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2020-08-31-accounts

THE CONGREGATION OF OUR LADY OF PITY

REGISTERED CHARITY NO. 233237

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2020

KING LOOSE & CO STATUTORY AUDITORS

ST JOHN'S HOUSE 5 SOUTH PARADE SUMMERTOWN OXFORD OX2 7JL

THE CONGREGATION OF OUR LADY OF PITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

CONTENTS

Page

1 Legal and Administrative Details
2 - 4 Trustees Report
4 Statement of Trustees’ Responsibilities
5 & 5a Auditors' Report
6 Statement of Financial Activities
7 Balance Sheet
8 - 16 Notes to the Financial Statements

1.

THE CONGREGATION OF OUR LADY OF PITY

LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31[ST] AUGUST 2020

Charity No. 233237
Trust Deed Dated 5thFebruary 1964
Constitution Dated 27thMay 1972
Trustees Miss V Thomson (Reverend Mother – Sister Veronica)
Miss M A Walsh (Sister Antonia)
Rev’d Canon P Townsend (resigned 29.09.2020)
Mrs B Fisher
Mrs J Smith
Rt Rev Dom C Brogan (appt 24.07.2020)
V Rev Canon D Hopgood (appt 11.03.2021)
Mr U E Schwarzenbach (appt 21.09.2020)
Principal Address St John’s Convent
Linden Hill Lane
Kiln Green
Reading
Berkshire RG10 9XP
Bankers Barclays Bank Plc
Mayfair Group of Branches
PO Box 11345
London
W12 8GG
Investment Brokers Charles Stanley & Co Limited
55 Bishopsgate
London
EC2N 3AS
Accounts & Administration Andrew J Curtis
Auditors King Loose & Co
St John’s House
5 South Parade
Summertown
Oxford OX2 7JL

2.

THE CONGREGATION OF OUR LADY OF PITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

The Trustees have pleasure in presenting the financial statements of the Charity for the year ended 31[st] August 2020. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity’s Trust Deed and applicable legislation.

History of The Congregation

The Congregation was founded in 1948, under the leadership and direction of Mother Margaret Mary Lauder. From the beginning, the community wanted to offer their lives and work to assist priests, however, this was not realised until 1963.

At that time, some of the sisters went to work in seminaries and parishes – caring for the parish priests and assisting them in parish work. The community have constantly been aware of the need for renewal and re-assessment of their apostolate.

From 1965 until 1995, this apostolate was to care for retired priests who needed care. These priests came from diocese all over the UK and from religious orders. The aim was to provide the priests with personal care during their retirement years and also to see to their spiritual needs: daily Mass, visits from other priests and support from the diocese. From 1996, changes took place as set out in the Charity Objectives below.

Charity’s Objectives

From 1996, the whole process of retirement and pastoral work for older priests changed under a new scheme set up by the diocese of Portsmouth and the clergy are now able to retire earlier when they still have some quality of life. Therefore, instead of full-time pastoral ministry, they perform part-time supply work from St John’s Convent whilst receiving from the sisters the necessary physical and emotional care.

The primary aim of the Congregation remains the care of priests who have to retire from full-time ministry, but has opened up now to short-term care, and also catering for priests and religious brothers and sisters who need time off to make a retreat, have a few weeks rest after missionary work or postoperative care or rest.

The aim is always to provide a quiet, peaceful, relaxing atmosphere for all residents and guests. Under the fourth vow of the Order, that of Apostolic Zeal, a commitment exists to help all people in need, therefore, special attention is given to the care of the homeless, families in need, and orphans. As a religious Congregation, daily lives must be governed by the Gospel, whilst keeping a balance between financing the work and caring for the brothers and sisters who are in need of basic living and human rights.

Review of Developments, Activities and Achievements

The Covid19 pandemic hit the Charity quite hard, with restrictions on travel for groups, and generally caring for senior and vulnerable people. Income has fallen from all sources, but there have been cost reductions to help compensate for this.

Prior to this the Trustees had continued to see wider usage being made of the Charity’s facilities. The previous continuing improvement in accommodation fee income had already stalled slightly due to the sad deaths of certain elderly residents, or their departure to full-time nursing care, without immediate reoccupation of the properties.

Additionally, during a previous year, significant works had been undertaken within the property to replace all electrical installations, and ensure any residual asbestos on the site was removed. Of necessity, this caused some disruption to lettings income in addition to significant cost to the charity.

Ecumenical activities continue to take place where permitted by government protocols and the Sisters are now frequently called upon to assist families whose lives are directly affected by pressures imposed by the current Coronavirus crisis.

