2023-08-31-accounts - Congregation Of The Presentation Of Mary Of Castelgandolfo

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The Sisters of the Presentation of Mary of Castelgandolfo

Report and Financial Statements Year ended 31 August 2023

Registered Charity Number: 232505

The Sisters of the Presentation of Mary of Castelgandolfo

Year ended 31 August 2023

Contents	Contents		Page
Report of the Trustees			1
			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 2023

The Trustees present their Report and Accounts for the year ended 31 August 2023. 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 (2019).

1. Objectives and Activities

Objects

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 the Superior General Superior General of the Congregation of the Sisters of the Presentation of Mary of Castelgandolfo in Rome, not Sister Stella, 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their objectives, policies and activities to ensure they continue to ar its supplementary guidance (subsequently withdrawn) on the advancement of religion for the public benefit.

Activities

has been carried out at 11, Romsey Drive, Exeter. The Charity engaged no staff. The sale of the convent completed in November 2021.

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. 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 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; Sister Stella has been a part-time enabler at Exeter College.

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 2023

Personnel

At the time of writing, the English Mission consists of 1 religious Sister.

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

year was to continue its work despite the lack of members. The Congregation continued to provide religious Sisters, with the positive encouragement of the Bishop of Plymouth and subsequently the diocesan administrator, to assure a presence of prayer and service within the communities in which they are situated despite their reduced numbers and increasing age.

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.

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.

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

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2023

Plans for the Future and Events after the reporting period

At the end of September 2021 one of the three remaining Sisters left Exeter to live in the Congregations Community in Castelgandolfo, another Sister departed from England in January 2023 where she entered a retirement home of the Congregation in the USA. In December 2022 the other Sister retired from her role at Exeter College. She has spent periods of time helping in one of the convents in France and continued parish work in the Plymouth Diocese when in England; she plans to move to France in 2024.

3. Financial Review

The Charity is mainly funded by the paid work and pensions 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 reports net expenditure of £31,550 (2022: deficit £131,047), which includes the unrealised loss on investments of £27,027. The overall reduction in funds for the year is £31,550 and funds carried forward at 31 August 2023 were £2,811,767 which are all unrestricted.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2023

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, state and work pensions and investment income to provide for their charitable activities from the Fund is to be returned to the Congregation. This fund is designated for the time being as

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 order to provide a level of assurance that investment income will continue to be generated in future

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 sisters who have retired. Since January 2023 there has only been one Sister in Exeter.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2023

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.

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 aft

Despite the concerns expressed above, the Trustees are satisfied that in the short to medium term 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 It is intended that the charity will wind up before the end of the next financial year, there is therefore no requirement by the charity for free reserves.

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.

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.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Year ended 31 August 2023

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 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 United States. This Mission is under the leadership of a local leader or Superior who is accountable for its welfare to the Provincial Superior of the U.S. 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.

Policies adopted for the Induction and Training of Trustees

The Trustees do not undergo any formal induction or training 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

submits to the Trustees a formal account of her administration of those funds in accordance with the tees advise the local Superior on matters concerning the Charity.

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 2023

5. Reference and Administrative Information

Charity number : 232505

Trustees

Registered Office

Tozers North Door Broadwalk House Southernhay West Exeter EX1 1UA

Sheila May McCarthy (Sister Sheila) Stella Joyce (Sister Stella)

Local Superior Sister Stella

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 2023

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.

Stella Joyce (Sister Stella) for and on behalf of the Trustees

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The Sisters of the Presentation of Mary of Castelgandolfo

Year ended 31 August 2023

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 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in

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.

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 matter considered as part of an independent examination.

As noted in the accounting policies on page 12, at the date of approval of these financial statements the trustees have made the decision to wind up the charity within the next 12 months. On these grounds, the financial statements have not been prepared on the going concern basis. No adjustments have been necessary to the assets and liabilities of the charity as a result of the financial statements being prepared on a basis other than a going concern.

