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|||||||Page|
|---|---|---|---|---|---|---|
|Reference and administrative|||details|ofthe Charity,|Its Trustees and advisers||
|Trustees'
report||||||2-9|
|Independent|auditor's|report|on the|financial statements||10-13|
|Consolidated|statement|offinancial||activities||14|
|Consolidated|balance sheet|||||15|
|Charity balance sheet||||||16|
|Consolidated|statement|ofcash flows|||||
|Notes to the|financial statements|||||18-40|
|Trustees||Sister C Neenan,|Superior|General (resigned 4 July 2022)|General (resigned 4 July 2022)|General (resigned 4 July 2022)|
|---|---|---|---|---|---|---|
|||Sister T Murphy,|Councillor|&Bursar|||
|||Sister A Sullivan,|Congregational||Leader||
|||Sister M Mattison,|Councillor (resigned|||4 July 2022)|
|||Sister E Browne,|Councillor||||
|||Sister C Bordea,|Councillor||||
|||Sister M Hayes, Councillor||(appointed||4 July 2022)|
|||Sister M Lynch, Councillor||(appointed||4 July 2022)|
|Charity registered|||||||
|numbers||211200and SC038528|||||
|Registered|office|St. Paula Convent|||||
|||94 Sally Park Road|||||
|||Selly Park|||||
|||Birmingham|||||
|||B29TLL|||||
|Independent|auditors|Dains Audit
Limited|||||
|||15Colmore
Row|||||
|||Birmingham|||||
|||B32BH|||||
|Bankers||Lloyds Bank Pic|||||
|||134 New Street|||||
|||Birmingham|||||
|||B24NP|||||
|Solicitors||Anthony
Collins LLP|||||
|||134 Edmund
Street|||||
|||Birmingham|||||
|||B32ES|||||
|Investment|Managers|Evelyn Partners|||||
|||103Colmore Row|||||
|||Birmingham|||||
|||B33AG|||||
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|||||Unrestricted|Restricted|Endowment|Total|Tota I|
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|funds|
||||Note|2022|2022f|2022
E|2022
6|2021|
|Income and|||||||||
|endowments|from:||||||||
|Donations
and|legacies|||2,245,933|48,469||2,294,402|2,403,663|
|Charitable
activities||||4,831,136|||4,831,136|4,280,817|
|Investments||||570,765|||570,765|531,902|
|Other income||||93,613|||93,613|570,863|
|Total Income|and||||||||
|endowments||||7,741,447|48,469||7,789,916|7,787,245|
|Expenditure
on:|||||||||
|Raising funds|||8|50,078|||50,078|65,584|
|Charitable
activities|||9|9,063,401|37,524|104,802|9,205,727|8,987,754|
|Total expenditure||||9,113,479|37,524|104,802|9,255,805|9,053,338|
|Net (expenditure)||/|||||||
|Income before|||||||||
|Investments||||(1,372,032)|10,945|(104,802)|(1,465,889)|(1,266,093)|
|Net (losses)/gains||on|||||||
|investments||||(1,243,417)|||(1,243,417)|1,696,639|
|Nst income
/|||||||||
|(expenditure)||||(2,615,449)|10,945|(104,802)|(2,709,306)|430,546|
|Transfers
between|||||||||
|funds|||17|(389,121)||389,121|||
|Net movement|in||||||||
|funds before|other||||||||
|gains/(losses)||||(3,004,570)|10,945|284,319|(2,709,306)|430,546|
|Other recognised|||||||||
|gains/(losses):|||||||||
|Other gains/(losses)||||115,768|||115,768|(80,150)|
|Nst movement|In||||||||
|funds||||(2,888,802)|10,945|284,319|(2,593,538)|350,396|
|Reconciliation|of||||||||
|funds:|||||||||
|Total funds brought|||||||||
|forward|||17|29,062,296|9,463|6,893,800|35,965,559|35,615,163|
|Net movement|in funds|||(2,888,802)|10,945|284,319|(2,593,538)|350,396|
|Total funds carried|||||||||
