**REGISTERED CHARITY NUMBER: 230756**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **FOR**
## **MISSIONARY SISTERS OF THE SACRED HEART**
Chariot House Limited Chartered Accountants
44 Grand Parade Brighton East Sussex BN2 9QA
**MISSIONARY SISTERS OF THE SACRED HEART**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
**----- Start of picture text -----**
Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 14
Detailed Statement of Financial Activities 15
**----- End of picture text -----**
**MISSIONARY SISTERS OF THE SACRED HEART**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and activities**
The Trustees present the report and financial statements for the Missionary Sisters of the Sacred Heart. The object of the charity is to support the Missionary Sisters of the Sacred Heart in their charitable work.
The Trustees consider that the accounts comply with current statutory requirements, the governing document and the charity statement of recommended practice.
The Missionary Sisters of the Sacred Heart of Jesus congregation was founded in 1880 by St Francesca Xavier Cabrini who was canonised in 1946. She was an Italian who established a school in the first instance in Brockley SE4, but moved to Honor Oak SE23 in 1910 and established the School in Oaklands and Woodville Hall. In 1930 the present School was built and staffed by the Sisters.
The Sisters developed their mission in south east London by establishing 'The Abbey' for retired ladies, 'Border Lodge' and 'Regina Angelorium' (Cabrini House) originally for boarders, then later used as a short stay holiday home for handicapped children. It has since been used for housing refugees.
The Sisters have taken care of refugees at various times, including 200 Basque refugees during the Spanish Civil War. Forty children who fled from the Germans, numerous Polish, Czech and Belgians have all been catered for at Honor Oak.
The Sisters refurbished Woodville Hall for use as their Convent when it became impractical to continue to live in a Convent, which was spread over a number of mezzanine levels within the school. The Sisters partly refurbished Oaklands to provide a separation between the School and the Refugee Hostel.
St Francesca Cabrini School became voluntary aided on 6 November 1953 as a Junior Girls and Infants School. It became a Junior Mixed and Infant School in 1965. The School was incorporated as a Grant Maintained School in 1993 but at the desire of Archbishop Michael Bowen of Southwark the School reverted to voluntary aided status in September 1999. The Sisters continue to be active in the School life. The Sisters are on the School Governing Body and they provide ongoing pastoral care and support. The Sisters are deeply involved in the promotion of Mission Values within the School, reaching out to pupils, staff and parents.
The Sisters carry out support work in the local parish and undertake home visits to the frail and elderly where they are able to offer individual support and assistance. The Sisters provide food from time to time to a number of destitute men.
The Sisters lead a religious instruction group for people from Latin America. They support the Spanish chaplaincy at St George's Cathedral. Hospitality is provided to missionary workers and overseas teachers coming to learn English. The Sisters provide counselling advice to people in the community, particularly from Latin American communities.
The Convent at Honor Oak is used as a base for Sisters each year who come to London to learn English in preparation for work in Missions around the world. The Sisters at Honor Oak are part of the Holy Spirit Province. There are Convents and mission in Ethiopia, Uganda and Eswatini. Many of the Sisters have been on Missionary Work, teaching and nursing, in different parts of the world from as close as Scotland to throughout the Third World.
The majority of the funds of the community are held in a business money manager account.
Page 1
**MISSIONARY SISTERS OF THE SACRED HEART**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
From 1 April 2008 section 4 of the Charities Act 2006 requires all charities to meet the legal requirement that it aims are for the public benefit. The Charity Commission in its 'Charities and Public Benefit' guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit: firstly there must be an identifiable benefit and secondly the benefit must be to the public or a section of the public.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Commission in determining the activities undertaken by the charity. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above to achieve those aims, meet these principles.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Sisters, working within Southwark Archdiocese in London, continue to have a keen interest in the well-being of immigrant communities and work closely to develop areas of pastoral and community support for the everchanging immigrant groups in some of the poorest and most deprived areas of London.
The community in London during 2023 comprised visiting Sisters from South America, USA and Africa.
St Francesca Cabrini Primary School was a victim of the changing demographics in South East London. A rapid decline in the number of primary school age children resulted in the school being no longer financially viable and London Borough of Southwark ceased funding and approved the closure of the school at the end of the summer term, 31 August 2023. In the London Borough of Southwark alone there were over 6,000 vacant primary school places and other schools being listed for closure. The Sisters supported the school's pupils and staff in the lead up to the school closure and supported the past and present pupils, their families and staff of St Francesca Cabrini Primary School in celebrating the history of the school.
