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2020-12-31-accounts

B297LL
Board of Trustees
Sister C. Neenan Superior General Sister E. Browne Councillor
Sister T. Murphy Councillor/ Bursar Sister C. Bordea Councillor
Sister M. Mattison Councillor
Sister A. Sullivan Councillor/Secretary
Auditors Dains LLP
15Colmore Row
Birmingham
B32BH
Solicitors Glaisyers
Rowchester Court, 10 Printing House Street
Birmingham B46DZ
Bankers Lloyds Bank Plc
134 New Street,
Birmingham B24NP
Investment Managers Smith 8 Williamson
3"Floor		 Investment Management
9 Colmore Row
Birmingham B32BJ

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Note 2020 2019
E E
Fixed assets
Tangible assets 10 16,919,100 15,709,289
Investments 11 13,730,866 14,131,681
30„649„966 29,840,970
Current assets
Debtors 12 299,084 237,106
Cash at bank and in hand 5„082,352 4,777,507
5,381,436 5,014,613
Creditors: amounts falling due within one year 13 (416„239) (784,833)
Net current assets 4,965,197 4,229,780
Total assets less current liabilities 35,615,163 34,070,750
Funds
Unrestricted funds 14 27,356,411 29,211,328
Restricted funds 15 1,258,752 1,295,822
Endowment fund 16 7,000,000 3,563,600
35,615,163 34,070,750

Note 2020 2019
E
Fixed assets
Tangible assets 10 16,916,336 15,704,486
Investments 11 13,188,139 13,532,231
30,104,475 29,236,717
Current assets
Debtors 12 430,769 111,574
Cash at bank and in hand 2,890,558 2,966,903
3,321 327 3,078,477
Creditors: amounts falling due within one year (149,429) (144,549)
Net current assets 3,171,898 2,933,928
Total assets less current liabilities 33,276,373 32,170,645
Funds
Unrestricted funds 14 25,017,621 27,311,223
Restricted funds 15 1,258,752 1,295,822
Endowment fund 16 7,000,000 3,563,600
33,276,373 32,170,645

2020 2020 2019 2019
F
Reconciliation
of net (expenditure)
Net incoming
resources		 1,544,412 (266,961)
(Profit) on sale offixed assets (1,512,820)
Revaluation (1,663,897)
investment
income		 (503,271) (592,225)
Depreciation
oftangible
fixed assets		 245,053 373,765
Decrease/(increase)
in debtors		 (61,978) 154,355
Increase/(decrease)
in creditors		 (368,594) 135,925
(Gains)/losses
on investments		 552,812 (1,468,355)
Losses on foreign exchange 80,657 69,931
Net cash used
in operating		 activities (1,687,626) (1,593,565)
Cash flows from investing activities
Dividends
interest and rents		 from investments 503,271 592,225
Purchase
oftangible
fixed assets		 (87,306) (56,601)
Proceeds ofsale oftangible fixed assets 1,809,160
Purchases
of investments		 (1,530,095) (2,032,528)
Proceeds ofsales of investments 1,378,098 1,582,918
Net cash provided
by investing		 activities 2,073,128 86,014
Change
in cash and cash		 equivalents in
the reporting
period		 385„502 (1,507,551)
Cash and cash equivalents at the beginning of
the reporting
period		 4,777,507 6,354,989
Losses on foreign exchange (80,657) (69,931)
Cash and cash equivalents at the end of
the reporting
period		 5,082,352 4,777,507
Cash and cash equivalents consist of:
4,777,507
Cash at bank and
in hand		 5,082„352

2 Income from emoluments and pensions 2020 2019
E E
Amounts
received
in respect		 ofthe present or
past services of members ofthe Congregation:
Salaries 178,732 189,797
Occupational
pensions		 916,234 1,074,644
State pensions 978,890 971,176
Supplementary
benefits		 235,706 231,061
2,309,562 2,466,678
3 Income from charitable activities
2020 2019
F E
Healthcare
fees		 1,518,529 1,437,122
Education
- school fees		 2,563,239 2,398,990
Grants received 41,779
4,123„547 3,836,112
4 Investment
income and		 interest 2020 20'I9
E
Dividends
(net) and interest		 (gross) from quoted investments 491„572 579,150
Bank interest receivable 2,325 5,791
Rent received 9,374 7,284
503,271 592,225
5 Other Income 2020 2019
Gains on sales of property/land/assets 1,512,820
Sale of goods 58,779 61,269
PTA levies, sport and culture 125,299 122,354
Earned income 44,714 70,731
Refunds
and maintenance		 2,955 13,321
Job retention
scheme and		 miscellaneous 74,532
1,819,099 267,675

