2021-08-31-accounts - Congregation Of The Presentation Of Mary Of Castelgandolfo

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

The Sisters of the Presentation of Mary of Castelgandolfo

Report and Financial Statements Year ended 31 August 2021

Registered Charity Number: 232505

The Sisters of the Presentation of Mary of Castelgandolfo

Year ended 31 August 2021
Contents	Page
Report of the Trustees	1
Independent Examiner’s Report to the Trustees	9
Statement of Financial Activities (SOFA)	10
Balance Sheet	11
Notes forming part of the Financial Statements	12

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

The Trustees present their Report and Accounts for the year ended 31 August 2021. They are satisfied that the Accounts comply with the requirements of the Charities Act 2011, the Trust Deed as described below and 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 published on 16 July 2014.

1. Objectives and Activities

Objects

The objects of the Charity are to advance “ the Roman Catholic religion by such lawful charitable means as the Superior General shall from time to time or at any time direct ” or in default of such direction at the discretion of the Trustees. In the Trust Deed “ the Superior General ” means the Superior General of the Congregation of the Sisters of the Presentation of Mary of Castelgandolfo in Rome, not Sister Anna Cullen, its local leader or Superior in England. The Superior General receives a report from the Trustees at the hands of the local leader but does not usually give them detailed directions.

The Trustees have reviewed their objectives, policies and activities to ensure they continue to reflect the Charity’s aims. In carrying out this review they have considered the Charity Commission’s revised general guidance on public benefit and in particular its supplementary guidance (subsequently withdrawn) on the advancement of religion for the public benefit.

Activities

The Charity’s work has been carried out at Mount St. Mary’s Convent, Exeter. The Charity engaged no staff other than a part-time cleaner and a part-time gardener.

The Charity fulfils its objects through the ongoing formation of its remaining religious Sisters, through their presence as a centre of prayer within the local community, by carrying out parish work in Exeter and by its other charitable works including the running of a small pastoral centre. In these different ways the Sisters strive to bring Christ into the lives of those they meet and to give a strong Christian witness in all they do. The Sisters also raise money for other charities by making and selling greetings cards.

The Congregation has had a close association with the Catholic Diocese of Plymouth. It has provided the following: Sister Sheila has been an instructing judge at the Diocesan Marriage Tribunal and was a part-time chaplain at an Exeter hospital; Sister Stella has been a part-time enabler at Exeter College; and Sister Anna has been a member of the pastoral team in one of the Catholic parishes in Exeter; she has also been a trained volunteer hospital visitor, visiting once a week for several hours.

Some of the Sisters received income for their diocesan and school work, but it is paid to the Charity.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

Personnel

At the time of writing, the English Mission consists of 3 religious Sisters.

There were no novices or postulants under training for the religious life. The Charity does not, to any material extent, depend on volunteers for the provision of its pastoral work.

2. Achievements and Performance

The Charity’s main objective for the year was to continue its work despite the lack of members and the constraints of the Covid 19 Pandemic. The Congregation continued to provide religious Sisters, with the positive encouragement of the Bishop of Plymouth, to assure a presence of prayer and service within the communities in which they are situated despite their reduced numbers and increasing age.

The Trustees continued to run a small pastoral centre at Mount St Mary’s Convent, offering facilities for meetings, retreats and other religious activities in a peaceful and prayerful setting. Although outside users have been asked to pay a fee (say £50 per session) in appropriate cases, this is seen primarily as a resource from which to express and carry out the Congregation’s apostolate and was not intended to be self-financing. Several groups associated with the Charity’s mission were allowed to use the facilities without charge, but contributions are always gratefully received. The facilities are much appreciated. The Charity has thus continued to meet its objective of providing a Christian witness and pastoral support within the Diocese of Plymouth.

The Charity regularly assesses the funds needed to sustain that work in the foreseeable future. The Trustees are committed to supporting its members who have spent most of their working lives in the furtherance of its aims, either voluntarily or by covenanting earned income from outside employment.

The Trustees have not set any specific measurable targets since the nature of the Charity’s work does not lend itself to such detailed analysis. However, that work continues very satisfactorily despite limited resources. Investments are reviewed annually with their advisers and the Trustees are sure that their investment objectives have been met satisfactorily.

No fund-raising activities are carried out. The Congregation is grateful for voluntary donations and legacies that sustain its work.