|forward|||17|26,173,494|20,408|7,178,119|33,372,021|35,965,559|
##
##
|||||||2022||2021|
|---|---|---|---|---|---|---|---|---|
|||||Note||||E|
|Fixed assets|||||||||
|Tangible assets||||13||16,534,586||16,371,325|
|investments||||14||12,736,634||15,595,094|
|||||||29,271,220||31,966,419|
|Current assets|||||||||
|Debtors due|within|1 year||15|236,630||229,102||
|Cash at bank and in|||hand|20|4,388,422||4,241,005||
||||||4,625,052||4,470,107||
|Creditors: amounts||falling due within one|||||||
|year||||16|(524,251)||(470,967)||
|Net current|assets|||||4,100,801||3,999,140|
|Net assets||||||33,372,021||35,965,559|
|Endowment|funds|||17||7,178,119||6,693,600|
|Restricted
funds||||17||20,408||9,463|
|Unrestricted|funds|||17||26,173,494||29,062,296|
|Total funds||||||33,372,021||35,965,559|
##
||||Note||2022f||2021f|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible assets|||13||16,534,586||16,370,492|
|Investments|||14||12,069,069||14,979,813|
||||||28,603,655||31,350,305|
|Current assets||||||||
|Debtors|||15|92,890||96,016||
|Cash at bank and|in|hand||2,129,226||2,415,143||
|||||2,222,116||2,511,159||
|Creditors: amounts||falling due within one||||||
|year|||16|(210,558)||(155,912)||
|Net current assets|||||2,011,558||2,355,247|
|Net assets|||||30,615,213||33,705,552|
|Charity funds||||||||
|Endowment
funds|||||7,178,119||6,893,800|
|Restricted funds|||||20,408||1,225,648|
|Unrestricted
funds|||||23,416,686||25,586,104|
|Total funds|||||30,615,213||33,705,552|
##
##
||||||Note|2022f|2021
6|
|---|---|---|---|---|---|---|---|
|Cash flows from operating
activities||||||||
|Net cash|used
in operating
activities||||20|(1,628,149)|(1,759,304)|
|Cash flows from investing
activities||||||||
|Dividends,|Interests
and rents from investments|||||570,765|531,902|
|Proceeds|from the sale of tangible
fixed|assets||||2,412|695,978|
|Purchase|of tangible
fixed assets|||||(531,719)|(65,159)|
|Proceeds|from sale of investments|||||2,014,149|1,949,827|
|Purchase|of investments|||||(979,054)|(1,057,109)|
|Net cash|provided
by investing
activities|||||1,076,553|2,055,439|
|Change
In cash and cash equivalents||in the year||||(551,596)|296,135|
|Cash and|cash equivalents
at the beginning||ofthe year|||5,298,337|5,082,352|
|Change
in cash and cash equivalents
due to exchange||||rate movements||115,768|(80,150)|
|Cash and|cash equivalents
at the end|ofthe year|||21|4,862,509|5,298,337|
##
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|||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|
|||||||2021|2021|2021|
||Emoluments||and pensions||||||
||Salaries|||||163,240||163,240|
||Occupational||and state pensions|||1,893,453||1,893,453|
||Supplementary|||benefits||139,935||139,935|
||Subtotal|||||2,196,628||2,196,628|
||Legacies|||||63,938||63,938|
||Other donations|||and gifts||107,751|35,346|143,097|
|||||||2,368,317|35,346|2,403,663|
|5.|Income from||charitable||activities||||
|||||||Unrestricted|Total|Total|
|||||||funds|funds|funds|
|||||||2022
E|2022|2021f|
||Education|- school fees||||3,048,417|3,048,417|2,749,968|
||Healthcare|—guest fees||||1,704,979|1,704,979|1,377,655|
||Grants received|||||77,740|77,740|153,194|
|||||||4,831,136|4,831,136|4,280,817|
##
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022f|2022