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

The Sisters of the Presentation of Mary of Castelgandolfo

Statement of Financial Activities (SOFA)

Year ended 31 August 2023

		Unrestricted Funds	Unrestricted Funds
		General	Designated	Total	Total
	Note			2023	2022
		£	£	£	£
Income
Donations and legacies	2	50	-	50	-
Incoming from charitable activities	3	29,524	-	29,524	37,529
Income from investments	4	28,883	-	28,883	19,720
Other income	5	-	-	-	6,460
Total income		58,457	-	58,457	63,709
Expenditure
Expenditure on charitable activities	6	56,443	-	56,443	104,873
Expenditure of raising funds	7	6,537	-	6,537	6,973
Other expenditure		-	-	-	-
Total expenditure		62,980	-	62,980	111,846
Net gain / (loss) on investment assets	9	(27,027)	-	(27,027)	(82,910)
Net income / (expenditure)		(31,550)	-	(31,550)	(131,047)
Transfers between funds	13	-	-	-	-
Other recognised gains/(losses):
Gain on revaluation of fixed assets		-	-	-	1,127,946
Net movement in funds		(31,550)	-	(31,550)	996,899
Reconciliation of funds
Total funds at 1 September 2022		1,506,202	1,337,115	2,843,317	1,846,418
Total funds at 31 August 2023	13	1,474,652	1,337,115	2,811,767	2,843,317
		===========	===========	===========	==========

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 2023

Charity Number: 232505

		2023	2022
	Notes	£	£
Fixed assets
Tangible	8	1,273	1,522
Investments	9	795,267	836,447
		796,540	837,969
Current assets
Debtors	10	1,385	1,385
Cash at bank and in hand	11	2,023,312	2,008,583
		2,024,697	2,009,968
Current liabilities
Creditors: amounts falling due within one year	12	(9,470)	(4,620)
Net current assets		2,015,227	2,005,348
Net assets		2,811,767	2,843,317
		==========	==========
The funds of the charity:
Unrestricted designated funds
Tangible fixed assets fund		-	-
Other		1,337,115	1,337,115
	13	1,337,115	1,337,115
Unrestricted general fund	13	1,474,652	1,506,202
Total charity funds		2,811,767	2,843,317
		==========	==========
Approved by the Board of Trustees on			and signed on its
behalf by:
Sister Stella Joyce (Trustee)

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

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.

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:-

ii. Regional Account

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

b) Going concern

At the date of approving these accounts the decision has been made to wind up the charity within the next 12 months and transfer the remaining funds to The United States Province to further the ongoing charitable activities. On these grounds, the financial statements have not been prepared on a going concern basis. No adjustments have been necessary to the assets and liabilities of the charity as a result of the financial statements being prepared on a basis other than a going concern.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

c) 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.

d) 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 funds are given in note 13.

e) Fixed Assets

Freehold property is held at valuation.

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 2023

f) Depreciation

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

i. Motor vehicles 25% reducing balance ii. Fixtures and fittings and equipment 15% reducing balance iii. Computer 25% reducing balance

g) Income

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

h) 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.

i) Value Added Tax

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

j) Trustee Benefits

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.

k) 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 2023

2 Donations and legacies	2023	2022
	Total	Total
	£	£
Donations and legacies	50	-
	===========	=========

All donations and legacy income were general unrestricted and undesignated in 2023 and 2022.

3 Income from charitable activities

3 Income from charitable activities
	2023	2022
	Total	Total
	£	£
Donated earnings of members	29,524	37,529
	===========	=========

All Income from charitable activities was general unrestricted and undesignated in 2023 and 2022.

4 Investment income

Bank interest Dividends and interest on listed investments	2023 Total £ 2,098 26,785 28,883 ===========	2022 Total £ 335 19,385 19,720 =========

All Investment income was general unrestricted and undesignated in 2023 and 2022.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

5 Other income

Sundry income	2023 Total £ - - ===========	2022 Total £ 6,460 6,460 =========

All other income was general unrestricted and undesignated in 2023 and 2022.

6 Charitable activities Charitable donations Rent Office costs Food Chapel and books Studies and conferences Travel Water Motor Household Gifts Rates Energy Repairs and maintenance Insurance Sundries Telephone Depreciation Bank charges Contribution to retired sisters living costs ` Governance costs (See note 6a) Total expenditure	2023 2022 Total Total £ £ 348 790 14,400 14,400 263 370 1,494 1,787 81 - 47 - 4,038 3,585 356 509 1,171 1,233 303 1,171 207 181 1,525 2,030 1,033 3,848 651 1,237 1,427 1,271 1,499 621 922 1,886 249 374 32 171 21,547 64,789 4,850 4,620 56,443 104,873 =========== =========

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

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

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.