2020 2019
E F
Income 358,288 303,750
Expenditure on charitable activities (242,908) (293,313)
Net Income 115,380 10,437
Total funds brought forward 810,749 800,312
Total funds carried forward 926,129 810,749
Represented by:
Unrestricted funds 926,129 810,749
926,129 810,749

Financial
perform		 Financial
perform		 ance
ofthe subsidiaries
(continued)		 ance
ofthe subsidiaries
(continued)
Sisters ofCharity ofStPaul The Apostle (South Africa)
2020 2019
F F
Income 2,810„619 2,665,934
Expenditure on charitable activities (2,481,686) (2,638,770)
Net Income/expenditure 328,933 27,164
Total fund brought forward 1,084,985 1,057,821
Total funds carried forward 1,413,918 1,084,985
Represented by:
Unrestricted funds 1,413,918 1,084,985
1,413,918 1,084,985
Total expendit ure
Staff Restricted Endowment Total
costs Others Depreciation fund fund 2020
f. f f. F E
Raising
funds
Investment
management
fees 51,403 51,403
Charitable
activities
Education 1,934,422 395,422 40„647 58,053 2„428,544
Formation
And
Training 46,803 24,503 71,306
Health care 1,217,671 3,232,627 73,517 4,523,815
Social and
Pastoral 547,283 659,669 73,516 1,270,468
3,699„376 4,375,924 212,183 58,053 8„345„536
The restr icted
fund expenditure
include f32,870 (2019		 :F32,870) in respect of depreciation.
2020f 2019
E
Other costs
Donations and gifts 141,109 165,156
Establishment 1,078,631 1,356,698
Provisions and sisters expenses 2,618,276 2,699,342
Travelling 93,774 150,784
Other 345,928 349,459
Audit and accountancy 41,432 56,180
Legal and professional 5,371 6,669
Investment management 51,403 57,573
4,375,924 4,841,861

8 Net movement
in funds		 is stated after charging is stated after charging is stated after charging
2020 2019
F
Net income/expenditure for the year is stated after
charging/(crediting):
Auditors'
remuneration:
- for audit services 15,600 31,903
Depreciation
oftangible		 fixed assets 245,053 373,765
Profit on disposal of fixed assets (1,512,820) (1,466)
Currency
gains/(losses)		 (80,657) (69,931)
9 Information
regarding		 employees and trustees
2020 2019
Number Number
Average
number
of employees		 during the year 215 220
Total emoluments
(remuneration		 and taxable benefits)
Wages and salaries 3,537,452 3,539,569
Pension costs 39,576 42,097
Social security costs 122,348 113,501
3,699,376 3,695,167

10 Tangible fixed assets —Group
Fixtures
Freehold and office Motor
properties Equipment Vehicles Total
E E
Cost or valuation
At 1 January 2020 21,124,328 589,222 2'l4,547 21,928,097
Additions 50,016 26,790 10,500 87,306
Disposals (406,350) (406,350)
Revaluation (43,176) (43,176)
At 31 December 2020 20,724,818 616,012 225,047 21,565,877
Accumulated
depreciation
At 1 January 2020 5,516,830 522,669 179,309 6,218,808
Charge for the year 206,348 9,410 29,295 245,053
Released
on disposal		 (110,011) (110,011)
Revaluation (1,707,073) (1,707,073)
At 31 December 2020 3,906,094 532,079 208„604 4,646,777
Net book value
At 31 December 2020 16„818,724 83,933 16„443 16,919,100
At 31 December 2019 15,607,498 66,553 35,238 15,709,289

Tangible fixed assets —Charity
Fixtures
Freehold and office Motor
properties Equipment Vehicles Total
f. F E
Cost or valuation
At 1 January 2020 21,124,328 589,222 204,338 21,917,888
Additions 50,016 26,790 10,500 87,306
Disposals (406,350) (406,350)
Revaluation (43,176) (43,176)
At 31 December 2020 20,724,818 616,012 214,838 21,555,668
Accumulated
depreciation
At 1 January 2020 5,516,830 522,669 173,902 6,213,401
Charge for the year 206,347 9,410 27,258 243,015
Released
on disposal		 (110,011) (110,011)
Revaluation (1,707,073) (1,707,073)
At 31 December 2020 3,906,093 532,079 201,160 4„639,332
Net book value
At 31 December 2020 16,818,725 83,933 13,678 16,916,336
At 31 December 2019 15,607,498 66,553 30,435 15,704,487