6|2021
6|
|Dividends|and interest from investments|568,291|568,291|526,567|
|Rent received||2,474|2,474|5,335|
|||570,765|570,765|531,902|
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022
6|2022f|2021f|
|Gain on|sales of property,|land and other assets|5,554|5,554|439,572|
|Sale of|goods &earned income||86,091|86,091|105,036|
|PTA levies, sport and culture|||||19,536|
|Coronavirus
job retention||scheme|||2,710|
|Refunds|and maintenance||1,968|1,968|4,009|
||||93,613|93,613|570,863|
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022f|2022f|2021
6|
|Investment|management|fees|50,078|50,078|65,584|
##
|||Unrestricted|Restricted|Endowment||
|---|---|---|---|---|---|
|||funds|funds|funds|Total|
|||2022
6|2022
6|2022
f|2022f|
|Education||3,127,081|37,524||3,164,605|
|Formation|and Training|90,634|||90,634|
|Healthcare||4,545,324||104,802|4,650,126|
|Social and|Pastoral|1,300,362|||1,300,362|
|||9,063,401|37,524|104,802|9,205,727|
|||Unrestricted|Restricted|Endowment||
|||funds|funds|funds|Total|
|||2021|2021|2021|2021|
|||6|f|f||
|Education||2,827,807|68,450||2,896,257|
|Formation|and Training|89,386|||89,386|
|Health care||4,649,256||106,200|4,755,456|
|Social and|Pastoral|1,246,655|||1,246,655|
|||8,813,104|68,450|106,200|8,987,754|
##
##
##
|||Activities|||
|---|---|---|---|---|
|||undertaken|Support|Total|
|||directly|costs|funds|
|||2022|2022|2022|
|||E|E|E|
|Education||2,529,640|634,965|3,164,605|
|Formation|and Training|90,634||90,634|
|Healthcare||3,486,024|1,164,102|4,650,126|
|Social and|Pastoral|982,880|317,482|1,300,362|
|||7,089,178|2,116,549|9,205,727|
|||Activities|||
|---|---|---|---|---|
|||undertaken|Support|Total|
|||directly|costs|funds|
|||2021|2021|2021|
|||E|E|E|
|Education||2,247,837|648,420|2,896,257|
|Formation|and Training|89,386||89,386|
|Healthcare||3,656,823|1,098,633|4,755,456|
|Social and|Pastoral|947,028|299,627|1,246,655|
|||6,941,074|2,046,680|8,987,754|
##
##
##
|||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||||funds|funds|
|||||||||2022|2021|
|||||||||E|E|
||Staff costs|||||||4,112,536|3,826,397|
||Depreciation|||||||368,277|353,606|
||Provisions|and||Sisters|expenses|||2,608,365|2,761,07'j|
|||||||||7,089,178|6,941,074|
||Analysis|ofsupport costs||||||||
|||||||||Total|Total|
|||||||||funds|funds|
|||||||||2022|2021|
|||||||||E|E|
||Donations|and||gifts||||177,386|146,012|
||Establishment|||||||1,433,939|1,356,395|
||Travelling|||||||114,821|116,043|
||Office, garden|||and grounds||||184,064|193,104|
||Church and sundries|||||||141,469|171,174|
||Governance|||||||64,870|63,952|
|||||||||2,116,549|2,046,680|
|11.|Net movement|||in funds||||||
||Net movement|||in funds|is stated after charging/(crediting):|||||
|||||||||2022|2021|
|||||||||E|E|
||Auditor's|remuneration|||-|audit of group financial statements||14,175|13,500|
||Auditor's|remuneration|||-|preparation|of group financial statements|12,075|11,500|
||Depreciation||of tangible|||fixed assets||368,303|353,553|
||Surplus
on disposal of||||fixed assets|||(5,554)|(439,572)|
||Currency|(gains)/losses||||||(115,768)|80,150|
##
##
||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2022|2021|2022|2021|
||E|E|E|E|
