements
Statement offinancial	activities		16
Balance sheet			17
Principal accounting	policies		20
Notes to the financial	statements		25

			Trustees	Trustees	Sister Kathleen Colmer	O.S.U (Chair)
					Sister Catherine (Kitty)	Kelly O.S.U (appointed
					14November 2023)
					Sister Maureen Moloney O.S.U
					Sister Patricia (Colette)	Traveller O.S.U
					(resigned 9November	2023)
					Sister Marilyn (Antonia)	Ashpole 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
					London
					E7SJA
		Telephone			020 3422 0901
				Email	ursprovuk@aokco. uk
	Safeguarding			Officer	Ms Marina Gaudoin
Charity	Registration		Number		1187069
			Website		www. ursulinesuk. org
				Auditor	Buzzacott LLP
					130Wood Street
					London
					EC2V 6DL

Nlanagers	Brewin Dolphin	Brewin Dolphin	Limited	Limited
	12Smithfield	Road
	London
	EC1A 9BD
	Charles Stanley		and	Co Limited
	55Bishopsgate
	London
	EC2N 3AS
Bankers	The Royal Bank ofScotland pic
	62-63Threadneedle			Street
	PO Box412
	London
	EC2R 8LA
	Triodos Bank	NV
	Brunel House
	11the Promenade
	Clifton Down
	Bristol
	BS83NN
Solicitors	Carter Lemon		Camerons		LLP
	3"4Floor
	20 King Street
	London
	EC2V 8EG

			Un-			Un-
			restricted	Restricted	Total	restricted	Restricted	Total
		Notes		funds	2023	funds	funds	2022
					6	6
Income from:
Donations and legacies		1	9?4,513		974,513	1,064,197		1,064,19?
Investments and interest receivable		2	442,742	5,520	448,262	377,271	4,370	381,641
Charitable activities:
.Nursing home fees						1,924		1,924
Other sources:
.Surplus on disposal oftangible fixed
assets			40,517		40,517	4,175		4,175
.Coronavirus Job Retention Scheme						9,110		9,110
.Miscellaneous income			1,696		1,696	5,767		5,767
Total income			1,459,468	5,520	1,464,988	1,462,444	4,370	1,466,814
Expenditure on:
Raising funds:
.Investment management	fees		105,105	824	105,929	112,619	977	113,596
Charitable activities:
.Support ofmembers and ministry		3	1,470,437		1,470,437	1,512,569	2,000	1,514,569
.Donations payable		4	57,799	15,000	72,799	79,709	15,000	94,709
Total expenditure			1,633,341	15,824	1,649,165	1,704,897	17,977	1,722,874
Net expenditure before net (losses)
gains on investments			(173,873)	(10,304)	(184,177)	(242,453)	(13,60?)	(256,060)
Net (losses) gains on investments			(190,604)	1,879	(188,725)	(1,440,569)	(21,537)	(1,462,106)
Net expenditure before transfers			(364,477)	(8,425)	(3?2,902)	(1,683,022)	(35,144)	(1,718,166)
Transfers between funds		16	(1,458)	1,458
Net movement in funds			(365,935)	(6,967)	(372,902)	(1,683,022)	(35,144)	{1,718,166)
Reconciliation offunds:
Balances brought forward	at 1 July		22,921,899	196,199	23,118,098	24,604,921	231,343	24,836,264
Balances camed forward	at 30June		22,555,964	189,232	22,745,196	22,921,899	196,199	23,118,098

							2022	2022
							(As	(As
					2023	2023	restated)	restated)
				Notes				F
Fixed assets
Tangible assets				10		6,660,160		6,672,168
Investments				11		14,206,739		14,100,820
						20,866,899		20,772,988
Current assets
Debtors —amounts	receivable		within
one year				12	1,367,844		1,338,848
Debtors —amounts	receivable		after
one year				13	46,641		94,648
Cash at bank and in		hand			755,298		1,192,901
Total current assets					2,169,783		2,626,397
Liabilities:
Creditors: amounts		falling due
within one year				14	(219,161)		(117,089)
Net current assets						1,950,622		2,509,308
Total net assets less current
liabilities						22,817,521		23,282,296
Creditors: amounts		falling due	after
more than one year				15		(72,325)		(164,198)
Total net assets						22,745,196		23,118,098
Represented by:
Restricted funds				16		189,232		196,199
Unrestricted funds
.Tangible fixed asset funds				17		6,660,160		6,658,540
.Designated funds				18		12,470,242		12,235,397
.General funds						3,425,562		4,027,962
						22,745,196		23,118,098