Investments
held as fixed assets —		 Group
2020 2019
E
Other fixed asset investments 13,730,866 14,131,681
Total investments 13,730,866 14,131,681
Investments
comprise the following:
Equities and unit trusts 12,199,662 12,504,745
Government
securities
and fixed interest		 1,531,204 1,626,936
13,730,866 14,131,681
Investment
assets
in the UK		 8,495,339 9,863,526
Investment
assets outside the UK		 5,235,527 4,268,155
13,730,866 14,131,681
Other fixed asset investments
Market value at 1 January 14,131,681 12,213,716
Additions
at cost		 1,530,095 2,032,528
Disposal proceeds (1,378,098) (1,582,918)
Realised (loss)/gain
for the year		 (192,007) 111,952
Net unrealised
investment
(loss)/gain)		 for the year (360,805) 1,356,403
Market value at 31 December 13,730,866 14,131,681
Cost at 31 December 10,163,204 10,092,903

Investments
held as fixed assets —Charity
2020 2019
E
Other fixed asset investments 13„188,139 13,532,231
Total investments 13,188„139 13,532,231
Investments
comprise the following:
Equities and unit trusts 11,656,935 11,905,297
Government
securities
and fixed interest		 1,531,204 1,626,934
13,188,139 13,532,231
Investment
assets
in the UK		 8,495,339 9,863,526
Investment
assets outside the UK		 4,692,800 3,668,705
13,188,139 13,532,231
Other fixed asset investments
Market value at 1 January 13,532,231 11,643,637
Additions
at cost		 1„530,095 2,003,159
Disposal proceeds (1,321,375) (1,582,918)
Realised
(loss)/gain
for the year		 (192,007) 111,952
Net unrealised
investment
(loss)/gain		 (360,805) 1,356,401
Market value at 31 December 13,188,139 13,532,231
Cost at 31 December 9,620,477 9,493,453

12 Debtors
Group Group Charity Charity
2020 2019 2020 2019
F
Prepay ments 15,958 16,855 15,958 16,855
Other debtors 283,126 220,251 414,811 94,719
299,084 237,106 430,769 111,574
13 Creditors -amounts falling due within one year falling due within one year
Group Group Charity Charity
2020 2019 2020 2019
F F F
Other creditors 388,476 760,408 120,666 120,124
Other taxes and social security 27,763 24,425 27,763 24,425
416,239 784,833 149,429 144,549

Balance Income Expenditure Transfers Gains/ Balance
1 January Losses 31 December
2020 2020
Retirement and medical
fund 12,160,000 (977,322) 11,182,678
Mission and donation
fund 1,500,000 1,500,000
Fixed asset fund 10,844,219 (212,183) (1,961,991) 8,670,045
Investment revaluation 4,038,776 (110,309) (360,805) 3,567,662
South Africa education 292,096 292,096
fund
28,542,995 (212,183) (2,757,526) (360,805) 25,212,481
General funds 668,333 8,838,537 (8,075,300) 985,023 (272,663) 2,143,930
Total unrestricted funds 29,211,328 8,838,537 (8,287,483) (1,772,503) (633,469) 27,356,411

Balance Income Expenditure Transfers Gains/ Balance
1 January Losses 31 December
2019 2019
F
Retirement and
medical fund 12,160,000 12,160,000
Mission and
donation fund 1,500,000 1,500,000
Fixed asset fund 11,041,858 (234,695) 37,056 10,844,219
Investment
revaluation 3,099,676 (417,303) 1,356,403 4,038,776
27,801,534 (234,695) (380,247) 1,356,403 28,542,995
General funds 1,543,159 7,239,936 (8,537,030) 492,199 (69,93'I ) 668,333
Total unrestricted
funds 29,344,693 7,239,936 (8,771,725) 111,952 1,286,472 29,211,328
Balance Income Expenditure Transfers Gains/ Balance
1 January Losses 31 December
2020 2020
F
Retirement and
medical fund 12,160,000 (977,322) 11,182,678
Mission and donation
fund 1,500,000 1,500,000
Fixed asset fund 10,839,416 (210,145) ('I,961,990) 8,667,662
Investment revaluation 4,038,778 (110,311) (360,805) 3,567,662
28,538,194 (210,145) (3,049,623) (360,805) 24,917,621
General funds (1,226,971) 5,724,711 (5,493,509) 1,277,120 (181,351) 100,000
Total unrestricted
funds 27,311,223 5,724,711 (5,703,654) (1,772,503) (542,156) 25,017,621

