OpenCharities

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

2021-03-31-accounts

The Congregation of the Sisters of St Anne Charitable Trust

Annual Report and Accounts

31 March 2021

Charity Registration Number 233808

Contents

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 16
Accounts
Statement of financial activities 21
Balance sheet 22
Statement of cash flows 23
Principal accounting policies 24
Notes to the accounts 30

The Congregation of the Sisters of St Anne Charitable Trust

Reference and administrative information

Trustees Sister Mary Hannigan Sister Patricia Heller Sister Jennifer Brown Sister Ruth Holley Sister Peggy McWeeney Superior General Sister Patricia Heller Principal address St Anne’s House 14 Lansdowne Road London SW20 8AN Telephone 0203 092 4111 Charity registration number 233808 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC Bank plc PO Box 6201 Coventry CB3 9HW National Westminster Bank plc Wimbledon Branch 16 Wimbledon Hill Road Wimbledon London SW19 7NN COIF Charity Funds 80 Cheapside London EC2V 6DZ

The Congregation of the Sisters of St Anne Charitable Trust 1

Reference and administrative information

Principal investment Brewin Dolphin Limited managers and advisers 5 Giltspur Street London EC1A 9BD Epworth Investment Management Limited 9 Bonhill Street London EC2A 4PE Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Royal London Asset Management Limited 55 Gracechurch Street London EC3V 0RL

Oikocredit Ecumenical Development Cooperative Society U.A. Berkenweg 7 Amersfoort 3818 LA Netherlands

Solicitors Irwin Mitchell LLP Mercantile House 18 London Road Newbury RG14 1JX Stone King LLP Boundary House 91 Charterhouse Street London EC1M 4BS

The Congregation of the Sisters of St Anne Charitable Trust 2

Trustees’ report 31 March 2021

The trustees present their statutory report together with the accounts of the Congregation of the Sisters of St Anne Charitable Trust (the charity) for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 29 of the attached accounts and comply with the charity’s trust deed, applicable laws 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 United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Congregation of the Sisters of St Anne (the “Congregation”) is a Roman Catholic Religious Congregation founded in 1927.

The accounts which accompany this report are those of the charitable trust on which the assets of the Congregation in England and Wales are held. The charity is governed by a trust deed dated 20 December 1963 and is registered under the Charities Act 2011 – Charity Registration Number 233808.

Mission

The Congregation of the Sisters of St Anne Charitable Trust aims to support the religious and other charitable works carried on by the members of the Congregation and to care for those members throughout their lives with the Congregation. These ministries of the sisters of the Congregation, all of which benefit numerous members of the general public, fall into the following main areas:

The Congregation of the Sisters of St Anne Charitable Trust 3

Trustees’ report 31 March 2021

Activities, specific objectives and relevant policies

Activities and specific objectives

When setting the objectives and planning the work of the charity for the year, and when encouraging the work of individual members of the Congregation, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

As stated above under “Mission,” the activities of the charity can be divided into three principal areas: caring for members of the Congregation, the social and pastoral work of the sisters, and the ownership and operation of one care home for the elderly. Each of these is considered in turn below.

1. Caring for members of the Congregation

In common with many religious congregations in Great Britain, the age profile of the members of the Congregation is increasing as existing members grow older and the number of new vocations becomes minimal. The age profile of the Congregation in Great Britain is shown graphically below:

----- Start of picture text -----
Age Profile as at 31 March 2021
3
2
1
0
51-60 61-70 71-80 81-90 91-100
Age
Number of Sisters
----- End of picture text -----

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to the care of the sick, elderly, poor and marginalised in society. As the age profile of the Congregation increases so too does the need to provide increasing and increasingly expensive care for the sisters. Members of the Congregation receive care in the charity’s care home as required and, over the next decade, the trustees expect a number may require this care. As a consequence, the trustees are giving careful consideration to the impact of this on the work of individual members of the Congregation and the financial implications.

