##
|||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|||
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|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|
##
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##
|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)|