|||||Page|Page||
|---|---|---|---|---|---|---|
|Reference|and Administrative||Details||||
|||||2|to|9|
|Trustees'|Report||||||
|Statement|of Trustees'|Responsibilities|||10||
|Report of|the Independent||Auditors|11|to|13|
||||||14||
|Statement
of Financial||Activities|||||
||||||15||
|Balance Sheet|||||||
||||||16||
|Cash Flow Statement|||||||
|Notes to|the Cash Flow Statement||||17||
|Notes to the Financial||Statements||18|to|29|
##
|TRUSTEES|Sister K A Toone|||
|---|---|---|---|
||Sister IToomey|||
||Sister L Pereira|||
||Sister M BLeydon|||
||Sister S M 8 Cronin|||
||Sister TMolloy|||
|PRINCIPAL ADDRESS|Rosmini
House|||
||19Garton Road|||
||Loughborough|||
||Leicesters hire|||
||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|||
||Northampton|||
||NN4 7YD|||
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|STATEMENT OF FINANCIAL ACTIVITIE
FOR THE YEAR ENDED 31DECEMBER|S
2022||||||
|---|---|---|---|---|---|---|
||||||2022|2021|
|||Unrestricted|Unrestricted|Restricted|Total|Total|
||Notes|- Designated
f.|-General
f|- India
f.|funds
f|funds
f|
|INCOME AND ENDOWMENTS|||||||
|FROM
Donations
and legacies|||28,846||28,846|630|
|Charitable
activities|6||||||
|Support of members ofthe religious
order||32,170|336,174||368,344|364,733|
|Other trading activities
Investment
income||29,313|86,546
1,029|21|86,546
30,363|78,307
17,648|
|Total||61,483|452,595|21|514,099|461,318|
|EXPENDITURE ON
Raising funds||111,718|||111,718|116,220|
|Charitable
activities|||||||
|Support of members ofthe religious
order
Grants and donations
paid||39,531
115,293|441,492
30,247|15,061|496,084
145,540|421,535
195,837|
|Total||266,542|471,739|15,061|753,342|733,592|
|Net gains/(losses)
on investments||(1,448,102)|||(1,448,102)|1,336,762|
|NET INCOME/(EXPENDITURE)
Transfers between
funds|18|(1,653,161)
115,000|(19,144)
(94,983)|(15,040)
(20,017)|(1,687,345)|1,064,488|
|Other recognised gains/(losses)
Gains on revaluation
of fixed assets||245,000|||245,000||
|Net movement
in funds||(1,293,161}|(114,127)|(35,057}|(1,442,345)|1,064,488|
|RECONCILIATION
OF FUNDS
Total funds brought forward||20,928,688|495,567|35,057|21,459,312|20,394,824|
|TOTAL FUNDS CARRIED FORWARD||19,635,527|381,440||20,016,967|21,459,312|
##
|FIXEDASSETS|Notes|Unrestricted
- Designated
f|Unrestricted
- General
f|Restricted
- India
f|2022
Total
funds
f|2021
Total
funds
f|
|---|---|---|---|---|---|---|
|Tangible assets
Investments|13|7,493,334|45,007||7,538,341|7,583,282|
|Investments
Investment
property|14
15|11,100,314
910,000|||11,100,314
910,000|12,730,824
665,000|
|||19,503,648|45,007||19,548,655|20,979,106|
|CURRENT ASSETS|||||||
|Debtors
Cash at bank and in hand|16|131,879|19,406
348,384||19,406
480,263|15,881
491,919|
|||131,879|367,790||499,669|507,800|
|CREDITORS|||||||
|Amounts
falling due within one year|17||(31,357)||(31,357)|(27,594)|
|NET CURRENT ASSETS||131,879|336,433||468,312|480,206|
|TOTAL ASSETS LESSCURRENT|||||||
|LIABILITIES||19,635,527|381,440||20,016,967|21,459,312|
|NET ASSETS||19,635,527|381,440||20,016,967|21,459,312|
|FUNDS|18||||||
|Unrestricted
funds|||||||
|Restricted funds|||||20,016,967|21,424,255|
|||||||35,057|
|TOTAL FUNDS|||||||
||||||20,016,967|21,459,312|
##
|CASH FLOW STATEMENT
FOR THE YEAR ENDED 31DECEMBER 2|022||||
|---|---|---|---|---|
||||2022|2021|
|||Notes|E|E|
|Cash flows from operating
activities
Cash generated
from operations|||(191,230)
(304)|(220,439)
(315)|
|Interest paid|||||
|Net cash used in operating
activities|||(191,534)|(220,754)|
|Cash flows from investing
activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments|||(2,532)
(12,419,130)
12,601,540|(18,185,421)
18,316,497|
|Net cash provided
by investing
activities|||179,878|131,076|
|Change in cash and cash equivalents
in the
reporting
period
Cash and cash equivalents
at the beginning
the reporting
period||of|(11,656)
491,919|(89,678)
581,597|
|Cash and cash equivalents
at the end|ofthe||480,263|491,919|
|reporting
period|||||
##
##
|S TO THE CASH FLOW STATEMENT
HE YEAR ENDED 31DECEMBER 2022|S TO THE CASH FLOW STATEMENT
HE YEAR ENDED 31DECEMBER 2022|S TO THE CASH FLOW STATEMENT
HE YEAR ENDED 31DECEMBER 2022||||
|---|---|---|---|---|---|
|RECONCILIATION
OF NET (EXPENDITURE)/INCOME|||TO NET CASH FLOW FROM OPERATING ACTIVITIES|||
|||||2022|2021|
|Net (expenditure)/Income
Financial Activities)|for the reporting|period|(as per the Statement of|E|E|
|Adjustments
for:||||(1,687,345)|1,064,488|
|Depreciation
charges
Losses/(gain)
on investments||||47,473|52,970|
|Interest paid||||1,448,102|(1,336,762)|
|(increase)/decrease
in debtors||||304|315|
|Increase/(decrease)
in creditors||||(3,527)|407|
|||||3,763|(1,857)|
|Net cash used in operations||||(191,230)|(220,439)|
|ANALYSIS OF CHANGES IN NET FUNDS||||||
|Net cash|||At 1.1.22
f|Cash flow
f|At 31.12.22
E|
|Cash at bank and in hand|||491,919|(11,656)|480,263|
||||491,919|(11,656)|480,263|
|Total||||||
||||491,919|(11,656)|480,263|
##
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##
|FO|R THE YEAR ENDED 31DECEMBER 2|R THE YEAR ENDED 31DECEMBER 2|R THE YEAR ENDED 31DECEMBER 2|022|||
|---|---|---|---|---|---|---|
|3.|DONATIONS
AND LEGACIES||||||
||||||2022|2021|
||Donations||||f|f|
||Legacies||||581|630|
||||||28,265||
||||||28,846|630|
|4.|OTHER TRADING ACTIVITIES||||||
||||||2022|2021|
||Rental Income||||f|f|
||||||86,546|78,307|
|5.|INVESTMENT INCOME||||||
||||||2022|2021|
||Income from listed|investment|||f|f|
||Interest receivable||||6,580|17,600|
||||||23,783|48|
||||||30,363|17,648|
||INCOME FROM CHARITABLE ACTIVITIES||||||
||Salary and pension income
Exchange rate (loss)/gain|||Activity
Support ofmembers ofthe religious order
Support ofmembers ofthe religious order|2022
f
357,913
10,431|2021
f
375,820
(11,087)|
||||||368,344|364,733|
|7.|RAISING FUNDS||||||
||investment
management||costs||||
||||||2022|2021|
||Investment
management||costs||f||
||||||111,718|116,220|
|8.|CHARITABLE ACTIVITIES COSTS||||||
|||||||Direct|
|||||||Costs (see|
|||||||note 9)|
||Support ofmembers ofthe religious|||order||f|
||Grants and donations|paid||||496,084|
|||||||145,540|
|||||||641,624|
##
##
##
|The grants and donations
payable|The grants and donations
payable|during the year were as follows:|2022
f|2021
f.|
|---|---|---|---|---|
||||115,000|110,000|
|Bursaries paid to Loughborough
Amherst School
Transfer to Tanzania
- School Building Project
Transfer to Tanzania
- New convent and nursery project in Njombe|||15,046|23,455
9,000|
|Transfer to india convent||||42,989|
|Rent donation to Loughborough||Amherst School|7,494|10,393|
|Donations
less than f1,000 each|||8,000||
|Donations for funeral expenses|||||
||||145,540|195,837|
|DIRECT COSTS OF CHARITABLE ACTIVITIES|||2022|2021|
||||f|f|
||||178,812|179,522|
|Staff costs|||27,515|24,564|
|Auditors'
remuneration|||1,673|1,373|
|Auditors
remuneration-|Non audit||8,577|7,682|
|Rates and water|||19,713|19,237|
|Insurance|||25,661|18,657|
|Light and heat|||3,638|3,422|
|Telephone|||2,220|2,330|
|Postage and stationery|||14,340||
|Legal and professional|fees||15,809|8,208|
|Sundries|||82,147|85,837|
|Donations|||115,000|109,998|