In this regard, the aims of the trustees over the forthcoming years include:

The Congregation of the Sisters of St Anne Charitable Trust

4

Trustees’ report 31 March 2021

Activities, specific objectives and relevant policies (continued)

Activities and specific objectives (continued)

2. Social and pastoral work

The aims of the trustees in this area include:

3. Care home

As stated previously, the charity owns and operates one care home for the elderly.

The philosophy of care at the Home is to ensure a homely, friendly and open atmosphere among residents and staff whilst maintaining the privacy, dignity, rights and quality of life of all residents.

The Home provides long-term residential and nursing care for the elderly. It also offers short-term respite care for those coming out of hospital or to enable carers to take a break.

The Congregation of the Sisters of St Anne Charitable Trust 5

Trustees’ report 31 March 2021

Activities, specific objectives and relevant policies (continued)

Activities and specific objectives (continued)

3. Care home (continued)

There are 24 rooms at St Teresa’s, many with en-suite facilities. Each room has a telephone and television and is linked to the call system. All areas of the Home are accessible by either stairs or lifts, and residents are encouraged to take meals in the dining room. The Home has spacious communal areas where residents are encouraged to sit and talk to one another, watch television or partake in one of the very many activities or social events organised by the staff. The Home has a chapel and landscaped grounds.

In operating this Home the trustees aim to:

Protection of Children and Vulnerable Adults

Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all sisters who are in any kind of ministry in Great Britain have to obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of the National Catholic Safeguarding Commission (NCSC).

Grants, donations and support of missionary work and ministry

Grants, donations and other payments in support of missionary work and ministry are decided on by the trustees in consultation with other members of the Congregation as appropriate.

Whilst the trustees give occasional support to United Kingdom organisations whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

Volunteers

Throughout the year, the members of the Congregation give their time to assist the poor and marginalised and those in any type of need. The majority of members receive no financial reward for this work which contributes to the overall achievement of the charity’s objectives. In addition, members are involved in administering the work of the Congregation and charity - without their contribution the charity would not be able to function as effectively or fully as it does.

The Congregation of the Sisters of St Anne Charitable Trust 6

Trustees’ report 31 March 2021

Activities, specific objectives and relevant policies (continued)

Volunteers (continued)

In addition to the sisters being involved in these activities, there would normally be numerous volunteers who give of their time. Whilst the help from such volunteers has been limited this year as a result of the Covid-19 pandemic, the trustees continue to express their deepest thanks. Many of the activities could not take place without their help.

Investment policy

Brewin Dolphin Limited, Royal London Asset Management Limited and Rathbone Investment Management Limited manage the charity’s listed investments. In addition, the charity holds cash funds on deposit with Epworth Investment Management Limited. There are no restrictions on the charity’s power to invest.

The charity has also invested £2,000 with Ecumenical Development Cooperative Society U.A (Oikocredit). This represents an ethical investment, which is held not specifically to make a return but in support of development projects which benefit disadvantaged and marginalised individuals.

The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment managers’ view of the market prospects in the medium term.

The policy is to maximise total return through a diversified portfolio whilst providing a level of income advised by the trustees from time to time. There is also an Ethical Policy precluding investment in any company which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objectives of the Catholic Church.

The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees who meet with the investment managers annually.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

The Congregation of the Sisters of St Anne Charitable Trust 7

Trustees’ report 31 March 2021

Achievements and performance

Review of activities

The following paragraphs outline the main achievements during the year in each of the charity’s principal activities.

1. Care of members of the Congregation

The Congregation consists of six members. One sister lives as a resident in St Teresa’s Home, and has done so since 2016 where she receives the best of care. The Congregation continues to contribute to her monthly fees. As seen in our age graph, the other five sisters continue to work in their various ministries.