Many Sisters from the Institute visited London for the celebration Mass to commemorate the closing of St Francesca Cabrini Primary School. It was a joyous occasion with so many people reflecting on the life of the school but tinged with sadness at the school closure.
The Sisters continue to work with immigrant communities helping them to integrate into the local community, helping to lift them out of the poverty trap that isolation can bring.
1 September 2023 saw a new start to the school site. A community of the Neocatechumenal Way use part of the site to hold regular meetings and Saturday Eucharist. During December 2023 a 'Live Nativity' was held in the school grounds with around 400 people attending, including local residents, and will hopefully become an annual feature on this sacred site where Mother Cabrini herself lived and worked. The NCW Community use the site to support the Missionary Sisters work of Evangelisation.
A feasibility study for the potential use of the site was commissioned with the Sisters' focus being on a site of continued Catholic community service with education, evangelisation and hub for charities to work from or to base their offices and administration. The site will continue to serve and focus on the local community through Catholic charities and likeminded organisations.
Since 2022 we welcomed a Catholic family to share part of the large convent house as their home. The Sisters continue to live in a self-contained wing of the convent. The family act as site guardians during this time of change.
Following on from Covid 19 we continue to utilise Zoom and other platforms to host meetings with colleagues spread around the world.
Commencing in 2004 we continue to provide affordable rental accommodation for key workers in Oaklands House. The house has become a stepping-stone for key workers who have been able to move on to their own permanent accommodation. We meet/liaise on a regular basis with the Management Company.
Page 2
**MISSIONARY SISTERS OF THE SACRED HEART**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
Trust moneys may be invested in or upon any investments for the time being authorised by law for the investment of Trust funds.
The Trustees have decided that they wish to avoid risk of capital loss and have therefore invested all investment monies in interest bearing accounts seeking to obtain the best rate of interest available.
## **Reserves policy**
The Trustees seek to maintain adequate unrestricted reserves to enable the smooth day to day operations of the charity. The Trustees seek to maintain free reserves of at least one year's normal expenditure.
The Trustees consider that the assets of the charity are sufficient to meet the charity's obligations on a fund by fund basis.
The Sisters' income comprises rent from Oaklands House, the Sisters' pensions, bank interest and a small number of donations towards our mission work.
## **FUTURE PLANS**
The Sisters will work with their professional advisors regarding the future and ongoing use of the site to create a new Evangelical and community hub in the former school. The Sisters will set up a Mission Development Monitoring Group comprising Sisters and lay Cabrinians to review the ongoing work of the Catholic Charities and likeminded organisations using the site to ensure that they meet the aims and objectives of the Missionary Sisters or the Sacred Heart mission statement.
The Sisters will retain a residence in London and tailor their work in the parish and community accordingly.
As part of the Holy Spirit Region (combining London, Ethiopia, Eswatini and Uganda) we are approved by the Home Office to Sponsor Licence Applications for our Sisters and lay volunteers from overseas to come and work in and support the London Community. We will continue to seek to base Sisters and volunteers from other parts of the Holy Spirit Region in London. They will help us to expand on the changing nature of the work that we are committed to with immigrants in London in particular supporting them to build strong family, pastoral and community links.
The Holy Spirit Region continues to publish a newsletter where the work of the HSR can be shared and celebrated by our wider Cabrinian Community.
We will continue to work closely with our Parish Priest to continue to offer pastoral support and help to needy members of the local community.
Other plans include young Sisters who are currently training in Ethiopia, Brazil, central and south America being based in London to complete their missionary studies, improve their English language skills and work with the permanent members of the community to further develop our missionary work with immigrants.
We will continue to rent Oaklands House to key workers in the community.
We will look to formally sub-divide the convent building to create a part that can be rented for family accommodation and a separate self-contained part that will provide a smaller convent.
We will continue to build a closer relationship with our lay collaborators in London by offering them attendance at Regional meetings so that they may see and understand more fully the work of the Missionary Sisters in other parts of the Holy Spirit Region as well as participating in International Financial Administrators meetings to offer the lay administrators who support the Institute access to a formation program that is global, focused, integrated and ongoing.
We will look to expand the pool of Trustees to include lay members.
Page 3
**MISSIONARY SISTERS OF THE SACRED HEART**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Missionary Sisters of the Sacred Heart is an unincorporated charity, set up under a Trust Deed dated 12 June 1963. The governing document is the Trust Deed dated 12 June 1963 and a scheme sealed on 6 August 1990.
## **Recruitment and appointment of new trustees**
The statutory power of appointing new Trustees and the removal thereof shall be vested in the Superior.
Decisions of the charity are made by the trustees in consultation with the Mother House.