						2023	2022
					Note
	Cash flows from operating activities:
	Net cash used in operating activities				A	(659,754)	(534,027)
	Cash Rows from investing activities:
	Investment income received					448,262	381,641
	Proceeds from the disposal oftangible	fixed assets				207,492	10,080
	Purchase oftangible fixed assets					(162,941)	(6,210)
	Proceeds from the disposal ofinvestments					4,537,403	1,968,912
	Purchase of investments					(4,495,841)	(2,341,865)
	Cash provided by investing activities					534,375	12,558
	Cash flows from financing activities:
	Loan repayments received					48,007	48,008
	Net cash provided by financing activities					48,007	48,008
	Change in cash and cash equivalents		in the	year		(77,372)	(473,461)
	Cash and cash equivalents at 30June		2022			1,554,380	2,027,841
	Cash and cash equivalents at 30June		2023		B	1,477,008	1,554,380
A	Reconciliation ofnet movement	in	funds	to net cash	used in	operating activities
						2023	2022
							F
	Net movement in funds (as per the statement			offinancial
	activities)					(372,902)	(1,718,166)
	Investment income receivable					(448,262)	(381,641)
	Depreciation charge					7,974	22,653
	Surplus on disposal oftangible fixed assets					(40,517)	(4,175)
	Net losses on listed investments					1&8,725	1,462,106
	Increase in creditors					10,199	74,132
	(Increase) decrease in debtors					(4,971)	11,064
	Net cash used in operating activities					(659„754)	(534,027)
B	Analysis ofcash and cash equivalents
						2023f	2022
	Cash at bank and in hand					755,298	1,192,901
	Cash held by investment managers					721,710	361,479
	Total cash and cash equivalents					1,477,008	1,554,380

			2022 f	Cash flows	2023 f
Cash at bank and in hand			1,192,901	(437,603)	755,298
Cash held by investment	managers		361,479	360,231	721,710
			1,554,380	(77,372)	1,477,008
Loan to Ursuline Preparatory School Wimbledon		Trust	102,656	(28,007)	74,649
Loan to the Diocese ofSouthwark			40,000	(20,000)	20,000
Balance at 31December	2023		1,697,036	(125,379)	1,571,657

Income	fro	m	: Donations	and lega	cies
								Un-
				Un-				restricted
			restricted		Restricted	Total		funds	Restricted	Total
				funds	funds	2023	(restated)		funds	2022
				6	6
Salaries	and	pensions of
individual	religious			969,146		969,146		930,162		930,162
Other donations			and
legacies				5,367		5,367		134,035		134,035
				974,513		974,513	1,064,197			1,064,197
Income	from: investments			and interest receivable
				Un-				Un-
			restricted		Restricted	Total		restricted	Restricted	Total
				funds	funds	2023		funds	funds	2022
				F.	6	F				E
Dividends				434,082	5,520	439,602		376,485	4,370	380,855
Bank interest				8,660		8,660		786		786
				442,742	5,520	448,262		377,271	4,370	381,641
Expenditure			on: Support	ofmembers ofthe		Congregation		and their Ministry
				un-				Un-
			restricted		Restricted	Total		restricted	Restricted	Total
				funds F.	funds f	2023 6		funds	funds F	2022f
Staff costs (note			7)	271,578		271,578		380,072		380,072
Premises	costs			238,991		238,991		210,222		210,222
Care ofaged		Sisters		814,567		814,567		835,133		835,133
Other costs				84,052		84,052		74,902	2,000	76,902
Governance		costs (note 5)		61,249		61,249		12,240		12,240
				1,470,437		1,470,437		1,512,569	2,000	1,514,569

		Un-			Un-
		restricted	Restricted	Total	restricted	Restricted	Total
		funds 6	funds f	2023	funds F	fund f	2022f
Contribution	to the Ursuline
Generalate		19,760		19,760	17,216		17,216
Donations to	Ursuline
Schools		6,933	15,000	21,933	7,212	15,000	22,212
Other donations		31,106		31,106	55,281		55,281
		57,799	15,000	72,799	79,709	15,000	94,709

			tjn-			Un-
			restricted	Restricted	Total	restricted	Restricted	Total
			funds	funds	2023	funds	funds	2022
			6	F	6			f
Auditor's	remuneration
.Current	year		24,000		24,MO
.Prior years			11,200		11,200	12,240		12,240
Legal and	professional	fees	26,049		26,049
			61,249		61,249	12,240		12,240

		2023	2022
Staff costs		271,578	380,072
Depreciation		7,974	22,653
Surplus on disposal	oftangible fixed assets	40,518	4,175
Auditor's remuneration:
.Statutory audit services —current year		14,000
.Statutory audit services —prior years		5,800	5,800
.Other accountancy	services —current year	10,000
.Other accountancy	services —prior years	5,400	6,440
Staff costs
		2023	2022
			F
Staff costs during the year were as follows:
Wages and salaries		252,970	361,848
Social security costs		14,354	14,826
Other pension costs		4,254	3,398
		271,578	380,072

		2023
Administrative	staff	2
Domestic staff	in communities	12
		14

Tangible fixed assets
		Improvements
		to freehold
	Freehold	land and			Plant,
	land and	buildings	in	Motor	equipment,
	buildings E	progress		vehidesf	and fittingsf	Total 6
Cost
At 1 July 2022	6,658,540			79,926	34,527	6,772,993
Additions	102,647	52,000			8,294	162,941
Disposals	(166,975)					(166,975)
At 30June 2023	6,594,212	52,000		79,926	42,821	6,768,959
Depreciation
At 1 July 2022				67,306	33,519	100,&25
Charge for the year				6,040	1,934	7,974
At 30June 2023				73,346	35,453	108,799
Net book value
At 30June 2023	6,594,212	52,000		6,580	7,368	6,660,160
At 30June 2022	6,658,540			12,620	1,008	6,672,168