2. Social and pastoral work

As all members of the Congregation are aged over 70, the sisters have had to adhere to the stringent government advice issued on 23 March 2020. This has meant that their normal apostolic activities have had to find new shape. As a result of the social distancing rules, whilst largely remaining in lockdown, the sisters have tried to find new ways of working and supporting themselves and those with whom they work through electronic communication, telephone, etc.

We work and live in a vibrant parish in London, and some sisters are actively involved in some of the parish organisations, normally meeting on a weekly basis and visiting the housebound. As noted above, these visits and meetings have not been possible during the pandemic, but were replaced by telephoning individuals, keeping up the contact.

3. Care home

St Teresa’s Home has risen to the many challenges that have been presented since the Covid-19 pandemic began in early 2020, and many challenges continue to this day. All members of staff have worked together, and we as trustees, owe a tremendous gratitude to each and every member of staff in keeping the residents and themselves safe from Covid-19, and keeping the virus outside of our Care Home.

Occupancy

We have had occupancy in the last calendar year of 89%. There have been some deaths in that time, and due to the pandemic, it was felt unsafe to admit any new residents for some time. We are now, with great care and following Government guidelines, able to admit new residents as vacancies allow.

Staffing and training

As already mentioned, mandatory fire training and lifting and handling training has been carried out in the last year for all staff. Trained nurses continue to update their portfolios in line with The Nursing and Midwifery Council (NMC) requirements.

We are indebted to all our staff for their commitment and dedication to the residents throughout the pandemic, and for going the extra mile.

The Congregation of the Sisters of St Anne Charitable Trust 8

Trustees’ report 31 March 2021

Achievements and performance (continued)

Review of activities (continued)

3. Care home (continued)

Two members of staff are planning to go forward for Nurse Training in 2022.

We have seen some members of staff retire in the last year having given many years of service to St Teresa’s Home and our deep gratitude goes to them.

It is becoming more difficult to recruit trained nurses (as is the case nationally), but we are advertising in the hope of filling these posts.

Financial review

Results for the year

A summary of the year’s results can be found on page 21 of this report and accounts.

Income for the year was £1,528,225 (2020 - £1,598,200. £1,201,426 (2020 - £1,204,300) related to fees receivable from the charity’s care home and there was a Covid-19 infection control grants of £58,861 received (2020 - £nil). £49,714 (2020 - £146,735) was received by way of donations and legacies. This figure includes salaries and pensions of the sisters amounting to £41,034 (2020 - £40,457) covenanted to the charity and donations and legacy income of £2,000 (2020 - £106,278). Investment income and interest receivable totalled £205,197 (2020 - £240,1351).

Expenditure totalled £1,534,305 (2020 - £1,506,572). The total expenditure on the charity’s care home amounted to £1,262,489 (2020 - £1,216,571) with staff costs representing a very significant proportion of this and amounting to £995,589 (2020 - £939,926). Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £227,457 (2020 - £243,501) and included expenditure on governance.

Net expenditure for the year, therefore, was £6,080 (2020 – net income of £91,628). Investment gains of £1,807,989 (2020 - losses of £789,351) resulted in an increase in funds for the year of £1,801,909 (2020 - decrease of £697,723).

Investment performance

At 31 March 2021, the charity had a portfolio of listed investments with a market value of £8,998,621 (2020 - £7,069,000) and the investment managers held a further £220,970 (2020 - £186,281) of cash for re-investment.

During the year the charity’s investments achieved an income yield of 2.54% (2020 - 3.12%) and a capital yield of 22.51% (2020 - negative capital yield 9.6%). The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report and to comply with the ethical guidelines given to them. At the end of the year, the charity’s portfolio of listed investments comprised 34% (2020 - 30%) UK equities, 11% (2020 - 12%) UK fixed interest stocks, 10% (2020 - 9%) UK common investment funds, 5% (2020 - 7%) property unit trusts and 40% (2020 - 42%) overseas unit trusts.

