Charity registration number 208208
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Miss B Mangan | |
|---|---|---|
| Miss N Curtin | ||
| Miss M O'Sullivan | (Appointed 4 April 2023) | |
| Charity number | 208208 | |
| Registered office | Provincial House | |
| 42 Rathfarnham Road | ||
| Terenure | ||
| Dublin | ||
| D6W NY67 | ||
| Independent examiner | Darren Harding ACA FCCA DChA | |
| Richard Place Dobson Services Limited | ||
| 1-7 Station Road | ||
| Crawley | ||
| West Sussex | ||
| RH10 1HT |
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The objects of the charity are such charitable purposes which advance religious and other charitable work. This work is carried on under the direction of the Society as the Trustees shall from time to time think fit. There have been no changes to the objects in the year.
The charity's trustees have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, they have considered how planned activities will contribute to the aims and objectives they have set.
Prayer is a very big part of the Sister mission, particularly those confined to Nursing Homes.
Using the various forms of media to communicate their wisdom and advise when visiting is no longer possible.
Our activities have been reduced this year due to the pandemic which imposed restriction on home and hospital visiting. Our pastoral work was also limited during severe lockdown.
However, as our mission is to bear witness to God's love among the poor, the workers and their families, we continued this witness by simple acts of service.
We continued to raise awareness in injustice and racism and to promote care of the earth and ecology.
Achievements and performance
Throughout the year the Sisters continued to carry out both social and pastoral works in order to fulfil their ministries. This they did by reaching out to individuals and families suffering hardship and loss. Counselling to the bereaved who were often left desolate and saddened by the loss of a loved one with nobody to talk to or accompany them in their loneliness.
Throughout the year the Sisters continued when permitted to carry out social and pastoral work.
Part of our Apostolate is now caring for our frail and elderly Sisters, none of whom have resources of their own.
All of these Sisters have devoted a significant part of their lives to the care of the poor and marginalised societies.
Financial review
Net outgoing resources for the year totaled £162,821 (2021 - £6,510) as shown on the statement of financial activities on page 4 of the accounts.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately 3 to 6 months expenditure.
The current level of unrestricted reserves is £67,765 which is in line with the reserves policy.
In accordance with the trust deed, the trustees have the power to invest in any investments for the time being authorised by law for the investment of trust funds. The trustees have engaged J.M.Finn & Co as investment managers. The trustees intend that the real value of their assets be maintained and enhanced over the long term in a portfolio comprising of equities, fixed income stocks and cash. The trustees have also requested that J.M.Finn & Co adopt an ethical policy when considering investments.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
page 1
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of Little Sisters Of The Assumption Charitable Trust (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT
Dated: 23 October 2023...
page 3
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Unrestricted funds funds general designated 2022 2022 Notes £ £ Income from: Donations and legacies 3 700 - Other incoming resources 4 45,356 - Investments 5 12,287 - Total income 58,343 - Expenditure on: Raising funds 6 4,998 - Charitable activities 7 84,843 893 Total expenditure 89,841 893 Net gains/(losses) on investments 10 - (130,430) Net outgoing resources before transfers (31,498) (131,323) Gross transfers between funds 54,176 (54,176) Net income/(expenditure) for the year/ Net movement in funds 22,678 (185,499) Fund balances at 1 January 2022 45,087 1,077,396 Fund balances at 31 December 2022 67,765 891,897 |
Total Unrestricted Unrestricted funds funds general designated 2022 2021 2021 £ £ £ 700 4,300 - 45,356 34,664 - 12,287 13,737 - 58,343 52,701 - 4,998 5,329 - 85,736 122,131 893 90,734 127,460 893 (130,430) - 69,142 (162,821) (74,759) 68,249 - 23,159 (23,159) (162,821) (51,600) 45,090 1,122,483 96,687 1,032,306 959,662 45,087 1,077,396 |
Total 2021 £ 4,300 34,664 13,737 52,701 5,329 123,024 128,353 69,142 (6,510) - (6,510) 1,128,993 1,122,483 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
page 4
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Fixed assets | ||||||
| Tangibleassets | 12 | 103,587 | 104,480 | |||
| Investments | 13 | 572,756 | 707,128 | |||
| 676,343 | 811,608 | |||||
| Current assets | ||||||
| Debtors | 14 | 1,372 | 1,166 | |||
| Cash at bank and in hand | 285,247 | 315,372 | ||||
| 286,619 | 3 | 6,538 | ||||
| Creditors: amounts falling due within one | ||||||
| year | 15 | (3,300) | (5,663) | |||
| Net current assets | 283,319 | 310,875 | ||||
| Total assets less current liabilities | 959,662 | 1,122,483 | ||||
| Income funds | ||||||
| Unrestricted funds | ||||||
| Designated funds | 16 | 891,897 | 1,077,396 | |||
| General unrestricted funds | 67,765 | 45,087 | ||||
| 959,662 | 1,122,483 | |||||
| 959,662 | 1,122,483 |
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's declaration of trust, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds are unrestricted funds set aside at the discretion of the trustees to be used for a specific purpose. The designated fund for fixed assets is that part of the unrestricted funds that represents fixed assets used in the day to day operation of the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Other incoming resources includes sisters income and is recognised in the period to which it relates which is when the charity becomes entitled to the resource.