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing the financial statements giving a true and fair view, the Trustees should follow best practice and:
- select suitable policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice: Accounting by Charities, have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
## **Risk management**
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to manage those risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
230756
## **Principal address**
Sacred Heart Convent Forest Hill Road Honour Oak London SE23 3LE
## **Trustees**
Sister D D Molle Sister P Godoy (resigned 20/3/2023) Sister M P Bennett Sister H D Beyene (resigned 20/3/2023) Mr P M Maguire (appointed 20/3/2023) Sister B L Staley (appointed 20/3/2023)
Page 4
**MISSIONARY SISTERS OF THE SACRED HEART**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner**
Dr Shona F Wardrop C.A. Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
## **Bankers**
HSBC 47 Rye Lane Peckham London SE15 5ET
## **Solicitors**
Hill Dickinson LLP The Broadgate Tower 20 Primrose Street London EC2A 2EW
Approved by order of the board of trustees on 28 October 2024 and signed on its behalf by:
Sister D D Molle - Trustee
Page 5
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MISSIONARY SISTERS OF THE SACRED HEART**
## **Independent examiner's report to the trustees of Missionary Sisters Of The Sacred Heart**
I report to the charity trustees on my examination of the accounts of Missionary Sisters Of The Sacred Heart (the Trust) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dr Shona F Wardrop C.A.
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
28 October 2024
Page 6
**MISSIONARY SISTERS OF THE SACRED HEART**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Keyworker accommodation
Other trading activities
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
Keyworker accommodation
Supporting the work of the Missionary Sisters
School Maintenance
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
100,264
97,585
7,515
11,473
216,837
120,689
266,618
19,647
22,775
429,729
(212,892)
1,504,264
1,291,372|Restricted
funds
£
1,200
-
-
-
1,200
-
-
-
-
-
1,200
2,800
4,000|2023
Total
funds
£
101,464
97,585
7,515
11,473
218,037
120,689
266,618
19,647
22,775
429,729
(211,692)
1,507,064
1,295,372|2022
Total
funds
£
4,031
41,926
6,989
1,482
54,428
42,371
80,676
-
-
123,047
(68,619)
1,575,683
1,507,064|
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
**MISSIONARY SISTERS OF THE SACRED HEART**
## **BALANCE SHEET**
## **31 DECEMBER 2023**
|Notes
**FIXED ASSETS**
Tangible assets
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
11
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
1,149,185
2,512
862,732
865,244
(2,887)
862,357
2,011,542
(720,170)
1,291,372|Restricted
funds
£
-
-
4,000
4,000
-
4,000
4,000
-
4,000|2023
Total
funds
£
1,149,185
2,512
866,732
869,244
(2,887)
866,357
2,015,542
(720,170)
1,295,372
1,291,372
4,000
1,295,372|2022
Total
funds
£
1,139,036
2,541
1,088,363
1,090,904
(2,706)
1,088,198
2,227,234
(720,170)
1,507,064
1,504,264
2,800
1,507,064|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2024 and were signed on its behalf by:
Sister D D Molle - Trustee
The notes form part of these financial statements
Page 8
**MISSIONARY SISTERS OF THE SACRED HEART**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **General**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Improvements to property - 2% on cost
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Going concern**
The charity has prepared these accounts on a going concern basis, and the trustees are satisfied that there are no material issues that mean this basis is not appropriate.
continued...
Page 9
**MISSIONARY SISTERS OF THE SACRED HEART**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
|**2.**
**OTHER TRADING ACTIVITIES**
Pensions
**3.**
**INVESTMENT INCOME**
Investment income
**4.**
**SUPPORT COSTS**
Other resources expended
Supporting the work of the Missionary
Sisters
**5.**
**TRUSTEES' REMUNERATION AND BENEFITS**
Trustees' salaries
Trustees' social security
**Trustees' expenses**
Trustees' expenses
**6.**
**TRUSTEES' REMUNERATION AND BENEFITS**
The average monthly number of employees during the year was as follows:|2023
2022
£
£
7,515
6,989
2023
2022
£
£
11,473
1,482
Governance
costs
£
22,775
51,227
74,002
2023
2022
£
£
20,762
-
2,013
-
22,775
-
2023
2022
£
£
3,617
-
2023
2022
1
-|
|---|---|
No employees received emoluments in excess of £60,000.
Total trustee's renumeration (including employer's national insurance) for year ended 31 December 2023 was £22,372
## **Trustees' expenses**
There were £3,617 trustees expenses paid for the year ended 31 December 2023
continued...