The Congregation of the Sisters of St Anne Charitable Trust 9

Trustees’ report 31 March 2021

Financial review (continued)

Investment performance (continued)

The trustees are of the opinion that their investment objectives are being met.

Reserves policy and financial position

Reserves policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for care and support of sisters whose average age is increasing and whose needs are changing. The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and its commitments, the level of free reserves should be approximately equal to thirty six months’ expenditure.

Financial position

The balance sheet shows total reserves of £13,956,978 (2020 - £12,155,069). Of this, £4,307,090 (2020 - £4,424,335) is represented by properties and other tangible fixed assets essential for the support and work of the sisters.

Funds amounting to £5,296,723 (2020 - £4,889,115) have been set aside as designated funds. These funds include the St Teresa’s Home for the Elderly fund totalling £796,723 (2020 - £789,115) which represents the net assets of the charity’s care home. It is the intention of the trustees that these net assets be devoted to the continuance of this care home. Designated funds also include £100,000 (2020 - £100,000) set aside for the maintenance and care of the charity’s properties.

The trustees have also set aside funds to provide for the sisters in their retirement, none of whom have resources of their own. The calculations, based on actuarial methods, indicate that £4,400,000 (2020 - £4,000,000) is needed to be set aside.

Funds available to support the work of the sisters in the future are shown as general funds on the balance sheet and amount to £4,353,165 (2020 - £2,841,619). This figure needs to be considered in the light of annual expenditure exceeding £1.5 million, the increasing age profile of the sisters and the need for the charity to continue to support the work of the Congregation and meet the challenges of Covid-19.

The trustees believe that free reserves are adequate but not excessive at the present time and consistent with the above reserve policy. The trustees are cautious about the impact on the charity of Covid-19, in particular in respect to the operation and finances of the care home and they are conscious also of the continuing difficulties of recruiting high quality nursing staff and of the impact such recruitment issues have on salaries and operating costs.

The Congregation of the Sisters of St Anne Charitable Trust 10

Trustees’ report 31 March 2021

Future plans

The trustees are progressing with work to transfer the activities, assets and liabilities relating to St Teresa’s Home for the Elderly into a newly formed Charitable Incorporated Organisation (CIO). As a consequence, a CIO has been registered with the Charity Commission (St Teresa’s Home CIO – Charity Registration Number 1189921). No specific date has yet been agreed for the transfer to take place but it is anticipated that it may be effective at some point during the financial year to 31 March 2022.

In addition, it is the intention of the trustees to continue to meet the following objectives:

Governance, structure and management

Governance

In terms of Canon law, the Congregation is governed by the Superior General and her General Council. They are elected every six years at alternate Triennial Chapters. They are chosen for their personal qualities, their understanding and experience of the ministries of the sisters, governance, structure and management throughout Great Britain and to secure a good skills’ mix among them. The Congregation live in one community. The Superior General is now resident in the community and so is available to the sisters at all times. Throughout the year, there is a system of accountability operational throughout the Congregation to ensure that the Superior General and her Councillors are aware of the progress and development of the ministries carried out by the sisters of the Congregation.

The Congregation of the Sisters of St Anne Charitable Trust 11

Trustees’ report 31 March 2021

Governance, structure and management (continued)

Governance (continued)

In terms of Civil law, the charity is governed by a trust deed dated 20 December 1963 and is a registered charity – Charity Registration No. 233808. The trustees of the charity are the Superior General together with the four members of the General Council (and the Bursar General when she is not an elected member of the Council). As all trustees are members of the Congregation they have a detailed knowledge of the work of the charity and of its structure.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report and accounts. The trustees are incorporated under the provisions of the Charities Act 2011 as “The Incorporated Trustees of the Congregation of the Sisters of Saint Anne.”

Trustees’ responsibilities

The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and resources expended of the charity for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s trust deed. 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.

The Congregation of the Sisters of St Anne Charitable Trust 12

Trustees’ report 31 March 2021

Governance, structure and management (continued)

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet bi-monthly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investments managers, solicitors and accountants. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Congregation or senior staff.