The Trustees have enjoyed a right of pre-emption in respect of their former property adjoining the Convent, Cardinal Newman House, which the Diocese of Plymouth had once planned to sell or develop. Given its close proximity and right of way over convent land, the Trustees kept the position under review, wishing to work with the Diocese to achieve the most satisfactory outcome for the Congregation and thus for the benefit of the Church and the public. During the year, they resolved to release the right to enable the Diocese to sell their adjoining property unencumbered.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

Other than stated above, there has been no material change in the objectives or policies of the Charity during the year.

Plans for the Future and Events after the reporting period

The Trustees continue to make every effort to manage the Charity’s assets as efficiently as possible in order to generate the income necessary to achieve its aims, including provision for Sisters in retirement and repayment of its obligation to the Congregation in Rome which supported the Charity in earlier years. They are satisfied that the overall position is sound. They are conscious that their resources are limited in the face of future needs, but they are confident that they can look to Rome for assistance in case of unexpected need.

In common with other religious orders, the Charity has continued carefully to review both its resources and its future role in this country. The Charity intends, so far as the Sisters are able, to remain actively involved in work for the advancement of its religious and other charitable objects.

Following careful consideration of property requirements to support the ongoing activities of the charity, it was decided that a property of the size of Mount St Mary’s Convent was no longer required and consequently this was sold in November 2021.

3. Financial Review

The Charity is mainly funded by the paid work of its religious sisters and from investment income. It does to a very small extent depend on voluntary donations and the very occasional legacy to sustain its work. No material donations in kind or intangible income were received during the year. No value has been placed on the administration and other services provided by members of the Congregation.

The Statement of Financial Activities reveals a surplus for the year of £56,440 (2020: surplus £711), ignoring unrealised gains on investment revaluation which are shown to comply with the SORP. Taking into account unrealised stock market gains of £60,915 (2020: losses of £21,720), there was an overall decrease in funds of £117,355 (2020: increase £21,009).

The Balance Sheet shows total funds of £1,846,418 (2020: £1,729,063). Of this, £509,303 (2020: £515,618) has been described as a Tangible Fixed Assets Fund. These assets, comprising freehold properties, motor vehicles and fixtures and equipment, were essential to the day to day work of the charity and the care of members of the Congregation. As such their value is not regarded as realisable in order to meet the ongoing costs of the charity.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

Mount St. Mary’s Convent appears in the accounts at an earlier valuation figure plus improvements thereto.

By agreement with the Superior General in Rome, the Trustees designated the Marion Violet MilnerJones legacy (1994 - £375,000), which was to be applied for the general charitable purposes of the Congregation whether in England or abroad, as a fund out of which the income would be used for the support of the Sisters. That income is just about adequate to meet their living costs but they rely on salaries and investment income to provide for their charitable activities and pension needs. In the event of the Charity’s ceasing to exist, the capital and any unused income from the Fund is to be returned to the Congregation. This fund is designated for the time being as part of the charity’s Retirement Fund, as below.

Following professional advice and in the light of the Congregation’s own circumstances, the Trustees set aside £1,050,000 in 2005 as a designated Retirement Fund to meet the costs of the care and welfare of the Sisters in their old age. The calculations, based on actuarial principles, indicated that it was necessary to set aside this amount in order to provide modest future resources to meet the needs of the Sisters in the years to come. However the current balance of the Retirement Fund, which includes the Milner-Jones fund explained above, is now reduced to £855,309, reflecting the fall in the number of Sisters, for which the charity is responsible, since the fund was created.

The charity relies heavily on investment income in order to finance its charitable work. The Trustees estimate that such income needs to be at least £25,000 per annum in addition to other sources. Consequently, in 2005 they set aside, or designated, a ‘Financing Fund’ of £300,000 in order to provide a level of assurance that investment income will continue to be generated in future years and thereby “finance” the charity’s work in the long term.

The amount now owed to the Mother House of the Congregation (in moral rather than legal terms – see Note 14) is now just £245,889.

The Charity does not make grants, but does make occasional donations.

Risks

The Trustees have identified and reviewed the major risks to which the charity is exposed and have established such systems and procedures as they consider necessary to manage those risks. However, they have concluded that the greatest risk to the Charity currently is the lack of novices or postulants under training for the religious life and the consequent fall in the number of sisters able either to carry out the Charity’s pastoral work or to provide nursing or other care for those sisters who have retired. With now only three Sisters, one of whom is not in good health, the burden on those remaining is significant.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

When the then Charities Act 2006 introduced the requirement for religious and other charities to show public benefit from their activities, concerns were also raised about its impact on the Charity, but the remaining Sisters, though very small in number, can show that they do still bring tangible benefit to the local community.