Investments
							2022
							(As
						2023	restated)
Listed Investments
Market value at 1 July	2022
. As previously stated						14,941,987	16,031,140
. Prior year adjustment		(note 22)				(1,202,646)	(1,268,950)
. As restated						13,739,341	14,762,190
Additions at cost						4,495,841	2,341,865
Disposals (sales proceeds: R4,537,403, realised gains: f22,022)						(4,515,381)	(1,968,912)
Unrealised losses						(234,772)	(1,395,802)
Market value at 30June		2023				13,485,029	13,739,341
Cash held by investment			managers	for re-investment		721,710	361,479
						14,206,739	14,100,820
Cost oflisted investments			at 30June 2023			13,923,424	13,562,954
Listed investments	held at 31 December 2023comprised				the	following:
						2023f	2022
.UK Equities						3,639,128	3,868,549
.Overseas Equities						5,780,582	4,951,865
.UK Fixed Interest						1,214,920	933,383
Overseas Fixed Interest			Fund			892,442	663,477
.Other						1,957,957	3,322,067
						13,485,029	13,739,341

Debtors: Amount	re	ce	ivable	within one yea	r
							2022
						2023	(As restated)
Loan to the Ursuline	Preparatory			School Wimbledon	Trust	28,008	28,008
Loan to the Southwark		Diocesan		Trust		20,000	20,000
Professional fees prepaid			pending	sale offreehold	property	79,85T	65,733
Other prepayments						11,317	9,828
Other debtors						1,991	12,633
Common Trust Sharing		Fund				1,226,671	1,202,646
						1,367,844	1,338,848

Debt	or	s:	Amount	receivable	after more than	one year
							2023	2022
								(restated)
								E
Loan	to	the	Ursuline	Preparatory	School Wimbledon	Trust (note 12)	46,641	74,848
Loan	to	the	Roman	Catholic Diocese ofSouthwark		(note 12)		20,000
							46,641	94,648

Creditors: amounts falling due within one year
	2023	2022
		E
Social security and other taxes	8,362	2,293
Care fees payable to Kent County Council	130,096	72,759
Expense and other creditors	80,703	42,037
	219,161	117,089

Creditors: amounts
	2023	2022
		E
Care fees payable to Kent County Council (note 14)	72,325	164,198

						Investment	Transfer
			At 1 July 2022	Income	Expenditure	gains (losses)	between funds	At	30 June 2023
			F	E		E	E		F
Ethiopia fund			9						9
Catherwood		fund	25,542				1,458		27,000
Barrington	fund		170,648	5,520	(15,824)	1,879			162,223
			196,199	5,520	(15,824)	1,879	1,458		189,232
						Investment	Transfer
			At 1 July 2021	Income	Expenditure	gains (losses)	between funds	At	30June 2022
			E		F	E	F		F
Ethiopia fund			2,009		(2,000)				9
Cathe	wood		fund	25,542
Barrington		fund	203,792	4,370	(15,977)	(21,537)	—		170,648
			231,343	4,370	(17,977)	(21,537)			196,199

Tangible fixed	assets fund
		2023f	2022 F
At 1 July 2022		6,658,540	6,658,540
Net movements	in the year	1,620
At 30June 2023		6,660,160	6,658,540

unrestrict	ed funds by the Tr	ustees for specific purpose	s:
		At 1July	New	Utilisedl	At 30 June
		2022	designations F	released 8	2023f
Retirement	fund	11,922,225	?43,065	(2,012,201)	10,653,089
Apostolic fund		313,172	1,508,565	(4,584)	1,817,153
Total		12,235,397	2,251,630	(2,016,785)	12,470,242
		At 1 July	New	Utilised/	At 30June
		2021	designations	released	2022
		(restated)	(restated)	(restated)	(restated)
		E			E
Retirement	fund	13,135,035	610,228	(1,823,306)	11,921,957
Apostolic fund		350,361	35,637	(72,558)	313,440
Total		13,485,396	645,865	(1,895,864)	12,235,397

				Designated	Restricted	Tangible fixed	Total
			General fund 6	funds f	f	assets funds	2023
Fund balances	at 30 June 2023
are represented		by:
Tangible fixed assets						6,660,160	6,660,160
investments			1,143,774	12,900,744	162,221		14,206,739
Net current assets			2,125,526	(201,915)	27,011		1,950,622
Non-current liabilities			156,262	(228,587)			(72,325)
Total net assets			3,425,562	12,470,242	189,232	6,660,160	22,745,196
				Designated	Restricted	Tangible fixed	Total
			General fund	funds		assets funds	2022
			E
Fund balances	at	30June 2022
are represented	by:
Tangible fixed assets						6,672,168	6,6?2,168
Investments			1,635,753	12,013,219	451,848		14,100,820
Net current assets			2,392,209	386,376	(255,649)	(13,628)	2,509,308
Non-current liabilities				(164,198)			(164,198)
Total net assets			4,027,962	12,235,397	196,199	6,658,540	23,118,098