3.

THE CONGREGATION OF OUR LADY OF PITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Review of Developments, Activities and Achievements cont’d

The current success of the Covid19 vaccination program; plus the easing of restrictions generally, should see the resumption of activities to previous levels in the near future, and the property is well placed to welcome residents and guests.

Public Benefit

Supporting the community gives the Charity the greatest outreach and provides the greatest public benefit. The Charity continues to engage with, and be accessible to, the community it aims to reach and serve. In considering the Charity’s continuing aims and objects, the Trustees have reviewed the guidance issued by the Charity Commission in relation to public benefit, and consider that the public benefit test continues to be satisfied.

Finances and Investment Policy

The Charity’s investments have continued to be managed with the objective of maintaining a balanced return between long-term capital and income growth. Charles Stanley & Co. Limited, the Charity’s Investment Brokers, work within an investment policy which the Trustees have drawn up.

Due to continuing worldwide problems in the financial markets, the value of the Charity’s investment portfolio decreased over the year, although income levels held relatively well. The previous and continuing restructuring of the portfolio has protected the Charity in such difficult times. At 31[st] August 2020, the investment portfolio amounted to £806,087, a decrease of 15.3% across the year.

Appointment and Training of Trustees

The Trustees meet to nominate and appoint Trustees for the Charity.

With regard to training and induction of new Trustees, the policy is informal; new Trustees attend the regular meetings where matters of policy, principle and finance are discussed.

Organisational Structure

The Trustees meet at least bi-annually and decide the policies and principles to be followed. Informal meetings are also held when the need arises. The Reverend Mother – Sister Veronica – is appointed by the Trustees to ensure the decisions are carried out and the Reverend Mother also takes all day to day management decisions.

Reserves Policy

The Trustees carry out an annual review of the Charity’s free reserves policy (free reserves being those funds not tied up in fixed assets, designated or restricted funds), in light of risks and future plans. The Trustees have established a policy to have a minimum free reserve of approximately four months of resources expended, which equates to £110,000. This reserve should enable the Charity to continue to meet its objectives if it faces loss of income, increases in costs or delays in receipts.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces or may face and confirm that systems have been established to mitigate the significant risks.

The Trustees consider that the principal risks facing the Charity are:-

Insofar as is possible, the Trustees keep these matters under review.

4.

THE CONGREGATION OF OUR LADY OF PITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] AUGUST 2020

Audit Information

In so far as the trustees are aware:

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

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 those financial statements, the Trustees are required to:

The Trustees are responsible for maintaining 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 the Charities Act 2011 and the relevant Charities SORP. They are also responsible for safeguarding the Charity’s assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees

…………………………………… …………………………….………….. V Thomson Dated

5.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CONGREGATION OF OUR LADY OF PITY

FOR THE YEAR ENDED 31[ST] AUGUST 2020

Opinion

We have audited the financial statements of The Congregation of our Lady of Pity (the “Charity”), for the year ended 31[st] August 2020, which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

5(a)

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE CONGREGATION OF OUR LADY OF PITY FOR THE YEAR ENDED 31[ST] AUGUST 2020

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

This report is made solely to the Charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

St John’s House

5 South Parade Summertown Oxford OX2 7JL

King Loose & Co Statutory Auditors

King Loose & Co is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

6.

THE CONGREGATION OF OUR LADY OF PITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] AUGUST 2020

Income & Endowments from:
Voluntary Income
Activities for generating funds:-
Fees for Accommodation
and Services provided
Pensions
Investment Income
Total Income
Expenditure on
Charitable Activities:
Operating Costs
Grants
Other Support Costs
Total Expenditure
Net (Expenditure) for the Year
Before Investment Movements
Net (Losses)/Gains on Investments
Net Movement in Funds
Total Funds Brought Forward
Total Funds Carried Forward		 Unres-
Total
Unres-
Total
tricted
Funds
tricted
Funds
Funds 2020
Funds
2019
Note
£
£
£
£
2
15,599
15,599
5,565
5,565
82,095
82,095
111,466
111,466
2,815
2,815
4,009
4,009
3
46,054
46,054
73,765
76,765
_
_
_
_
146,563
146,563
194,805
194,805
_
_
_
_
4
190,827
190,827
295,207
295,207
5
30,810
30,810
32,453
32,453
4
58,268
58,268
50,715
50,715
_
_
_
_
279,905
279,905
378,375
378,375
_
_
_
_
(133,342)
(133,342)
(183,570)
(183,570)
7
(31,314)
(31,314)
(81,606)
(81,606)
_
_
_
_
(164,656)
(164,656)
(265,176)
(265,176)
3,018,838
3,018,838
3,284,014
3,284,014
_
_
_
_
2,854,182
2,854,182
3,018,838
3,018,838
=======
=======
=======
=======

The notes on pages 8 to 16 form part of these accounts.