Little cash is held, and donations and other receipts are invariably by cheque, as is most expenditure. Internal controls over cash, donations and expenditure are therefore considered adequate.

Reserves

Following the transfer to Rome, the charity no longer has any free reserves available to support the work of the Congregation in future, but the Trustees consider that it was right to honour the debt due to the mother house in Rome in the knowledge that Rome would be committed to looking after the Sisters in future years if the charity’s own resources proved inadequate.

Despite the concerns expressed above, the Trustees are satisfied that in the short to medium term all the Charity’s obligations can be met as they occur. Adoption of a Reserves Policy as reported above is intended to ensure that the Charity will continue to be able to fulfil such obligations.

The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed as set out under ‘Financial Review’. Given the nature of the Charity’s work, the Trustees aspire to a level of free reserves at up to two years’ ongoing expenditure, but that will not be achievable in the foreseeable future.

Investment Policy and Performance

The Trustees have the statutory trustee investment powers under the Trustee Act 2000 and any additional powers given to them by the donors of any donated trust funds. The Trustees have a broad-based portfolio efficiently managed in the interests of the Charity through its stockbrokers who give regular reports and whose performance is reviewed.

The Trustees’ policy is to invest in products that are appropriate to the Congregation’s needs, particularly with a view to securing capital growth to meet rising income needs in future years. Their policy is also to invest only in companies that are ethically sound, that is to say those that do not exploit people, directly or indirectly, and which are considered to be socially and environmentally responsible. In planning investment for the future they consider the Reserves Policy set out above.

During the year, listed investments (excluding treasury deposits) increased in value by £60,915 (6.53%) in a year when the UK stock market increased by 23% in the FTSE100.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

4. Structure, Governance and Management

Constitution

The charity is an unincorporated charitable association established by a Trust Deed made on 16 July 1955 and others which declared charitable trusts in respect of properties held by or for the “ religious congregation known as the Congregation of the Presentation of Mary of Bourg St. Andéol ”.

In 1995, the name of the Charity was changed to the Sisters of the Presentation of Mary of Castelgandolfo. Since 1969 Castelgandolfo near Rome, rather than Bourg St. Andéol in the Ardêche

region of France, had been the headquarters of the Congregation, which term extends to the Order of Religious Sisters of the Presentation of Mary throughout the world.

The Charity is a ‘Mission’ affiliated to the Congregation’s American Province of Methuen, Massachusetts USA. This Mission is under the leadership of a local leader or Superior who is accountable for its welfare to the Provincial Superior of the Methuen Province.

The Charity governs the activities of the Congregation within England.

Method of Appointment of Trustees

Under the Trust Deed the Superior General has power of appointment of new trustees of the Charity. Given its nature, it is not considered appropriate to recruit trustees from outside the Congregation and no policy has been adopted in that regard. After the year-end, Mother Maria dos Anjos Alves, the Superior General, appointed Sister Stella Joyce a trustee in place of the late Sister Guy-Marie.

Policies adopted for the Induction and Training of Trustees

The Trustees but they are satisfied that they have sufficient access to professional and practical advice to understand their responsibilities as charity trustees.

Organisational Structure and Decision-Making

The local Superior administers the Charity’s funds in consultation with the Trustees. Each year, she submits to the Trustees a formal account of her administration of those funds in accordance with the Congregation’s own Rules and Constitutions. The Trustees advise the local Superior on matters concerning the Charity.

Under the Congregation’s Rules and Constitutions the local Superior is ultimately answerable, as are the Trustees, to the Superior General and her Council in Rome.

Connected Charities

There are no related parties or connected charities associated with the Charity, although it continues to work closely with the Catholic Diocese of Plymouth.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

5. Reference and Administrative Information

Charity number : 232505

Trustees

Registered Office

Tozers North Door Broadwalk House Southernhay West Exeter EX1 1UA Local Superior Monica Cullen (Sister Anna)

Sheila May McCarthy (Sister Sheila) Monica Cullen (Sister Anna)

Solicitors

Tozers LLP Broadwalk House Southernhay West Exeter EX1 1UA

Independent Examiner

Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Principal Bankers

National Westminster Bank plc Exeter Bank Branch 59 High Street Exeter EX1 3DP

Investment Advisers

Simon Powell-Jones Investec Wealth and Investment Ltd Keble House Southernhay Gardens Exeter EX1 1NT

6. Exemptions from Disclosure

There are none.