|Wages and salaries|3,944,402|3,685,320|1,904,598|1,745,131|
|Social security costs|117,835|105,444|117,835|105,444|
|Pension costs|50,299|35,633|50,299|35,633|
||4,112,536|3,826,397|2,072,732|1,886,208|
|||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|
|||||||2022|2021|2022|2021|
|||||||No.|No.|No.|No.|
|Average|number|ofemployees|during|the|year|196|190|85|91|
##
##
|||Freehold|Fixtures and|Motor||
|---|---|---|---|---|---|
|||property
f|fittings
f|vehicles|Total
E|
|Cost or valuation||||||
|At 1 January 2022||20,408,484|632,692|226,447|21,267,623|
|Additions||389,993|133,436|8,290|531,719|
|Disposals||||(11,140)|(11,140)|
|Foreign exchange|movement|||(29)|(29)|
|At 31 December 2022||20,798,477|766,128|223,568|21,788,173|
|Depreciation||||||
|At 1 January 2022||4,135,857|545,336|215,105|4,896,298|
|Charge for the year||342,157|22,920|3,226|368,303|
|On disposals||||(11,140)|(11,140)|
|Foreign exchange|movement|||126|126|
|At 31 December 2022||4,478,014|568,256|207,317|5,253,587|
|Net book value||||||
|At 31 December 2022||16,320,463|197,872|16,251|16,534,586|
|At 31 December 2021||16,272,627|87,356|11,342|16,371,325|
##
||Freehold|Fixtures and|Motor||
|---|---|---|---|---|
||property
f|fittings
f|vehicles
f|Total
f|
|Cost or valuation|||||
|At 1 January 2022|20,408,484|632,692|216,238|21,257,414|
|Additions|389,993|133,436|8,290|531,719|
|Disposals|||(11,140)|(11,140)|
|At 31 December 2022|20,798,477|766,128|213,388|21,777,993|
|Depreciation|||||
|At 1 January 2022|4,135,856|545,336|205,730|4,886,922|
|Charge for the year|342,158|22,920|2,547|367,625|
|On disposals|||(11,140)|(11,140)|
|At 31 December 2022|4,478,014|568,256|197,137|5,243,407|
|Net book value|||||
|At 31 December 2022|16,320,463|197,872|16,251|16,534,586|
|At 31 December 2021|16,272,628|87,356|10,508|16,370,492|
##
##
||Listed|Cash trading||
|---|---|---|---|
|Group|investments
f|account
f|Total
6|
|Market valuation||||
|At 1 January 2022|14,537,762|1,057,332|15,595,094|
|Additions|979,054|(979,054)||
|Disposals|(2,171,009)|2,053,390|(117,619)|
|Revaluations|(1,083,260)||(1,083,260)|
|Income net offees||444,989|444,989|
|Amounts
withdrawn||(2,102,570)|(2,102,570)|
|At 31 December 2022|12,262,547|474,087|12,736,634|
||Listed|Cash trading||
||investments|account|Total|
|Charity|f|f||
|Market valuation||||
|At 1 January 2022|13,922,481|1,057,332|14,979,813|
|Additions|979,054|(979,054)||
|Disposals|(2,171,009)|2,053,390|(117,619)|
|Revaluations|(1,135,544)||(1,135,544)|
|Income net offees||444,989|444,989|
|Amounts
withdrawn||(2,102,570)|(2,102,570)|
|At 31 December 2022|11,594,982|474,087|12,069,069|
##
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
||||F|f||
|Other debtors||220,180|214,312|76,440|81,226|
|Prepayments|and accrued income|16,450|14,790|16,450|14,790|
|||236,630|229,102|92,890|96,016|
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022f|2021f|2022f|2021|
|Other taxation and social security||28,442|28,433|28,442|28,433|
|Other creditors||385,231|350,320|71,348|35,265|
|Accruals and deferred|income|110,578|92,214|110,768|92,214|
|||524,251|470,967|210,558|155,912|
##
||||||||Balance at|
|---|---|---|---|---|---|---|---|
|||Balance at 1|||||31|
|||January|||Transfers|Gains/|December|