7.

THE CONGREGATION OF OUR LADY OF PITY

BALANCE SHEET AS AT 31[ST] AUGUST 2020

Note
£
Fixed Assets
Tangible Assets
6
Investments
7
Current Assets
Debtors
8
6,742
Short Term Deposits
24,172
Cash at Bank
18,450
_
49,364
_
Current Liabilities
Creditors: Amounts falling due
within one year
9
15,304
__
Net Current Assets
Total Assets less Current Liabilities
Creditors: Amounts falling due
after more than one year 10
Represented By:
Unrestricted Funds
11		 2020
£
£
2,015,837
806,087
_
2,821,924
6,180
35,307
8,666
_
50,153
_
21,012
_
34,060
_
2,855,984
1,802
_
2,854,182
=======
2,854,182
=======		 2019
£
2,037,845
951,852
_
2,989,697
29,141
_
3,018,838
-
__
3,018,838
=======
3,018,838
=======

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

…………………………………………

V Thomson

………………………………………… Dated

The notes on pages 8 to 16 form part of the accounts

8.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

1. Accounting Policies

The following accounting policies are considered material in relation to the Charity’s financial statements.

a) General Information

These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Charity operates.

b) Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Charities SORP (FRS 102); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The charity has taken advantage of the exemption to prepare a cash flow statement, as contained in Financial Reporting Standard 1, on the grounds that it is a small charity.

c)

Activities

The financial statements include the results of the charity's operations as described in the trustees’ annual report, and all of which are continuing.

d) Revenue Recognition Investment income

Investment income is credited to income on a receipts basis, and comprises dividends and interest from listed investments, and interest on deposits.

Pensions

Such income is either state pension, or sourced from the sisters’ activities, either current or previous, and is wholly covenanted to the charity by the sisters, on a receipts basis.

Donations and Legacies

Donations are credited to income when received. Legacies are credited to income. When the charity is legally entitled to the income and the amount can be verified with reasonable accuracy.

Fees for accommodation and services

Such income is sourced from the sisters’ activities, and is credited to income on a receivable basis, at the point at which the charity is entitled to the income.

All incoming resources are thus included in the Statement of Financial Activities when the charity is legally entitled to the income, and the amount can be verified with reasonable accuracy.

e)

Expenditure Recognition

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 settlement will be required and the amount of the obligation can be reliably measured.

Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure represents the costs of supporting the sisters both personally, and in their activities on behalf of the charity.

9.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

1. Accounting Policies (continued)

f) Grants and Donations

The on-site Chaplain is supported by the Charity through the provision, free of charge, of accommodation and housekeeping, catering and general care services. A market value assessment of this support is shown under Grants and Donations expended, and the Charity’s Accommodation Income augmented by this same value to more fairly reflect the Trustees’ stewardship of available assets and resources.

g) Value Added Tax

Value Added Tax is not recoverable by the Charity, and is included in the relevant costs in the Statement of Financial Activities.

h) Tangible Assets and Depreciation

Property, plant and equipment are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.

Land and buildings are measured at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are considered every year ensuring the carrying amount does not differ materially from the fair value determined at the end of the reporting period.

At 31[st] August 2020, the trustees were satisfied that no revaluation adjustments were required.

Depreciation is provided on tangible fixed assets in order to write off each asset over its expected economic life. The rates of depreciation applied to each class of asset are:-

Freehold land - not depreciated
Freehold buildings - 1% on revalued amount plus
- subsequent additions
Furniture and fittings - 15% on reducing balance
Equipment - 25% on straight line basis
Motor vehicles - 25% on reducing balance

i)

Investments

Investments are shown in the accounts at fair value which has been determined as follows:-

10.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

1. Accounting Policies (continued)

j) Financial Assets and Liabilities

a. Cash and cash equivalents. Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less.

b. Investments. Investments comprise Quoted Stocks and Shares as detailed in the notes to the accounts, for which a fair value can be measured reliably. Such investments are initially recognised at fair value, which is the transaction price excluding transaction costs, and are subsequently measured at fair value with movements being reflected through the statement of financial activities.

c. Trade and other payables. Trade and other payables that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

k) Impairment of Assets

At each reporting date the Company reviews the carrying value of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flow expected to be derived from the asset, or cash generating unit. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.