7. Funds held as custodian trustee on behalf of others

There are none.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2021

Statement of Trustees’ Responsibilities

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In preparing those financial statements, the trustees are required to:-

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether the policies adopted are in accordance with the appropriate Statement of Recommended Practice (SORP) on Accounting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under s154 of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Sheila May McCarthy (Sister Sheila) for and on behalf of the Trustees

Date: 29 June 2022

The Sisters of the Presentation of Mary of Castelgandolfo

Independent Examiner’s Report

Year ended 31 August 2021

Independent examiner’s report to the trustees of The Sisters of the Presentation of Mary of Castelgandolfo.

I report to the trustees on my examination of the accounts of The Sisters of the Presentation of Mary of Castelgandolfo for the year ended 31 August 2021.

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 2011 Act and in carrying out my examination I have followed all the 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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.

Signed: Neil Hitchings

Name: Neil Hitchings FCA Address: Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Date: 30 June 2022

The Sisters of the Presentation of Mary of Castelgandolfo

Statement of Financial Activities (SOFA)

Year ended 31 August 2021

		Unrestricted Funds	Unrestricted Funds
		General	Designated	Total	Total
	Note			2021	2020
		£	£	£	£
Income
Donations and legacies	2	4,182	-	4,182	7,030
Incoming from charitable activities	3	49,981	-	49,981	47,557
Income from investments	4	61,465	-	61,465	29,013
Other income	5	-	-	-	-
		–––––––	–––––––	–––––––	–––––––
Total income		115,628	-	115,628	83,600
		–––––––	–––––––	–––––––	–––––––
Expenditure
Expenditure on charitable activities	6	52,282	-	52,282	75,677
Expenditure of raising funds	7	6,906	-	6,906	7,212
Other expenditure		-	-	-	-
		–––––––	–––––––	–––––––	–––––––
Total expenditure		59,188	-	59,188	82,889
		–––––––	–––––––	–––––––	–––––––
Net gain / (loss) on investment assets	9	-	60,915	60,915	(21,720)
Net income / (expenditure)		56,440	60,915	117,355	(21,009)
Transfers between funds	13	(56,440)	56,440	-	-
		–––––––	–––––––	–––––––	–––––––
Net movement in funds		-	117,355	117,355	(21,009)
Reconciliation of funds
Total funds at 1 September 2020		-	1,729,063	1,729,063	1,750,072
		–––––––	–––––––	–––––––	–––––––
Total funds at 31 August 2021	13	-	1,846,418	1,846,418	1,729,063
		===========	===========	===========	==========

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The Sisters of the Presentation of Mary of Castelgandolfo

Balance Sheet

31 August 2021

Charity number: 232505

		2021	2020
	Notes	£	£
Fixed assets
Tangible	8	509,303	515,618
Investments	9	933,541	872,626
		–––––––	–––––––
		1,442,844	1,388,244
Current assets
Debtors	10	4,384	4,897
Cash at bank and in hand	11	403,390	340,122
		–––––––	–––––––
		407,774	345,019
Current liabilities
Creditors: amounts falling due within one year	12	(4,200)	(4,200)
		–––––––	–––––––
Net current assets		403,573	340,819
		–––––––	–––––––
Net assets		1,846,418	1,729,063
		==========	==========
The funds of the charity:
Unrestricted designated funds
Tangible fixed assets fund		509,303	515,618
Other		1,337,115	1,213,445
		–––––––	–––––––
	13	1,846,418	1,729,063
Unrestricted general fund	13	-	-
		–––––––	–––––––
Total charity funds		1,846,418	1,729,063
		==========	==========

Approved by the Board of Trustees on 29 June 2022 and signed on its behalf by:

Sister Sheila May McCarthy (Trustee)

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with 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 (Charities SORP (FRS 102)).

The financial statements are prepared under the historic cost convention as modified by the inclusion of the investments at market value in accordance with applicable accounting standards.

The Sisters of the Presentation of Mary of Castelgandolfo meets the definition of a public benefit entity under FRS 102.