|||2022f|Income
f|Expenditure|in/(out)
E|(Losses)f|2022f|
|Unrestricted||||||||
|funds||||||||
|Designated||||||||
|funds||||||||
|Retirement|and|||||||
|medical||11,182,678|||||11,182,678|
|Mission and||||||||
|donation||1,500,000|||||1,500,000|
|Fixed assets||9,477,525||(263,475)|531,538||9,745,588|
|Investments||2,912,416|568,291|(50,078)|(2,133,256)|(1,243,417)|53,956|
|South Africa||||||||
|education||444,466|||10,527||454,993|
|St Martha's||||||||
|Retreat||800,000|||1,014,683||1,814,683|
|||26,317,085|568,291|(313,553)|(576,508)|(1,243,417)|24,751,898|
|General funds||||||||
|General
Funds||2,745,211|7,173,156|(8,799,926)|187,387|115,768|1,421,596|
|Total||||||||
|Unrestricted||||||||
|funds||29,062,296|7,741,447|(9,113,479)|(389,121)|(1,127,649)|26,173,494|
|Endowment||||||||
|funds||||||||
|Endowment||||||||
|Fund||6,893,800||(104,802)|389,121||7,178,119|
|Restricted||||||||
|funds||||||||
|Romania
fund||9,463|48,469|(37,524)|||20,408|
|Total offunds||35 965 559|7 /89 916|(9255 805)||(1,127,649)|33,372,021|
##
##
##
##
##
##
##
|||Balance|at|||||Balance at|
|---|---|---|---|---|---|---|---|---|
|||1 January|||Expendltu|Transfers|Gains/|31 December|
|||2021
6||Income
f|re
f|in/out
f|(Losses)
f|2021
f|
|Unrestricted|funds||||||||
|Designated|funds||||||||
|Retirement|and||||||||
|inedical||11,182,678||||||11,182,678|
|Mission and|donation|1,500,000||||||1,500,000|
|Fixed assets||8,670,045|||(214,536)|1,022,016||9,477,525|
|Investments||3,567,662||526,567|(65,584)|(2,812,868)|1,696,639|2,912,416|
|South Africa|||||||||
|education||292,096|||(17,252)|169,622||444,466|
|St Martha's|Retreat|||||800,000||800,000|
|||25,212,481||526,567|(297,372)|(821,230)|1,696,639|26,317,085|
|General funds|||||||||
|General
Funds||2,143,930||7,225,332|(8,581,316)|2,037,415|(80,150)|2,745,211|
|Total Unrestricted|||||||||
|funds||27,356,411||7,751,899|(8,878,688)|1,216,185|1,616,489|29,062,296|
|Endowment|funds||||||||
|Endowment||7,000,000|||(106,200)|||6,893,800|
|Restricted funds|||||||||
|Romania
fund||9,697||35,346|(35,580)|||9,463|
|St Paul's School fund||1,249,055|||(32,870)|(1,216,185)|||
|||1,258,752||35,346|(68,450)|(1,216,185)||9,463|
|Total offunds||35,615,163||7,787,245|(9,053,338)||1,616,489|35,965,559|
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||||31|
||January|||Transfers|Gains/|December|
||2022f|Income
6|Expenditure
8|in/out
6|(Losses)f|2022f|
|Designated|||||||
|funds|26,317,085|568,291|(313,553)|(576,508)|(1,243,417)|24,751,898|
|General funds|2,745,211|7,173,156|(8,799,926)|187,387|115,768|1,421,596|
|Endowment|||||||
|funds|6,893,800||(104,802)|389,121||7,178,119|
|Restricted funds|9,463|48,469|(37,524)|||20,408|
||35,965,559|7,789,916|(9,255,805)||(1,127,649)|33,372,021|
|Summary
offund|s - prior year||||||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at|||||31|
||1 January|||Transfers|Gains/|December|
||2021f|Income|Expenditure
F|In/outf|(Losses)|2021
8|
|Designated|||||||
|funds|25,212,481|526,567|(297,372)|(821,230)|1,696,639|26,317,085|
|General funds|2,143,930|7,225,332|(8,581,316)|2,037,415|(80,150)|2,745,211|
|Endowment|||||||
|funds|7,000,000||(106,200)|||6,893,800|
|Restricted funds|1,258,752|35,346|(68,450)|(1,216,185)||9,463|