Donations and similar incoming resources are included in the year in which they are receivable which is when the charity becomes entitled to the resource.
Income from investments is included in the SOFA in the year in which it is receivable which is when the charity becomes entitled to the resources.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
page 6
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Charitable activities
Charitable activities relate to the costs of the community and have been allocated directly to the functional headings as shown on the SOFA. Welfare costs relate to medical and education costs for the sisters.
Support costs now include governance costs which are costs associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees, accountancy fees, legal and professional fees and bank charges.
Allocation and apportionment of costs
The main activity of the charity is to provide religious services to the community so all costs related to this are classed as direct charitable costs and all other costs are allocated as support costs.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold Straight line over 125 years Fixtures, fittings & equipment 15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at market value at each reporting date. Changes in market value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
page 7
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.13 Taxation
As a charity, the trust is not subject to Corporation Tax or any taxes on income and gains arising from its charitable activities.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
Investment value
Valuation of investments at market value, based on calculation by the investment fund manager. The investments held are all shares listed on a recognised stock exchange and have an easily identifiable market value.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 700 | 4,300 |
page 8
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4 Other incoming resources
| 5 6 |
Sisters income Sisters income 2022 2021 £ £ Sisters income 45,356 34,664 Investments Unrestricted Unrestricted funds funds general general 2022 2021 £ £ Income from listed investments 10,578 13,709 Interest receivable 1,709 28 12,287 13,737 Raising funds Unrestricted Unrestricted funds funds general general 2022 2021 £ £ Investment management 4,998 5,329 4,998 5,329 |
Sisters income Sisters income 2022 2021 £ £ Sisters income 45,356 34,664 Investments Unrestricted Unrestricted funds funds general general 2022 2021 £ £ Income from listed investments 10,578 13,709 Interest receivable 1,709 28 12,287 13,737 Raising funds Unrestricted Unrestricted funds funds general general 2022 2021 £ £ Investment management 4,998 5,329 4,998 5,329 |
|---|---|---|
| 5,329 |
page 9
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7 Charitable activities
| Depreciation and impairment Rates and water Insurance Education Health Household Travel Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds - general Unrestricted funds - designated Support costs Support costs Governance costs £ £ Subscriptions 305 - Accountancy - 3,610 Legal and professional - 5,310 305 8,920 Analysed between Charitable activities 305 8,920 |
Religious Services Religious Services 2022 2021 £ £ 893 893 1,986 10,830 - 558 - 550 69,132 93,483 4,000 - 500 - 76,511 106,314 305 60 8,920 16,650 85,736 123,024 84,843 122,131 893 893 85,736 123,024 2022 Support costs Governance costs 2021 £ £ £ £ 305 60 - 60 3,610 - 3,600 3,600 5,310 - 13,050 13,050 9,225 60 16,650 16,710 9,225 60 16,650 16,710 |
Religious Services Religious Services 2022 2021 £ £ 893 893 1,986 10,830 - 558 - 550 69,132 93,483 4,000 - 500 - 76,511 106,314 305 60 8,920 16,650 85,736 123,024 84,843 122,131 893 893 85,736 123,024 2022 Support costs Governance costs 2021 £ £ £ £ 305 60 - 60 3,610 - 3,600 3,600 5,310 - 13,050 13,050 9,225 60 16,650 16,710 9,225 60 16,650 16,710 |
|---|---|---|
| 106,314 60 16,650 |
||
| 123,024 | ||
| 122,131 893 |
||
| 123,024 | ||
| 2021 £ 60 3,600 13,050 |
||
| 16,710 | ||
| 16,710 |
8 Support costs
Governance costs include payments for Independent Examination fees and other accounting services of £3,610 (2021: £3,600).
page 10
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The trustees are also members of the community. Members of the community are maintained by the charity and the cost of premises, meals and other living expenses in respect of each sister is paid by the charity.
