2020-12-31-accounts - The Sisters Of Providence (Rosminian)

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		Page
Reference and Administrative Details
Trustees' Report	2	to	12
Statement ofTrustees' Responsibilities		13
Report ofthe independent Auditors	14	to	17
Statement of Financial Activities		18
Balance Sheet		19
Cash Flow Statement		20
Notes to the Cash Flow Statement		21
Notes to the Financial Statements	22	to	34
Detailed Statement of Financial Activities	35	to	36

TRUSTEES	Sister K AToone
	Sister 3Toomey
	Sister LPereira
	Sister M BLeydon
	Sister S M BCronin
	Sister TMalloy
PRINCIPAL ADDRESS	Rosrnini House
	19Garton Road
	LOUGHBOROUGH
	Leicestershire
	LE112DY
REGISTERED CHARITY NUMBER	229120
INDEPENDENT AUDITORS	Duncan & Toplis Limited,	Statutory	Auditor
	3 Princes Court
	Royal Way
	Loughborough
	Leicestershire
	LE11SXR
BANKERS	CAF Bank Ltd
	25 Kings Hill Avenue
	West Mailing
	Kent
	ME194JQ
SOLICITORS	Edward Hands and Lewis
	44 Church Gate
	Loughborough
	Leicestershire
	LE111UE
INVESTMENT ADVISERS	OCM Wealth Management	Limited
	3 Bouverle Court
	N orth am pton
	NN4 7YD

FOR THE YEAR ENDE	D 31DEC	EMBER 2020
						2020	2019
				Unrestricted	Unrestricted	Total	Total
				- Designated	- General	funds	funds
			Notes	E	E	E	E
INCOIVIE AND ENDOWMENTS		FROM
Donations and legacies					9,550	9,550	12,540
Charitable activities
Support ofmembers	ofthe religious order				516,401	516,401	466,723
Grants and donations	received						3,300
Investment income				21,485	65,149	86,634	35,454
Other income				294,290	12,014	306,304
Total				315,775	603,114	918,889	518,017
EXPENDITURE ON
Raising funds				96,629		96,629	101,501
Charitable activities
Support of members	ofthe religious order			29,057	413,593	442,650	515,126
Grants and donations	paid			237,409	45,941	283,350	330,419
Total				363,095	459,534	822,629	947,046
Net gains on investments				1,200,299		1,200,299	62,785
NET INCOME/(EXPENDITURE)				1,152,979	143,580	1,296,559	(366,244)
Transfers between funds			17	47,048	(47,048)
Net movement in funds				1,200,027	96,532	1,296,559	(366,244)
RECONCILIATION OF	FUNDS
Total funds brought	forward			18,562,508	535,757	19,098,265	19,464,509
TOTAL FUNDS CARRIED FORWARD				19,762,535	632,289	20,394,824	19,098,265

					2020	2019
			Unrestricted	Unrestricted	Total	Total
			- Designated	- General	funds	funds
		Notes	f	f	f	f
FIXEDASSETS
Tangible assets		12	7,572,397	63,855	7,636,252	7,800,111
Investments
Investments		13	11,525,138		11,525,138	10,177,391
Investment property		14	665,000		665,000	665,000
			19,762,535	63,855	19,826,390	18,642,502
CURRENT ASSETS
Debtors		15		16,289	16,289
Cash at bank and	in hand			581,597	581,597	481,856
				597,886	597,886	481,856
CREDITORS
Amounts falling	due within one year	16		(29,452)	(29,452)	(26,093)
NET CURRENT ASSETS				568,434	568,434	455,763
TOTAL ASSETS LESSCURRENT LIABILITIES			19,762,535	632,289	20,394,824	19,098,265
NET ASSETS			19,762,535	632,289	20,394,824	19,098,265
FUNDS		17
Unrestricted funds					20,394,824	19,098,265
TOTAL FUNDS					20,394,824	19,098,265

FOR THE YEAR ENDED 31D	ECEMBER	2020
				2020	2019
			Notes	E	E
Cash flows from operating	activities
Cash generated from operations				(228,341)	(402,993)
Interest paid				(301)	(350)
Net cash used in operating	activities			(228,642)	(403,343)
Cash flows from investing	activities
Purchase oftangible fixed assets				(3,917)	(18,933)
Purchase offixed asset investments				(19,486,385 )	(7,358,222 )
Sale oftangible fixed assets				414,857
Sale offixed asset investments				19,338,936	7,775,015
Dividends received				64,892	27,837
Net cash provided by investing activities				328,383	425,697
Change in cash and cash equivalents		in the
reporting period				99,741	22,354
Cash and cash equivalents	at the beginning
of the reporting period				481,856	459,502
Cash and cash equivalents	atthe end	of
the reporting period				581,597	481,856

