## ## |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|| |Investment|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|2022| |---|---|---|---| |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| |15|Creditors: amounts|falling due after more than one year||| |---|---|---|---|---| ||||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||||||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| ## ##