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| designated | designated | |
| 2022 | 2021 | |
| £ | £ | |
| Gain/(loss) on sale of investments | (130,430) | 69,142 |
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Long Cost At 1 January 2022 Disposals At 31 December 2022 Depreciation and impairment At 1 January 2022 Depreciation charged in the year Eliminated in respect of disposals At 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021 |
leasehold Fixtures, fittings & equipment £ £ 111,624 149,662 - (4,356) 111,624 145,306 7,144 149,662 893 - - (4,356) 8,037 145,306 103,587 - 104,480 - |
Total £ 261,286 (4,356) |
| 256,930 | ||
| 156,806 893 (4,356) |
||
| 153,343 | ||
| 103,587 | ||
| 104,480 |
Fixtures and fittings were introduced at a trustees' estimate of original cost in January 1994.
All fixed assets are used for charitable purposes.
page 11
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
| 13 | Fixed asset investments | |
|---|---|---|
| Listed | ||
| investments | ||
| £ | ||
| Cost or valuation | ||
| At 1 January 2022 | 707,128 | |
| Additions | 32,160 | |
| Valuation changes | (130,430) | |
| Disposals | (36,102) | |
| At 31 December 2022 | 572,756 | |
| Carrying amount | ||
| At 31 December 2022 | 572,756 | |
| At 31 December 2021 | 707,128 | |
| Historical cost | ||
| At 31 December 2022: £464,634 | ||
| At 31 December 2021: £461,877 | ||
| Investments that had a value of 5% or more of the market value held at year end are: | ||
| Stewart Inv Asia Sustainability - £32,765 | ||
| Halma Ord GBP0.10 - £33,558 | ||
| Fundsmith Equity Fund - £29,059 | ||
| Troy Trojan Fund - £30,815 | ||
| Revaluation reserves of £108,122 (2021: £245,250) are included in the designated fund. |
| 14 Debtors Amounts falling due within one year: Prepayments 15 Creditors: amounts falling due within one year Accruals |
2022 £ 1,372 2022 £ 3,300 |
2021 £ 1,166 |
|---|---|---|
| 2021 £ 5,663 |
page 12
LITTLE SISTERS OF THE ASSUMPTION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16 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:
| Balance at 1 January 2022 £ Sisters Care fund 972,916 Property fund 104,480 1,077,396 |
Resources expended £ - (893) (893) |
Transfers Investments gains/losses Balance at 31 December 2022 £ £ £ (54,176) (130,430) 788,310 - - 103,587 (54,176) (130,430) 891,897 |
Transfers Investments gains/losses Balance at 31 December 2022 £ £ £ (54,176) (130,430) 788,310 - - 103,587 (54,176) (130,430) 891,897 |
|---|---|---|---|
| 891,897 |
| Balance at 1 January 2021 £ Sisters Care fund 926,933 Property fund 105,373 1,032,306 |
Resources expended £ - (893) (893) |
Transfers Investments gains/losses Balance at 31 December 2021 £ £ £ (23,159) 69,142 972,916 - - 104,480 (23,159) 69,142 1,077,396 |
Transfers Investments gains/losses Balance at 31 December 2021 £ £ £ (23,159) 69,142 972,916 - - 104,480 (23,159) 69,142 1,077,396 |
|---|---|---|---|
| 1,077,396 |
The Sisters Care fund represent funds set aside in investments towards the costs of care for the elderly sisters of the charity. It will also be used to fund a small community of Sisters in Birmingham.
The Property fund represents funds necessarily set aside for the Charity's occupation of land and buildings.
17 Analysis of net assets between funds
| Unrestricted funds Designated funds 2022 2022 £ £ Fund balances at 31 December 2022 are represented by: Tangible assets - 103,587 Investments - 572,756 Current assets/(liabilities) 67,765 215,554 67,765 891,897 |
Total Unrestricted funds Designated funds 2022 2021 2021 £ £ £ 103,587 - 104,480 572,756 - 707,128 283,319 45,087 265,788 959,662 45,087 1,077,396 |
Total 2021 £ 104,480 707,128 310,875 |
|---|---|---|
| 1,122,483 |
18 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
page 13