At 31 March 2021, the Congregation comprised six sisters. The community house is situated at 14 Landsdowne Road, Wimbledon. The community house is located in an area where it is believed that the sisters can provide the most help to those in need.

The day-to-day responsibility for St Teresa’s Home for the Elderly in Wimbledon is in the hands of the Registered Care Manager, Mrs Loyola Goodsell. Mrs Goodsell has almost 20 years’ experience of nursing and caring for the elderly in a care home environment. The Administrator is Sister Patricia Heller and management reporting lines within the Home are well defined. Mrs Goodsell meets regularly with Sister Patricia Heller to discuss the Home. The trustees receive bi-monthly reports from Sister Patricia Heller to enable them to fulfil their responsibilities.

Key management personnel

The trustees consider that they, together with the Registered Care Manager of St Teresa’s Home, comprise the key management personnel of the charity and the Home in charge of directing and controlling, running and operating the charity and the Home on a day-to-day basis.

No trustees received any remuneration or reimbursement of expenses during the year (2020 - none).

The pay of the Registered Care Manager is reviewed annually by the trustees. Her pay generally is increased in line with average earnings within the Home.

Working with other organisations

The charity works closely with a number of other charities and public bodies which work in the field of providing care to the vulnerable and the elderly. In all cases, working together with other charities and public bodies enhances communication and understanding thus enabling services to the elderly to be provided more efficiently and effectively and avoiding duplication of effort. An example of an organisation for which members have worked and with which the charity has co-operated during the year is Roman Catholic Diocese of Southwark.

The Congregation of the Sisters of St Anne Charitable Trust 13

Trustees’ report 31 March 2021

Governance, structure and management (continued)

Risk management

The trustees have identified and considered the major risks to which the charity is exposed including those which arise because of Covid-19. Systems have been established to mitigate those risks and the risk policies which have been developed will be regularly updated and adapted as circumstances change.

The trustees undertake an annual review of the principal risks and uncertainties that the charity faces categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

The key risks for the charity, as identified by the trustees, in respect to Covid-19 are set out above. Other key risks are described below together with the principal ways in which they are mitigated:

The Congregation of the Sisters of St Anne Charitable Trust 14

Trustees’ report 31 March 2021

Governance, structure and management (continued)

Risk management (continued)

Employees, volunteers, and members of the Congregation

The Superior General and the trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.

Approved by the trustees and signed on their behalf by:

M. J. Hannigan

Approved by the trustees on: 1 November 2021

The Congregation of the Sisters of St Anne Charitable Trust 15

Independent auditor’s report 31 March 2021

Independent auditor’s report to the trustees of The Congregation of the Sisters of St Anne Charitable Trust

Opinion

We have audited the accounts of The Congregation of the Sisters of St Anne Charitable Trust (the charity) for the year ended 31 March 2021, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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 accounts:

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s or group’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Congregation of the Sisters of St Anne Charitable Trust 16

Independent auditor’s report 31 March 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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.

Matters on which we are required to report by exception

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 trustees

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

In preparing the accounts, 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.

The Congregation of the Sisters of St Anne Charitable Trust 17

Independent auditor’s report 31 March 2021

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Congregation of the Sisters of St Anne Charitable Trust 18

Independent auditor’s report 31 March 2021

Auditor’s responsibilities for the audit of the accounts (continued) To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We did not identify any irregularities, including fraud.