The presentational currency of the charity is considered to be pounds sterling, because it is the currency of the primary economic environment in which the charity operates.

As disclosed in Note 16, Mount St Mary’s Convent was sold in November 2021 and the trustees are considering the future of the charity.

Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note.

The trust comprises the following entities:-

i. Mount St Mary’s Convent

ii. Regional Account

The financial statements include the transactions, assets and liabilities of these entities.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

b) Status of Trust

The purpose of the trust is to perform charitable works connected with the advancement of the Roman Catholic religion in England, Ireland and throughout the World.

The trust has existed for over a century and the position was clarified by a Trust Deed dated 17 July 1955. The trust, which was previously known as The Congregation of the Presentation of Mary of Bourg St Andeol, changed its title to become known as The Sisters of the Presentation of Mary of Castelgandolfo with effect from 8 March 1995. A Charity Commission Order was issued on 22 November 1999, which details the investment powers of the Charity.

The Sisters of the Congregation in England are guided by the General Administration comprising a Superior General and Council, based at Castelgandolfo, Rome.

The trust is a Registered Charity, registration number 232505.

The registered office details can be located in the reference and administrative section of the trustees annual report.

c) Accumulated Funds

The accumulated funds, which are unrestricted, represent the following:-

• General Fund

The aggregate of net incoming resources and recognised gains since the trust was founded except for the designated fund referred to below.

• Designated Funds

Designated funds represent funds which have been set aside by the trustees for specific purposes within the charity’s overall objects. Details of these funds are given in note 13.

d) Fixed Assets

The charity has opted to treat previous revaluations of property at deemed cost on transition to FRS 102.

Tangible fixed assets costing more than £500 are recorded at cost. The freehold property of the Presentation was last valued on 28 May 1996, this has been treated as deemed cost on transition to FRS 102 and is being depreciated in line with the policy shown.

Investments are shown at market value. Realised gains and losses on investments are recognised in the Statement of Financial Activities.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

e) Depreciation

Assets are depreciated over their estimated useful lives as follows:-

i. Freehold property 1% straight line ii. Motor vehicles 25% reducing balance iii. Fixtures and fittings and equipment 15% reducing balance iv. Computer 25% reducing balance

f) Income

Income is recorded on a receivable basis, which is when the charity becomes entitled to the resource.

g) Expenditure

Expenditure is recorded on an accruals basis and has been classified under headings that aggregate all costs related to that category:

Charitable activities comprises those costs incurred to advance the Roman Catholic religion.

Raising funds comprises costs in relation to the management of the investment portfolio.

Other comprises payments in relation to the charities moral obligation detailed in note 14.

h) Value Added Tax

The trust is not registered for Value Added Tax (VAT). Expenditure in these financial statements therefore includes VAT paid where appropriate.

i) Trustee Benefits

Part of the Congregation’s purposes is to provide for the essential needs of all of its members who, by taking vows of poverty, have renounced all personal rights to income and capital. This leaves them free to carry out their prime purpose, to advance the Roman Catholic religion. The living costs of the Trustees are therefore borne by the Congregation in the same way as those of other sisters and they receive no benefit by virtue of their position as Trustees. No remuneration has been paid to the trustees.

j) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. The charity currently holds other debtors and other creditors, details of which can be found in notes 10 & 12.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

2 Donations and legacies


2 Donations and legacies	2021	2020
	Total	Total
	£	£
Donations and legacies	4,182	7,030
	–––––––	––––––
	4,182	7,030
	===========	=========

All donations and legacy income were general unrestricted and undesignated in 2021 and 2020.

3 Income from charitable activities

3 Income from charitable activities
	2021	2020
	Total	Total
	£	£
Donated earnings of members	39,221	35,702
Diocese	10,680	10,680
Contributions received for courses and meeting rooms	80	1,175
	–––––––	––––––
	49,981	47,557
	===========	=========

All Income from charitable activities was general unrestricted and undesignated in 2021 and 2020.

4 Investment income

4 Investment income
	2021	2020
	Total	Total
	£	£
Bank interest	29	401
Dividends and interest on listed investments	61,436	28,612
	–––––––	––––––
	61,465	29,013
	===========	=========

All Investment income was general unrestricted and undesignated in 2021 and 2020.