Where the receivable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the statement of financial activities. An impairment loss recognised for all assets is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply.

l)

Leasing and Hire Purchase

Lease arrangements are classified as a finance lease where the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other lease arrangements are classified as an operating lease.

Assets held under finance lease arrangements are recognised as assets within property, plant and equipment at their fair value, or, if lower, at the present value of the minimum lease payments, each determined at the inception of the lease. The assets are subsequently depreciated over the shorter of the lease term and their useful life. The corresponding finance lease liability is recognised as a finance lease obligation, with lease payments being apportioned between finance charges and a reduction in the lease obligation so as to achieve a constant rate of interest on the remaining amount of the liability. Finance charges are recognised within the statement of financial activities.

Payments made under operating lease arrangements are charged to the statement of financial activities on a straight line basis over the lease term.

m) Employee Benefits – Pensions

The charity operates a defined contribution pension scheme in respect of certain paid employees. The scheme and its assets are held by independent managers. The pension charge represents the amounts payable by the charity to the fund in respect of the year.

11.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

1. Accounting Policies (continued)

n) Fund Accounting

Funds held by the Charity are either:

All of the charity’s assets are currently represented by Unrestricted General Funds.

o) Going Concern

The financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all entities. In response to such conditions, the trustees have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements.

The trustees have concluded that the going concern basis remains appropriate.

2. Donations, Grants and Legacies

Included within the figure for donations, grants and legacies are the following gifts:-

£ Thames Side Court 1,000 Stiftung/Porteous 10,000

The Trustees are sincerely grateful for these generous gifts.

3. Investment Income
2020
2019
£
£
From Listed Investments
46,053
73,704
From Bank Deposits
31
61
_
_
46,084
73,765
=======
=======		 2019

12.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

4. Expenditure
Operating
Costs
£
Food, Provisions &
Sundries
14,728
Light and Heat
17,755
Rates/Council Tax
9,827
Telephone
12,260
Insurance
12,660
Repairs & Renewals
17,384
Garden Maintenance
565
Motor &Travelling
Expenses
3,861
Holidays/Pilgrimage/
Retreat
380
Staff Costs
58,478
Newspapers, Magazines
& Recoverable Expenses
993
Printing, Stationery &
Postage
1,952
Advertising
1,399
Chapel Expenses
6,193
Clothing and Linen
1,573
Medical Expenses/
Nursing Home Fees
2,436
Audit Fees
-
Bank Charges
-
Sundries & Subscriptions 1,734
Depreciation:
Motor Vehicles
1,744
Furniture & Equipment 2,264
Freehold Property
18,000
Legal & Professional Fees 3,224
Equip. Hire(Fire Alarms) 1,201
Invest. Managers’ costs
-
Hire Purchase Interest
216
_
190,827
======		 Other
Total
Support
Funds
Costs
2020
£
£
-
14,728
-
17,755
-
9,827
-
12,260
-
12,660
-
17,384
-
565
-
3,861
-
380
34,658
93,136
-
993
-
1,952
-
1,399
-
6,193
-
1,573
-
2,436
3,700
3,700
510
510
-
1,734
-
1,744
-
2,264
-
18,000
11,717
14,941
-
1,201
7,683
7,683
-
216
_
_
58,268
249,095
======
======		 Operating
Costs
£
26,387
19,638
9,603
11,979
10,976
33,898
1,807
6,831
500
79,963
1,801
1,171
1,133
8,794
780
48,994
-
-
1,751
2,326
2,415
18,000
3,712
2,381
-
367
_
295,207
======		 Other
Total
Support
Funds
Cost
2019
£
£
-
26,387
-
19,638
-
9,603
-
11,979
-
10,976
-
33,898
-
1,807
-
6,831
-
500
37,642
117,605
-
1,801
-
1,171
-
1,133
-
8,794
-
780
-
48,994
3,756
3,756
613
613
-
1,751
-
2,326
-
2,415
-
18,000
-
3,712
-
2,381
8,704
8,704
-
367
_
_
50,715
345,922
======
======		 Total
Funds		 Total

13.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

5.
6.		 Grants and Donations
To Individuals
To Other Charities
Support for Chaplain
Tangible Fixed Assets
Cost or Valuation
At 1stSeptember 2019
Additions in Year
Disposals
At 31stAugust 2020
Depreciation
At 1stSeptember 2019
Charge for the Year
Disposals
At 31stAugust 2020
Net Book Values
At 31stAugust 2020
At 31stAugust 2019		 Freehold
Property
£
2,549,995
-
-
_