4
Mo		 vem ent
in unres		 tricted
funds		 —Charity
(c		 ontinued)
Balance Income Expenditure Transfers Gains/ Balance
1 January Losses 31 December
2019 2019
F E
Retirement and
medical fund 12,160,000 12,160,000
Mission and donation
fund 1,500,000 1,500,000
Fixed asset fund 11,035,038 (234,695) 39,073 10,839,416
Investment revaluation 3,099,676 (417,299) 1,356,401 4,038,778
27,794,714 (234,695) (378,226) 1,356,401 28,538,194
General funds (315,027) 4,230,537 (5,613,652) 490,179 (19,008) (1,226,971)
Total unrestricted
funds 27,479,687 4,230,537 (5,848,347) 111,953 1,337,393 27,311,223

Restricted funds comprise
the fo		 llowing
unexpended
balanc		 es ofdonations given for specific purposes:
Balance Balance
1 January 31 December
2020 Income Expenditure 2020
E F f. F
Restricted funds
Romania fund 13,897 20,983 (25,183) 9,697
St Paul's School fund 1,281,925 (32,870) 1,249,055
1,295,822 20,983 (58,053) 1,258,752
Balance Balance
1 January 31 December
2019f Income
E		 Expenditure 2019
Restricted funds
Romania fund 8,423 19,836 (14,362) 13,897
St Paul's School fund 1,314,795 (32,870) 1,281,925
1,323,218 19,836 (47,232) 1,295,822

Movement in endowm ent
fund —Chari		 ty
and Group
Balance Balance
1 January 31 December
2020 Revaluation Transfer Expenditure 2020
E F F
Permanent capital
Endowment 3,563,800 1,663,897 1,772,503 7,000,000
Balance Balance
1 January 31 December
2019 Income Expenditure 2019
E E F
Permanent capital
Endowment 3,669,800 (106,200) 3,563,600

Analysis ofasset s and liabilities between
funds - Grou		 p
Unrestricted Restricted Endowment Total
funds funds fund 2020
F
Fixed assets:
Tangible assets 8,670,044 1,249,056 7,000,000 16,919,100
Investments 13,730,866 13,730,866
Current assets:
Debtors 299,084 299,084
Cash at bank and in hand 5,072,656 9,696 5,082,352
Current liabilities (416,239) (416,239)
27,356,411 1,258,752 7,000,000 35,615,163

17 Analysis Analysis ofassets and liabilities ofassets and liabilities between funds —Group (continued)
Unrestricted Restricted Endowment Total
funds funds fund 2019
E P E E
Fixed assets:
Tangible assets 10,863,764 1,281,925 3,563,600 15,709,289
Investments 14,131,681 14,131,681
Current assets:
Debtors 237,106 237,106
Cash at bank and in hand 4,763,611 13,896 4,777,507
Current liabilities (784,833) (784,833)
29,211,329 1,295,821 3,563,600 34,070,750
Analysis ofassets and liabilities between funds —Charity
Unrestricted Restricted Endowment Total
funds funds Fund 2020
E
Fixed assets:
Tangible assets 8,667,280 1,249,056 7,000,000 16,916„336
Investments 13,188,139 13,188,139
Current assets:
Debtors 430,769 430,769
Cash at bank and in hand 2,880,862 9,696 2,890,558
Current liabilities (149,429) (149,429)
25,017,621 1,258,752 7,000,000 33,276,373
Analysis ofasset s and liabilities between
funds —Char		 ity
(continued)
Unrestricted Restricted Endowment Total
funds funds Fund 2019
E F
Fixed assets:
Tangible assets 10,858,961 1,281,925 3,563,600 15,704,486
Investments 13,532,231 13,532,231
Current assets:
Debtors 111,574 111,574
Cash at bank and in hand 2,953,007 13,896 2,966,903
Current liabilities (144,549) (144,549)
27,311,224 1,295,821 3,563,600 32,170,645

21 Financial instruments
-Group		 instruments
-Group
2020 2019
F
Financial assets
Financial assets measured at fair value through SOFA 13,730,866 14,131,681
Cash and cash equivalents 5,082,352 4,777,507
Financial assets that are debt instruments measure at amortised cost 299,084 237,106
19„112,302 19,146,294
Financial liabilities
Financial liabilities
measured		 at amortised cost 416,239 760,408
Financial instruments
—Charity
2020 2019
E
Financial assets
Financial assets measured at fair value through SOFA 13,188,139 13,532,231
Cash and cash equivalents 2,890,558 2,966,903
Financial assets that are debt instruments measure at amortised cost 430,769 111,574
16,509„466 16,610,708
Financial liabilities
Financial liabilities
measured		 at amortised cost 149,429 120,124