||35,615,163|7,787,245|(9,053,338)||1,616,489|35,965,559|
##
##
##
|Analysis
Analysis|of net assets between
of net assets between|funds
funds|-current year||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|Total|
||||funds|funds|funds|funds|
||||2022f|2022
f|2022
f|2022f|
|Tangible|fixed assets||9,356,467||7,178,119|16,534,586|
|Fixed asset investments|||12,736,634|||12,736,634|
|Current|assets||4,604,644|20,408||4,625,052|
|Creditors|due within one year||(524,251)|||(524,251)|
|Total|||26,173,494|20,408|7,178,119|33,372,021|
|Analysis|of net assets between|funds|-prior year||||
||||Unrestricted|Restricted|Endowment|Total|
||||funds|funds|funds|funds|
||||2021f|2021
E|2021
f|2021
F|
|Tangible|fixed assets||9,477,525||6,893,800|16,371,325|
|Fixed asset investments|||15,595,094|||15,595,094|
|Current|assets||4,460,644|9,463||4,470,107|
|Creditors|due within one year||(470,967)|||(470,967)|
||||29,062,296|9,463|6,893,800|35,965,559|
##
##
||||||||||||||Group|Group|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||2022f|2021|
||Net
income/expenditure||||for|the|year|(as|per|Statement|of|Financial|||
||Activities)||||||||||||(2,709,306)|430,546|
||Adjustments
for:||||||||||||||
||Depreciation
charges||||||||||||368,303|353,553|
||(Losses)/gains
on|investments|||||||||||1,243,417|(1,696,639)|
||Dividends,
interests||and||rents|from|investments||||||(570,765)|(531,902)|
||Profit on the sale offixed||||assets||||||||(5,554)|(439,572)|
||(Increase)/decrease|||in debtors|||||||||(7,528)|69,982|
||Increase
In creditors||||||||||||53,284|54,728|
||Net cash used in|operating||||activities|||||||(1,628,149)|(1,759,304)|
|21.|Analysis ofcash|and cash equivalents|||||||||||||
||||||||||||||Group|Group|
||||||||||||||2022|2021|
|||||||||||||||6|
||Cash
in hand||||||||||||4,388,422|4,241,005|
||Notice deposits (less|||than|3 months)||||||||474,087|1,057,332|
||Total cash and cash|||equivalents|||||||||4,862,509|5,298,337|
|22.|Analysis
ofchanges|||In|net debt||||||||||
|||||||||||||At 1||At 31|
|||||||||||||January||December|
|||||||||||||2022|Cash flows|2022|
|||||||||||||f||F|
||Cash at bank and|in|hand||||||||4,241,005||147,417|4,388,422|
||||||||||||4,241,005||147,417|4,388,422|
##
|23.|Capital commitmsnts|Capital commitmsnts|Capital commitmsnts|||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Group|Group|Charity|Charity|
|||||||2022|2021|2022|2021|
|||||||6||6|F|
||Contracted||for but not|provided|In these|||||
||financial|statements||||||||
||Development||of tangible|fixed assets||1,814,683||1,814,683||
##
##
##
##
|The following were subsidiary
undertakin|gs
of t|he Charity:||||
|---|---|---|---|---|---|
|Names||Charity registration|number|Included|In|
|||||consolidation||
|Sisters of Charity ofSt Paul The Apostle||20011598||Yes||
|(Republic of Ireland)||||||
|Sisters of Charity of St Paul The Apostle||PBO 18/11/13/2860||Yes||
|(South Africa)||||||
|The financial
results of the subsidiaries|for the year were:|||||
|Names||Income|Net
movsmsnt|Net|assetsf|
||||In funds|||
|Sisters of Charity ofSt Paul The Apostle||278,391|73,525|689,354||
|(Republic of Ireland)||||||
|Sisters of Charity ofSt Paul The Apostle||3,184,671|423,275|2,067,263||
|(South Africa)||||||