2,549,995
=======

532,519
18,000
-
_

550,519
=======

1,999,476
=======

2,017,476
=======
 Motor
Vehicles
£
17,859
-
-
_
17,859
=======
10,878
1,744
-
_
12,622
=======
5,237
=======
6,981
=======		 2020
2019
£
£
439
1,118
371
1,335
30,000
30,000
_
_
30,810
32,453
=======
=======
Furniture
& Equip
Total
£
£
137,610
2,705,464
-
-
-
-
_
_
137,610
2,705,464
=======
=======
124,222
667,619
2,264
22,008
-
-
_
_
126,486
689,627
=======
=======
11,124
2,015,837
=======
=======
13,388
2,037,845
=======
=======





The following assets were held under hire purchase agreements:

Motor vehicles
Net book
Net book		 2020

Depreciation


£

1,514

=====
Net book
Net book		 2019

Depreciation


£

2,019

=====		 2019

Depreciation


£

2,019

=====








Value = value
£
2,019
=====
£
4,544
=====		 £
6,058
====

The freehold property was last revalued on 17[th] August 2000 at £2,450,000, by M W Heath F.R.I.C.S. of Martin Heath Associates. The Trustees used this figure to restate the carrying value of the freehold property as at 31[st] August 2000, with subsequent additions being reflected at cost.

The entire net book value at 31[st] August 2020 represents fixed assets used for direct charitable purposes.

14.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

7. Fixed Asset Investments
Valuation at 1stSeptember 2019
Add:
Acquisitions at Cost
Less:
Disposals
Change in Market Value
Market Value at 31stAugust 2020
Represented By:
Investments listed on a recognised Stock Exchange, including
Investments and Unit Trusts, are as follows:
UK
Overseas
Fixed Interest and Govt. stock
Analysis of Net Investment Losses
Unrealised Profits for the Year
(Losses) Realised on Disposal etc
Net Investment Losses
Material Investments as at 31st August 2020
Phoenix Group Holdings
Scottish Mortgage Inv Trust
Impact Heathcare REIT
European Assets Trust
JP Morgan Global Growth & Income PLC
=		 Market
Value
£
41,520
41,344
39,840
36,050
38,390
======		 2020
£
951,852
570,605
(734,344)
_
788,113
17,974
_
806,087
=======
2020
£
416,071
324,851
_
740,922
65,165
_
806,087
=======
£
17,974
(49,288)
__
(31,314)
=======
% of Port-
folio Total
5.15
5.13
4.94
4.47
4.76
=======

15.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

8.
9.
10.
11.		 Debtors
2020
2019
£
£
Prepayments and Sundry Debtors
4,974
5,211
Income Tax Recoverable
1,768
969
_
_
6,742
6,180
=======
=======
Creditors– Amounts Falling Due Within One Year
2020
2019
£
£
Trade Creditors
7,337
8,130
Social Security and Other Taxes
1,146
2,469
Accruals
5,019
5,184
Hire Purchase Creditor
1,802
5,229
_
_
15,304
21,012
=======
=======
Creditors– Amounts Falling Due After More Than One Year
2020
2019
£
£
Hire Purchase Creditor Due 1-2 years
1,802
-
=======
=======
Unrestricted Funds
2020
£
The movement in unrestricted funds during the year is as follows:
At 1stSeptember 2019
3,018,838
Net (Outgoing) Resources for the Year
(133,342)
(Losses) on Investment Assets
(31,314)
__
At 31stAugust 2020
2,854,182
=======

12. Trustees’ Remuneration and Expenses

The Trustees received no remuneration (2019 – nil). Two of the Trustees, Reverend Mother Sister Veronica (Miss V Thomson) and Sister Antonia (Miss M A Walsh), have use of the Charity’s motor vehicles and all motor, living and other expenses are paid by the Charity to enable them to carry out their work on behalf of the Charity.

16.

THE CONGREGATION OF OUR LADY OF PITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2020

13. Employees’ Remuneration

No employee earned emoluments of more than £60,000 p.a. during the year.

Staff Costs 2020 2019
£ £
Wages and Salaries 87,654 108,920
Social Security Costs (net of Employment Allowance) 4,438 7,488
Pension Costs 1,044 1,197
__ __
93,136 117,605
======= =======
The average number of staff for the year were: No No
Sisters 2 3
Operational Staff 3 4
Administrative staff 1 1
======= =======

14. Contingent Liabilities

The Charity had no material contingent liabilities at 31[st] August 2020.

15. Secured Liabilities

Hire Purchase Creditors are secured on certain of the Charity’s fixed assets as detailed in note 6 to these accounts.