|Grant funding ofactivities|||61,169|57,338|
|Household
expenses|||18,539|27,262|
|Personal needs|||3,462|1,907|
|Motor expenses|||6,279|1,883|
|Travelling|||9,293|14,867|
|Repairs and maintenance|||47,473|52,970|
|Depreciation|||304|315|
|Interest payable
and|similar charges||||
||||641,624|617,372|
##
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##
##
##
||||2022|2021|
|---|---|---|---|---|
|Wages and salaries|||f|E|
|Social security costs|||169,449|170,310|
|Other pension costs|||6,634|6,691|
||||2,729|2,521|
||||178,812|179,522|
|The average monthly|number ofemployees|during the year was as follows:|||
|Convent support staff|||2022|2021|
||||12|13|
##
|FOR THE STA|TEMENT OF FINA|NCIAL ACTIVITIES||||
|---|---|---|---|---|---|
|INCOME AND ENDOWMENTS|FROM|Unrestricted
- Designated
E|Unrestricted
- General
f|Restricted
- India
f|Total
funds
f|
|Donations
and legacies|||630||630|
|Charitable
activities||||||
|Support ofmembers ofthe religious order|||364,733||364,733|
|Other trading activities
Investment
income||17,597|78,307
51||78,307
17,648|
|Total||||||
|||17,597|443,721||461,318|
|EXPENDITURE ON||||||
|Raising funds||116,220|||116,220|
|Charitable
activities||||||
|Support ofmembers ofthe religious order
Grants and donations
paid||39,529
142,455|382,006
53,382||421,535
195,837|
|Total||||||
|||298,204|435,388||733,592|
|Net gains on investments||1,336,762|||1,336,762|
|NET INCOME
Transfers between
funds||1,056,155
110,000|8,333
(145,057)|35,057|1,064,488|
|Net movement
in funds||1,166,155|(136,724)|35,057|1,064,488|
|RECONCILIATION
OF FUNDS||||||
|Total funds brought forward||19,762,535|632,289||20,394,824|
|TOTAL FUNDS CARRIED FORWARD||20,928,690|495,565|35,057|21,459,312|
##
##
##
##
##
##
||||||Cash and|||
|---|---|---|---|---|---|---|---|
|||||Listed|settlements|||
|The investment|assets|are held:||investments
f|pending
f|Totals
f||
|In the UK||||||||
|Outside the UK||||2,885,401
7,929,968|284,946|3,170,347
7,929,968||
|||||10,815,369|284,946|11,100,314||
|Historical cost:||||||||
|At 31December|2022|||11,060,856|284,946|11,345,802||
|At 31December|2021|||11,502,612|249,877|11,752,489||
|Cost or valuation|at 31December 2022 is represented||by:|||||
||||||Cash and|||
|||||Listed|settlements|||
|Valuation
in 2022||||investments
f
10,815,368|pending
f
284,946|Totals
11,100,314||
|INVESTMENT PROPERTY||||||||
|FAIR VALUE||||||||
|At 1January 2022||||||||
|Revaluation||||||665,000||
|||||||245,000||
|At 31December 2022||||||||
|||||||910,000||
|NET BOOK VALUE||||||||
|At 31December 2022||||||||
|||||||910,000||
|At 31December 2021||||||||
|||||||665,000||
|All Investment
properties||are held in the UK.||||||
|Historical cost at 31December 2022 f274,289(2021-f274,289).||||||||
##
##
##
##
##
|INVESTMENT PROPERTY|INVESTMENT PROPERTY|-continued|-continued||||||
|---|---|---|---|---|---|---|---|---|
|Fair value at 31December||2022 is represented||by.||||f|
|||||||||910,000|
|Valuation
in 2022|||||||||
|DEBTORS: AMOUNTS|FALLING DUE||WITHIN ONE YEAR||||2022|2021|
||||||||f|f|
|Prepayments
and accrued income|||||||19,406|15,881|
|CREDITORS: AMOUNTS||FALLING DUE WITHIN ONE YEAR|||||2022|2021|
||||||||f|f|
||||||||943||
|Trade creditors|||||||2,176|2,545|
|Social security and other||taxes|||||958|486|
|Other creditors|||||||27,280|24,563|
|Accrued expenses|||||||||
||||||||31,357|27,594|
|MOVEMENT
IN FUNDS||||||Net|Transfers||
|||||||movement|between|At|
||||||At 1.1.22
f|in funds
f|funds
f|31.12.22|
|Unrestricted
funds
General
Fund
Fixed Asset Fund
Scholarship
Fund