Page 10
**MISSIONARY SISTERS OF THE SACRED HEART**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Keyworker accommodation
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Keyworker accommodation
Supporting the work of the Missionary Sisters
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 January 2023
Additions
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Keyworker accommodation
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Keyworker accommodation
Supporting the work of the Missionary Sisters
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 January 2023
Additions
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|**ACTIVITIES**
Unrestricted
funds
£
2,831
41,926
6,989
1,482
53,228
42,371
80,676
123,047
(69,819)
1,574,083
1,504,264
Freehold
property
£
2,118,520
-
2,118,520
979,484
42,371
1,021,855
1,096,665
1,139,036|
Restricted
funds
£
1,200
-
-
-
1,200
-
-
-
1,200
1,600
2,800
Improvements
to
property
£
-
53,592
53,592
-
1,072
1,072
52,520
-||Total
funds
£
4,031
41,926
6,989
1,482
54,428
42,371
80,676
123,047
(68,619)
1,575,683
1,507,064
Totals
£
2,118,520
53,592
2,172,112
979,484
43,443
1,022,927
1,149,185
1,139,036|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
continued...
Page 11
**MISSIONARY SISTERS OF THE SACRED HEART**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
|**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Prepayments
2,512
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Social security and other taxes
203
Other creditors
(76)
Accruals and deferred income
2,760
2,887
**11.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2023
£
Other loans (see note 12)
720,170
**12.**
**LOANS**
An analysis of the maturity of loans is given below:
2023
£
Amounts falling due in more than five years:
Repayable by instalments:
Loan from Mother House (Rome)
720,170
**13.**
**MOVEMENT IN FUNDS**
Net
movement
At 1/1/23
in funds
£
£
**Unrestricted funds**
General fund
1,504,264
(212,892)
**Restricted funds**
The Dubbo Mission
2,800
1,200
**TOTAL FUNDS**
1,507,064
(211,692)|2022
£
2,541
2022
£
-
-
2,706
2,706
2022
£
720,170
2022
£
720,170
At
31/12/23
£
1,291,372
4,000|2022
£
2,541
2022
£
-
-
2,706
2,706
2022
£
720,170|2022
£
2,541|
|---|---|---|---|
||||2022
£
-
-
2,706|
||||2,706|
||1,295,372|||
continued...
Page 12
**MISSIONARY SISTERS OF THE SACRED HEART**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
216,837
**Restricted funds**
The Dubbo Mission
1,200
**TOTAL FUNDS**
218,037
**Comparatives for movement in funds**
At 1/1/22
£
**Unrestricted funds**
General fund
1,574,083
**Restricted funds**
The Dubbo Mission
1,600
**TOTAL FUNDS**
1,575,683
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
53,228
**Restricted funds**
The Dubbo Mission
1,200
**TOTAL FUNDS**
54,428||Resources
expended
£
(429,729)
-
(429,729)
Net
movement
in funds
£
(69,819)
1,200
(68,619)
Resources
expended
£
(123,047)
-
(123,047)|Movement
in funds
£
(212,892)
1,200
(211,692)
At
31/12/22
£
1,504,264
2,800
1,507,064
Movement
in funds
£
(69,819)
1,200
(68,619)|
|---|---|---|---|
|||||
|||||
The Dubbo is a restricted fund specifically for the mission in Dubbo, Ethiopia.
continued...
Page 13
**MISSIONARY SISTERS OF THE SACRED HEART**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
Page 14
**MISSIONARY SISTERS OF THE SACRED HEART**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Grants
Subscriptions
**Other trading activities**
Pensions
**Investment income**
Investment income
**Charitable activities**
Rent for keyworker accommodation
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Sisters' maintenance
Religious costs
General admin
Sisters' personal maintenance
Ordinary maintenance
Accountancy and independent examination
Renting Property expenditure
School Maintenance
Donations given
Depreciation of tangible fixed assets
**Support costs**
**Governance costs**
Trustees' salaries
Trustees' social security
Trustees' expenses
Accountancy and legal fees
Total resources expended
**Net expenditure**|2023
£
81,799
19,665
-
101,464
7,515
11,473
97,585
218,037
13,366
42,434
-
6,164
80,800
2,814
97,059
19,647
50,000
43,443
355,727
20,762
2,013
3,617
47,610
74,002
429,729
(211,692)|2022
£
6,800
-
(2,769)
4,031
6,989
1,482
41,926
54,428
3,417
8,110
8,947
583
56,973
2,646
-
-
-
42,371
123,047
-
-
-
-
-
123,047
(68,619)|
|---|---|---|
This page does not form part of the statutory financial statements
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