5 Other income

5 Other income
	2021	2020
	Total	Total
	£	£
Sundry income	-	-
	–––––––	––––––
	-	-
	===========	=========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

All other income was general unrestricted and undesignated in 2021 and 2020.

----- Start of picture text -----
||||| |---|---|---|---| |6|Charitable activities|2021|2020| |Total|Total| |£|£| |Charitable donations|455|2,160| |Office costs|301|411| |Food|3,216|2,901| |Chapel and books|129|368| |Studies and conferences|-|5| |Travel|1,099|2,391| |Household|2,607|1,699| |Gifts|373|618| |Rates|1,511|2,387| |Energy|9,007|9,021| |Repairs and maintenance|7,355|18,276| |Insurance|6,350|8,048| |Sundries|7,653|12,560| |Telephone|1,268|1,221| |Depreciation|6315|6,419| |Bank charges|83|101| |Governance costs (See note 6a)|4,560|7,091| |–––––––|––––––| |Total expenditure|52,282|55,623|

----- End of picture text -----

The trustees consider the Board of Trustees comprise the key management personnel.

6a Governance costs

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |Total|Total| |£|£| |Accountancy services|3,000|2,520| |Independent examiner’s fee|900|840| |Legal fees|660|3,731| |––––––– –––––––| |Total expenditure|4,560|7,091| |========== ===========|

----- End of picture text -----

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

Expenditure on raising funds	2021	2020
	Total	Total
	£	£
Investment costs	6,906	7,212
	–––––––	–––––––
	6,906	7,122
	===========	==========

Tangible Fixed assets
			Fixtures
	Freehold	Motor	and
	property	vehicles	equipment	Total
	£	£	£	£
Cost / valuation
At 1 September 2020	635,117	18,984	36,292	690,393
Additions	-	-	-	-
	–––––––	–––––––	–––––––	–––––––
At 31 August 2021	635,117	18,984	36,292	690,393
	–––––––	–––––––	––––––	–––––––
Depreciation
At 1 September 2020	121,858	18,672	34,245	174,775
Charge for year	5,852	57	406	6,315
	–––––––	–––––––	–––––––	–––––––
At 31 August 2021	127,710	18,729	34,651	181,090
	–––––––	–––––––	–––––––	–––––––
Net book amounts
At 31 August 2021	507,407	255	1,641	509,303
	=========	===========	=========	==========
At 31 August 2020	513,259	312	2,047	516,618
	=========	===========	==========	==========
The deemed cost of freehold properties comprises:
				£
Matford House (Convent building)				200,000
Renovations at Matford House (Convent land & buildings)				435,117
				–––––––
				635,117
				===========
Matford House was valued on 28 May 1996. The charity has opted to treat the				revaluation of
property as deemed cost on transition	to FRS102.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

Investments
Movement in market value
	2021	2020
	£	£
Market value at 1 September 2020	872,626	959,909
Acquisitions at cost	-	63,381
Disposals at opening book value	-	(128,944)
Redemptions at opening book value	-	-
Net gains/(losses) on revaluations in the year	60,915	(21,720)
	---------------------	---------------------
Market value at 31 August 2021	933,541	872,626
	==============	==============
Analysis of investments at 31 August 2021
	Total	Total
	Funds	Funds
	2021	2020
	£	£
Listed investments
UK Government fixed interest	141,139	142,758
Other UK quoted fixed interest	16,060	13,455
Overseas fixed interest	67,097	68,296
UK quoted investment companies	211,193	207,147
International bond funds	236,856	230,921
UK quoted investment and unit trusts	103,368	84,881
Overseas quoted equities	157,644	124,984
	----------------------	---------------------
	933,357	872,442
Treasury deposits	184	184
	---------------------	---------------------
	933,541	872,626
	==============	==============

Investments in individual entities held at 31 August 2021 which exceed 5% of the portfolio by	Investments in individual entities held at 31 August 2021 which exceed 5% of the portfolio by
value are:
	£
Treasury 2.5% Stock 17/07/24	57,537
Uk (Govt of) 4.125% I/L Stk 22/07/30	59,371
Pimco Global Advis Gbl Inv Grad Cred Hgd Instl	97,497
FIL Inv Svcs UK Money Builder Income I GBP	64,302
BNY Mellon Fd Mngr Gbl Dynamic Bd Exempt 3 GBP	46,927