Retirement
Fund|||||495,567
8,197,866
2,556,000
10,174,822|(19,144)
205,469
(115,000)
(1,498,630)|(94,983)
115,000|381,440
8,403,335
2,556,000
8,676,192|
||||||21,424,255|(1,427,305)|20,017|20,016,967|
|Restricted funds
India Fund|||||35,057|(15,040)|(20,017)||
|TOTAL FUNDS|||||21,459,312|(1,442,345)||20,016,967|
|Net movement
in funds, included|||in the above are as||follows:||||
||||||Incoming
resources
f|Resources
expended
f|Gains and
losses
f|Movement
in funds
f|
|Unrestricted
funds
General
Fund
Fixed Asset Fund
Scholarship
Fund
Retirement
Fund|||||452,595
61,483|(471,739)
(39,531)
(115,000)
(112,011)|245,000
(1,448,102)|(19,144)
205,469
(115,000)
(1,498,630)|
||||||514,078|(738,281)|(1,203,102)|(1,427,305)|
|Restricted funds|||||21|(15,061)||(15,040)|
|India Fund|||||||||
|TOTAL FUNDS|||||514,099|(253,342)|(1,203, 102]|(1,442,345)|
##
##
|||||||Net|Transfers||
|---|---|---|---|---|---|---|---|---|
|||||At 1.1.21||movement
in funds|between
funds|At
31.12.21|
|Unrestricted
funds||||E||E|f|f|
|General
Fund
Fixed Asset Fund
Scholarship
Fund
Retirement
Fund||||632,289
8,237,397
2,555,999
8,969,139||8,333
(39,531)
(109,998)
1,205,684|(145,057)
110,000|495,565
8,197,866
2,556,001
10,174,823|
|Restricted funds||||20,394,824||1,064,488|(35,057)|21,424,255|
|India Fund|||||||||
||||||||35,057|35,057|
|TOTAL FUNDS||||20,394,824||1,064,488||21,459,312|
|Comparative
net movement||in funds, included|in|the above are as follows:|||||
|||||Incoming||Resources|Gains and|Movement|
|Unrestricted
funds||||resources
E||expended
f|losses
f|in funds|
|General
Fund
Fixed Asset Fund||||443,721||(435,388)||8,333|
|Scholarship
Fund
Retirement
Fund||||17,597||(39,531)
(109,998)
(148,675)|1,336,762|(39,531)
(109,998)
1,205,684|
|||||461,318||(733,592)|1,336,762|1,064,488|
|TOTAL FUNDS||||461,318||(733,592)|1,336,762|1,064,488|
|A current year 12months|and|prior year 12months||combined
position|is as|follows:|||
|||||||Net|Transfers||
|||||At 1.1.21|movement
in funds||between
funds|At
31.12.22|
|Unrestricted
funds||||||E|f|f|
|General
Fund
Fixed Asset Fund
Scholarship
Fund
Retirement
Fund||||632,289
8,237,397
2,555,999
8,969,139|(10,811)
165,938
(224,998)
(292,946)||(240,040)
225,000|381,438
8,403,335
2,556,001
8,676,193|
|Restricted funds||||20,394,824|(362,817)||(15,040)|20,016,967|
|India Fund|||||||||
|||||||(15,040)|15,040||
|TOTAL FUNDS||||20,394,824|(377,857)|||20,016,967|
##
##
|A current year 12months
and prior ye|ar 12months
combined
net mov|ement
in funds, inc|uded
in||
|---|---|---|---|---|
||Incoming
resources
f.|Resources
expended
E|Gains and
losses
E|Movement
in funds
f|
|Unrestricted
funds
General
Fund
Fixed Asset Fund
Scholarship
Fund
Retirement
Fund|896,316
79,080|(907,127)
(79,062)
(224,998)
(260,686)|245,000
(111,340)|(10,811)
165,938
(224,998)
(292,946)|
||975,396|(1,471,873)|133,660|(362,817)|
|Restricted funds
India Fund|21|(15,061)||(15,040)|
|TOTAL FUNDS|975,417|(1,486,934)|133,660|(377,857)|
##
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||||||||2022||2021||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||f||f||
|Financial assets at fair value||through|income|and expenditure|||||||
|Listed investments|||||||10,815,368||12,480,947||
|The incomes,
expenses,|net|gains|and net losses attributable||to the charity's|financial|instruments|are|summarised|as|
|follows:|||||||||||
||||||||2022||2021||
||||||||f||f||
|Net gains and losses (including||changes
in fair||value)|||||||
|Financial assets measured|at fair value through|||net income/expenditure|||(1,448,102)||1,336,762||