RECONCILIATION OF NET INCOME/(EXPENDITURE)	RECONCILIATION OF NET INCOME/(EXPENDITURE)	RECONCILIATION OF NET INCOME/(EXPENDITURE)	RECONCILIATION OF NET INCOME/(EXPENDITURE)	TO NET CASH	FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
						2020	2019
						E	E
Net income/(expenditure)		for the reporting	period	(as per the
Statement of Financial Activities)						1,296,559	(366,244)
Adjustments for:
Depreciation charges						47,798	48,951
Gain on investments						(1,200,299)	(62,785)
Profit on disposal offixed assets						(294,878)
Interest paid						301	350
Dividends received						(64,892)	(27,837)
Increase in debtors						(16,289)
Increase in creditors						3,359	4,572
Net cash used in operations						(228,341)	(402,993)
ANALYSIS OF CHANGES	IN	NET FUNDS
					At 1.1.20	Cash flow	At 31.12.20
					E	E	E
Net cash
Cash at bank and in hand					481,856	99,741	581,597
					481,856	99,741	581,597
Total					481,856	99,741	581,597

DONATIONS	AND	LEGACIES
					2020	2019
					E	E
Donations					9,550	12,540
INVESTMENT	INCOME
					2020	2019
					E	E
Income from	listed	investment			21,238	3
Interest receivable					504	7,614
Rental income					64,892	27,837
					86,634	35,454
INCOME FROM CHARITABLE			ACTIVITIES
					2020	2019
			Activity		E	f
Salary and pension		income	Support ofmembers	ofthe religious order	508,105	474,100
Exchange rate (loss)/gain			Support ofmembers	ofthe religious order	8,296	(7,377)
Grants receivable			Grants and donations	received		3,300
					516,401	470,023

FOR	THE YEAR ENDED 3	1DECE	M	BE	R2020
5.	OTHER INCOME
								2020	2019
								f	f
	Gain on sale oftangible		fixed		assets			294,878
	Other income							11,426
								306,304
6.	RAISING FUNDS
	Investment management			costs
								2020	2019
								f	f
	Investment management			costs				96,629	101,501
7.	CHARITABLE ACTIVITIES COSTS
									Direct
									Costs (see
									note 8) f
	Support ofmembers of		the religious
	order								442,650
	Grants and donations paid								283,350
									726,000
	The grants and donations payable during					the year were	as follows:
								2020	2019
								E	E
	Bursaries paid to Loughborough				Amherst	School		110,000	91,045
	Transfer to Tanzania	-School		Building Project				65,000	60,000
	Transfer to Tanzania	- Fund	expenses during COVID-19 pandemic					12,000
	Transfer to Tanzania	-New	convent and			nursery project	in Njombe	50,000
	Rent donation to Loughborough				Amherst	School		34,958
	Transfer to Tanzania	-Formation			and training ofstudent		sisters		87,032
	Transfer to Tanzania	-Purchase			of land for Novitiate				48,356
	Transfer to India —Transfer		of land from			diocese to Trust of
	Rosminian Sisters Delegation			india					27,082
	Donation Rome - R	McAnish							4,500
	Donation to Congregation		of	the	Sacred	Heart			1,300
	Donations less than	E1,000each						11,392	11,104
								283,350	330,419

			2020	2019
			E	E
Staff costs			181,574	186,744
Auditors' remuneration			23,394	24,041
Auditors remuneration-		Non audit	1,701	989
Rates and water			8,549	7,831
Insurance			4,529	19,499
Light and heat			20,546	21,897
Telephone			3,821	8,313
Postage and stationery			2,846	3,888
Legal and professional		fees	7,213
Sundries			8,435	22,037
Donations			172,942	239,374
Grant funding of	activities		110,000	91,045
Household expenses			62,951	57,433
Personalneeds			24,599	48,869
Motor expenses			2,537	2,170
Travelling			3,045	12,386
Repairs and maintenance			39,219	49,728
Depreciation			47,798	48,951
Interest payable	and similar charges		301	350
			726,000	845,545