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

		2021	2020
		£	£
10	Debtors
	Prepayments and accrued interest	4,384	4,897
		==========	==========
		2021	2020
		£	£
11	Cash at Bank and in Hand
	Deposit accounts	389,076	319,747
	Cash in hand	1,541	709
	Investment dealing accounts	12,773	19,666
		–––––––	–––––––
		403,390	340,122
		==========	==========
		2021	2020
		£	£
12	Creditors: Amounts Falling Due Within One Year
	Accruals	4,200	4,200
		==========	==========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

13 Analysis of Net Assets between Funds

		Designated	General	Total
		£	£	£
Fund Balances at 31 August 2021 are represented		by:
Tangible fixed assets		509,303	-	509,303
Investments		1,337,115	(403,571)	933,544
Current assets		-	407,771	407,771
Current liabilities		-	(4,200)	(4,200)
		–––––––	–––––––	–––––––
		1,846,418	-	1,846,418
		==========	===========	==========
Designated funds comprise the following:
	Tangible fixed	Retirement	Financing	Total
	assets fund	fund	fund
	£	£	£	£
Opening balance	515,618	913,445	300,000	1,729,063
Movement in year	(6,315)	123,670	-	117,355
	–––––––	–––––––	–––––––	–––––––
Closing balance	509,303	1,037,115	300,000	1,846,418
	=========	===========	===========	===========

Analysis of Net Assets between funds – prior year comparative – as restricted

		Designated	General	Total
		£	£	£
Fund Balances at 31 August 2020 are represented		by:
Tangible fixed assets		515,618	-	515,618
Investments		1,213,445	(340,819)	872,626
Current assets		-	345,019	345,019
Current liabilities		-	(4,200)	(4,200)
		–––––––	–––––––	–––––––
		1,729,063	-	1,729,063
		==========	===========	==========
Designated funds comprise the following:
	Tangible fixed	Retirement	Financing	Total
	assets fund	fund	fund
	£	£	£	£
Opening balance	522,037	928,035	300,000	1,750,072
Movement in year	(6,419)	(14,590)	-	(21,009)
	–––––––	–––––––	–––––––	–––––––
Closing balance	515,618	913,445	300,000	1,729,063
	=========	===========	===========	===========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2021

13 Analysis of Net Assets between Funds (continued)

The Tangible fixed assets fund represents the net book value of the charity’s freehold property and other tangible fixed assets. The assets are used in the day to day work of the charity, and their value should not be regarded as realisable in order to meet the ongoing costs of the charity.

The Retirement fund represents funds set aside to meet the cost of welfare of the sisters on their retirement. The Financing fund comprises investment assets set aside to produce an ongoing income towards “financing” the charity’s work.

14 Contributions from Central Fund

Prior to closing the Mount St Mary Convent School in 1997 the Charity received contributions from the Congregation’s central fund, Castelgandolfo, totalling £1,920,097. Whilst there is no legal obligation to repay any part of these funds, the Charity considers it has a moral obligation to repay these funds in total as circumstances permit. The “loan” is therefore not recognised in these financial statements.

During the year repayments of £nil (2020: of £nil) were made to Castelgandolfo in relation to the above moral obligation, and the balance due to the Congregation in moral terms, therefore, is at £245,889 (2020: £245,889).

15 Related party transactions

There were no related party transactions in the year.

16 Events after the reporting period

Since the year end, the sale of Mount St Mary’s Convent and adjoining land has been completed for a consideration of approximately £1.64m.