6a Governance costs

7

Accountancy services Legal fees Total expenditure Expenditure on raising funds Investment costs	2023 Total £ 3,600 1,250 - 4,850 ========== 2023 Total £ 6,537 ===========	2022 Total £ 3,500 1,120 - 4,620 =========== 2022 Total £ 6,973 ==========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

8 Tangible Fixed assets

Cost / valuation At 1 September 2022 Additions Disposals At 31 August 2023 Depreciation At 1 September 2022 Charge for the year At 31 August 2023 Net book amounts At 31 August 2023 At 31 August 2022 nvestments Movement in market value Market value at 1 September 2022 Acquisitions at cost Disposals at opening book value Net gains/(losses) on revaluations in the year Market value at 31 August 2023	Motor vehicles Fixtures, fittings and equipment Total £ £ £ 18,984 36,292 55,276 - - - - - -
	18,984 36,292 55,276
	18,775 34,979 53,754 52 197 249
	18,827 35,176 54,003
	157 1,116 1,273
	209 1,313 1,522
	2023 2022 £ £ 836,631 933,541 49,021 - (63,358) (14,000) (27,027) (82,910) --------------------- --------------------- 795,267 836,631 ============== ==============

9 Investments

Movement in market value

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

Analysis of investments at 31 August 2023

	Total	Total
	Funds	Funds
	2023	2022
	£	£
Listed investments
UK Government fixed interest	141,189	129,369
Other UK quoted fixed interest	11,471	12,708
Overseas fixed interest	70,690	77,724
UK quoted investment companies	130,162	173,710
International bond funds	202,757	206,516
UK quoted investment and unit trusts	101,294	99,166
Overseas quoted equities	137,520	137,070
	----------------------	---------------------
	795,083	836,223
Treasury deposits	184	184
	---------------------	---------------------
	795,267	836,447
	==============	==============

Investments in individual entities held at 31 August 2023 which exceed 5% of the portfolio by value are:

	value are:
			£
	Treasury 2.5% Stock 17/07/24		81,991
	Uk (Govt of) 4.125% I/L Stk 22/07/30		42,776
	Pimco Global Advis Gbl Inv Grad Cred Hgd Instl		77,073
	FIL Inv Svcs UK Money Builder Income I GBP		47,779
	BNY Mellon Fd Mngr Gbl Dynamic Bd Exempt 3 GBP		44,151
		2023	2022
		£	£
10	Debtors
	Prepayments and accrued interest	1,385	1,385
		==========	==========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

					2023	2022
					£	£
11	Cash at Bank and in Hand
	Deposit accounts				1,993,377	1,986,883
	Cash in hand				1,845	1,900
	Investment dealing accounts				28,090	19,800
					2,023,312	2,008,583
					==========	==========
					2023	2022
					£	£
12	Creditors: Amounts Falling Due Within One Year
	Accruals				9,470	4,620
					==========	==========
13	Analysis of Net Assets between Funds
			Designated		General	Total
				£	£	£
	Fund Balances at 31 August 2023 are represented by:
	Tangible fixed assets			-	1,273	1,273
	Investments			795,267	-	795,267
	Current assets			541,848	1,482,849	2,024,697
	Current liabilities			-	(9,470)	(9,470)
			1,337,115		1,474,652	2,811,767
			==========		===========	==========
	Designated funds comprise the following:
		Tangible fixed	Retirement		Financing	Total
		assets fund		fund	fund
		£		£	£	£
	Opening balance	-	1,037,115		300,000	1,337,115
	Movement in year	-		-	-	-
	Closing balance	-	1,037,115		300,000	1,337,115
		=========	===========		==========	===========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Year ended 31 August 2023

Analysis of Net Assets between funds prior year comparative as restricted

		Designated	General	Total
		£	£	£
Fund Balances at 31 August 2022 are represented		by:
Tangible fixed assets		-	1,522	1,522
Investments		836,447	-	836,447
Current assets		500,668	1,509,300	2,009,968
Current liabilities		-	(4,620)	(4,620)
		1,337,115	1,506,202	2,843,317
		==========	===========	==========
Designated funds comprise the following:
	Tangible fixed	Retirement	Financing	Total
	assets fund	fund	fund
	£	£	£	£
Opening balance	509,303	1,037,115	300,000	1,846,418
Movement in year	(509,303)	-	-	(509,303)
Closing balance	-	1,037,115	300,000	1,337,115
	=========	===========	===========	===========

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

14 Contributions from Central Fund

Prior to closing the Mount St Mary Convent School in 1997 the Charity received contributions legal obligation to repay any part of these funds, the Charity considers it has a moral obligation these financial statements.

During the year repayments of £nil (2022: 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 (2022: £245,889).