COMPARATIVES FOR	THE STA	TEMENT OF FINANCIAL	ACTIVITIES
			Unrestricted	Unrestricted	Total
			- Designated	-General	funds
			E	E	E
INCOME AND ENDOWMENTS		FROM
Donations and legacies				12,540	12,540
Charitable activities
Support ofmembers	ofthe religious order			466,723	466,723
Grants and donations	received			3,300	3,300
Investment income				35,453	35,454
Total				518,016	518,017
EXPENDITURE ON
Raising funds			101,501		101,501
Charitable activities
Support ofmembers	ofthe religious order		30,946	484,180	515,126
Grants and donations	paid		313,515	16,904	330,419
Total			445,962	501,084	947,046
Net gains on investments			62,785		62,785
NET INCOME/(EXPENDITURE)			(383,176)	16,932	(366,244)
Transfers between funds			(1,778)	1,778
Net movement in funds			(384,954)	18,710	(366,244)
RECONCILIATION OF	FUNDS
Total funds brought	forward		18,947,462	517,047	19,464,509
TOTAL FUNDS CARRIED FORWARD			18,562,508	535,757	19,098,265

			Fixtures
		Land and	and	Motor
		buildings	fittings	vehicles	Totals
		E	E	E	E
COST
At 1January 2020		8,034,961	463,738	44,510	8,543,209
Additions			3,917		3,917
Disposa Is		(118,663)		(6,068)	(124,731)
At 31December	2020	7,916,298	467,655	38,442	8,422,395
DEPRECIATION
At 1January 2020		314,845	397,875	30,378	743,098
Charge for year		29,057	10,467	8,273	47,797
Eliminated on disposal				(4,752)	(4,752)
At 31December	2020	343,902	408,342	33,899	786,143
NET BOOK VALUE
At 31December	2020	7,572,396	59,313	4,543	7,636,252
At 31December	2019	7,720,116	65,863	14,132	7,800,111
Net book value at 31December 2020 represents		fixed assets used	for:
Direct charitable	purposes
Teaching		3,402,065			3,402,065
Advancement ofthe faith and support of
members		4,170,331	59,313	4,543	4,234,187
		7,572,396	59,313	4,543	7,636,252

			Cash and
		Listed	settlements
		investments	pending	Totals
		E	E	E
MARKET VALUE
At 1January 2020		9,102,274	1,075,117	10,177,391
Additions		20,288,802		20,288,802
Disposals		(19,651,735 )	(802,417)	(20,454,152 )
Revaluations		1,513,097		1,513,097
At 31December	2020	11,252,438	272,700	11,525,138
NET BOOK VALUE
At 31December	2020	11,252,438	272,700	11,525,138
At 31December	2019	9,102,274	1,075,117	10,177,391
The investinent	assets are held:
In the UK		10,438,190	272,700	10,710,890
Outside the UK		814,248		814,248
		11,252,438	272,700	11,525,138
Historical cost:
At 31December	2020	10,146,591	272,700	10,419,291
At 31December	2019	8,805,343	1,075,117	9,880,460
INVESTMENT PROPERTY
FAIR VALUE
At 1January 2020
and 31December 2020				665,000
NET BOOK VALUE
At 31December	2020			665,000
At 31December	2019			665,000

				2020	2019
				E	E
Prepayments	and accrued income			16,289
CREDITORS: AMOUNTS		FALUNG DUE WITHIN ONE YEAR
				2020	2019
				E	f
Social security and other		taxes		2,235	2,215
Other creditors				3,822	1,081
Accrued expenses				23,395	22,797
				29,452	26,093
MOVEMENT	IN FUNDS
			Net	Transfers
			movement	between	At
		At 1.1.20	in funds	funds	31.12.20
		E	f	E	f
Unrestricted	funds
General fund		535,757	143,580	(47,048)	632,289
Fixed Asset Fund		8,385,117	265,233	(412,953)	8,237,397
Scholarship	Fund	2,556,000	(110,001)	110,000	2,555,999
Retirement	Fund	7,621,391	997,747	350,001	8,969,139
		19,098,265	1,296,559		20,394,824
TOTAL FUNDS		19,098,265	1,296,559		20,394,824

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
		E	f	E	E
Unrestricted	funds
General fund		603,114	(459,534)		143,580
Fixed Asset	Fund	294,290	(29,057)		265,233
Scholarship	Fund		(110,001)		(110,001)
Retirement	Fund	21,485	(224,037)	1,200,299	997,747
		918,889	(822,629)	1,200,299	1,296,559
TOTAL FUNDS		918,889	(822,629)	1,200,299	1,296,559