The Sisters of the Presentation of Mary of Castelgandolfo

Year ended 31 August 2020

Management Information These pages do not form part of the financial statements

The Sisters of the Presentation of Mary of Castelgandolfo

Management Information

Year ended 31 August 2021

Year ended 31 August 2021
Investments
	Market Value at	Movement	Market Value at
Holding	1 September 2020	in year	31 August 2021
	£	£	£
UK Quoted Fixed Interest
2.5% Treasury Stock 17/07/24	14,863	(576)	14,287
2.5% Treasury Stock 17/07/24	43,436	(186)	43,250
UK Govt. 4.125% I/L Stk 22/07/30	35,291	(151)	35,140
UK Govt. 4.125% I/L Stk 22/07/30	24,584	(353)	24,231
UK Govt. 4% 2022	24,584	(353)	24,231
	–––––––	–––––––	–––––––
	142,758	(1,619)	141,139
	==========	==========	==========
Non - Government Bonds
Standard Chartered plc	13,455	2,605	16,060
	–––––––	–––––––	–––––––
	13,455	2,605	16,060
	==========	==========	==========
Investment Company
Alliance Trust Monthly Income Bond	22,162	127	22,289
FIL Investment Services UK	31,671	620	32,291
Invesco Fd Mngrs IP Corp Bond	20,925	126	21,051
Phoenix Fund Svcs	20,938	860	21,798
Alliance Trust Asset Management	17,635	101	17,736
Fil Inv Svcs UK Fid Mb Inc	31,396	615	32,011
Invesco Fund Managers	19,955	120	20,075
Phoenix Fund Svcs Twentyfour Dymn	14,877	611	15,488
Royal London AM Ethical Bond Z GBP Dis	15,045	472	15,517
Royal London AM Ethical Bond Z GBP Dis	12,543	394	12,937
	–––––––	–––––––	–––––––
	207,147	4,046	211,193
	==========	==========	==========
International Bond Funds
Pimco Funds Global Inv.	46,068	561	46,629
M&G Invt Mgft Bll High Yield	15,899	1,199	17,098
M&G Global High Yield	12,891	972	13,863
Standard Life Investments	26,415	1,501	27,916
Pimco Funds Global Inv.	50,256	612	50,868
AXA Investment Man US	18,497	94	18,591
AXA Investment Man US	14,888	76	14,964
BNY Mellon Fd Mngr Newton Glbl	24,049	481	24,530
BNY Mellon Fd Mngr Newton Glbl	21,958	439	22,397
	–––––––	–––––––	–––––––
	230,921	5,935	236,856
	==========	==========	==========

The Sisters of the Presentation of Mary of Castelgandolfo

Management Information

Year ended 31 August 2021

Year ended 31 August 2021
Investments (continued)
	Market Value at	Movement	Market Value at
Holding	1 September 2020	in year	31 August 2021
	£	£	£
UK Equities – Investment and Unit Trusts
City of London Inv.	11,942	2,738	14,680
City of London Inv.	11,829	2,712	14,541
Capital Financial	9,448	1,197	10,645
Threadneedle Inves UK Equity	13,052	3,403	16,455
Threadneedle Inves UK Equity	13,181	3,437	16,618
Link Fund Sol Ltd LF Lindsell Train UK Equity	9,369	1,187	10,556
Artemis Fd Mngrs Income Institutional Inc	8,101	1,923	10,024
Artemis Fd Mngrs Income Institutional Inc	7,959	1,890	9,849
	–––––––	–––––––	–––––––
	84,881	18,487	103,368
	==========	==========	==========
Overseas – Fixed Interest
Ishares USD Treasury Bond 1-3yrs	19,285	(762)	18,523
Ishares Ii Plc USD	18,770	91	18,861
Ishares USD Treasury Bond 1-3yrs	15,225	(601)	14,624
Ishares Ii Plc USD	15,016	73	15,089
	–––––––	–––––––	–––––––
	68,296	(1,199)	67,097
	==========	==========	==========
International Equities
Henderson Gbl Inv	6,781	1,626	8,407
J P Morgan Am UK Ltd	10,153	2,538	12,691
Henderson Gbl Inv	7,126	1,708	8,834
J P Morgan Am UK Ltd	10,665	2,666	13,331
Schroder Unit Trust Asian	8,865	1,504	10,369
Schroder Unit Trust Asian	8,248	1,398	9,646
Vanguard Funds GBP	11,194	2,875	14,069
Vanguard Funds GBP	10,697	2,746	13,443
Baille Gifford American W3	13,716	4,806	18,522
Baille Gifford American W3 Dis	14,377	5,037	19,414
Baille Gifford Japenese B Nav Inc	4,995	806	5,801
Baillie Gifford Japanese W3 Dis	4,457	720	5,177
	–––––––	–––––––	–––––––
	111,274	28,430	139,704
	==========	==========	==========
Emerging Economies
JP Morgan Emerging Markets Trust	6,655	2,053	8,708
JP Morgan Emerging Markets	7,055	2,177	9,232
	–––––––	–––––––	–––––––
	13,710	4,230	17,940
	==========	==========	==========
Bank Deposit – Nat West Bonus Saver	184	-	184
	–––––––	–––––––	–––––––
Total	872,626	60,915	933,541
	===========	===========	========