## ## ## ## ## |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
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I- n|| ## ||||||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| ##