				Net	Transfers
				movement	between	At
			At 1.1.19	in funds	funds	31.12,19
			E	E	E	E
Unrestricted	funds
General fund			517,047	16,932	1,778	535,757
Superior General's		Fund	76,919		(76,919)
Fixed Asset	Fund		8,416,063	(30,946)		8,385,117
Scholarship	Fund		2,556,000	(91,045)	91,045	2,556,000
Retirement	Fund		7,898,480	(261,185)	(15,904)	7,621,391
			19,464,509	(366,244)		19,098,265
TOTAL FUNDS			19,464,509	(366,244)		19,098,265

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
		E	E	E	E
Unrestricted	funds
General fund		518,016	(501,084)		16,932
Fixed Asset	Fund		(30,946)		(30,946)
Scholarship	Fund		(91,045)		(91,045)
Retirement	Fund		(323,971)	62,785	(261,185)
		518,017	(947,046)	62,785	(366,244)
TOTAL FUNDS		518,017	(947,046)	62,785	(366,244)

				Net	Transfers
				movement	between	At
			At 1,1,19	in funds	funds	31.12.20
			E	E	E	E
Unrestricted	funds
General fund			517,047	160,512	(45,270)	632,289
Superior General's		Fund	76,919		(76,919)
Fixed Asset	Fund		8,416,063	234,287	(412,953)	8,237,397
Scholarship	Fund		2,556,000	(201,046)	201,045	2,555,999
Retirement	Fund		7,898,480	736,562	334,097	8,969,139
			19,464,509	930,315		20,394,824
TOTAL FUNDS			19,464,509	930,315		20,394,824

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
		E	E	E	E
Unrestricted	funds
General fund		1,121,130	(960,618)		160,512
Fixed Asset	Fund	294,290	(60,003)		234,287
Scholarship	Fund		(201,046)		(201,046)
Retirement	Fund	21,486	(548,008)	1,263,084	736,562
		1,436,906	(1,769,675 )	1,263,084	930,315
TOTAL FUNDS		1,436,906	(1,769,675 )	1,263,084	930,315

										2020	2019
										f	E
Financial assets at fair value through			income and expenditure
Listed investments										11,252,438	9,102,274
The incomes, expenses,	net	gains		and	net	losses	attributable	to the	charity's	financial	instruments are
summarised as follows:
										2020	2019
										E	E
Net gains and losses (including		changes		in	fair value)
Financial assets measured	at fair value			through		net income/expenditure				1,200,299	62,785

FOR THE YEAR ENDED	3	1DECEMBER 2020
			2020	2019
			E	E
INCOIVIE AND ENDOWMENTS
Donations and legacies
Donations			9,550	12,540
Investment income
Income from listed investment			21,238	3
Interest receivable			504	7,614
Rental income			64,892	27,837
			86,634	35,454
Charitable activities
Salary and pension income			508,105	474,100
Grants receivable				3,300
Exchange rate (loss)/gain			8,296	(7,377)
			516,401	470,023
Other income
Gain on sale oftangible		fixed assets	294,878
Otherincorne			11,426
			306,304
Total incoming resources			918,889	518,017
EXPENDITURE
Investment management		costs
Investment management		costs	96,629	101,501
Charitable activities
Staff costs			165,633	172,028
Social security			10,274	9,846
Pensions			5,667	4,870
Auditors' remuneration			23,394	24,041
Auditors remuneration-		Non audit	1,701	989
Rates and water			8,549	7,831
Insurance			4,529	19,499
Light and heat			20,546	21,897
Telephone			3,821	8,313
Postage and stationery			2,846	3,888
Legal and professional	fees		7,213
Sundries			8,435	22,037
Donations			172,942	239,374
Carried forward			435,550	534,613

FOR THE YEAR ENDED 3	1DECEMBER 2020
		2020	2019
		E	E
Charitable activities
Brought forward		435,550	534,613
Grant funding ofactivities		110,000	91,045
Household expenses		62,951	57,433
Personal needs		24,599	48,869
Motor expenses		2,537	2,170
Travelling		3,045	12,386
Repairs and maintenance		39,219	49,728
Freehold property		29,057	30,946
Fixtures and fittings		10,467	11,825
Motor vehicles		8,274	6,180
Bank interest		301	350
		726,000	845,545
Total resources expended		822,629	947,046
Net income/(expenditure)	before gains and
losses		96,260	(429,029)
Net gains / (losses) on investments
Realised and unrealised	gains/ (losses) on fixed
asset investments		1,200,299	62,785
Net income/(expenditure)		1,296,559	(366,244)