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

The Congregation of the Sisters of St Anne Charitable Trust 19

Independent auditor’s report 31 March 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that 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 and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

5 November 2021

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Congregation of the Sisters of St Anne Charitable Trust 20

Statement of financial activities Year to 31 March 2021

Notes
 Unrestricted funds Unrestricted funds


2021
£		 2020
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
3
Other sources
. Miscellaneous income
. Covid-19 Infection Control grant
Total income
Expenditure on:
Raising funds
. Investment management costs
4
Charitable activities
. Donations
. Provision of residential and nursing care services
5
. Support of the members of the Congregation and their ministry
6
Total expenditure
Net (expenditure) income before net investment gains (losses)
8
Net investment gains (losses)
Net income (expenditure) and net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 April 2020

Fund balances carried forward at 31 March 2021
49,714

205,197

1,213,366
1,087
58,861		 146,735
240,135
1,211,330
—
—
1,528,225 1,598,200

41,751
2,608

1,262,489

227,457		 42,025
4,475
1,216,571
243,501
1,534,305 1,506,572

(6,080)
1,807,989		 91,628
(789,351)
1,801,909
12,155,069		 (697,723)
12,852,792
13,956,978 12,155,069

The charity’s activities derived from continuing operations during the above two financial years.

All income and expenditure in both the above financial years related to unrestricted funds.

The Congregation of the Sisters of St Anne Charitable Trust 21

Balance sheet 31 March 2021

Notes 2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
Represented by:
Funds and reserves
Unrestricted income funds
. General funds
. Tangible fixed assets fund
15
. Designated funds
16



103,236
561,807		 4,307,090
9,219,591		 105,746
594,241		 4,424,335
7,255,281
13,526,681



430,297		 11,679,616
475,453
665,043
(234,746)		 699,987
(224,534)




13,956,978 12,155,069
4,353,165
4,307,090
5,296,723		 2,841,619
4,424,335
4,889,115
13,956,978 12,155,069
Approved by the trustees
and signed on their behalf by:

M. J. Hannigan Trustee Approved on: 1 November 2021

The Congregation of the Sisters of St Anne Charitable Trust 22

Statement of cash flows Year to 31 March 2021

A
B		 Notes
2021
£		 2020
£
97,602
241,722
(8,699)
699,842
(866,399)
66,466
164,068
616,454
780,522
by operating
2020
£
(697,723)
162,704
789,351
(240,135)
47,668
35,737
97,602
2020
£
594,241
186,281
780,522
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments

Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2020
B
Cash and cash equivalents at 31 March 2021
B

**(41,313) **


206,035
(40,835)
998,325
**(1,119,957) **
43,568

2,255


780,522

782,777
Notes to the statement of cash flows for the year to 31 March 2021.
Reconciliation of net movement in funds to net cash (used in) provided
activities
2021
£
Net movement in funds (as per the statement of financial activities)
1,801,909
Adjustments for:
Depreciation charge
158,080
(Gains) losses on investments
(1,807,989)
Investment income and interest receivable
(205,197)
Decrease in debtors
1,672
Increase in creditors
10,212
Net cash(used in) provided by operating activities
(41,313)
Analysis of cash and cash equivalents
2021
£
Cash at bank and in hand
561,807
Cash held by investment managers
220,970
Total cash and cash equivalents
782,777
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses on investments
Investment income and interest receivable
Decrease in debtors
Increase in creditors
Net cash(used in) provided by operating activities		 1,801,909
158,080
(1,807,989)
(205,197)
1,672
10,212
(41,313)
Analysis of cash and cash equivalents 2021
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 561,807
220,970
782,777

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Congregation of the Sisters of St Anne Charitable Trust 23

Principal accounting policies 31 March 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 March 2021 with comparative figures given for the year to 31 March 2020.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), 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 accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

The Congregation of the Sisters of St Anne Charitable Trust 24

Principal accounting policies 31 March 2021

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The Covid 19 pandemic has changed the shape and nature of the world. It has impacted not only the basic nature of the social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control.

The charity’s investment income has been slightly affected because of the volatility in listed investments and the impact of the pandemic on the commercial sector in particular. In terms of expenditure, whilst some costs have risen, such increases will be offset by a reduction in motor and travel costs.

St Teresa’s Home for the Elderly has experienced a difficult year due to the Covid-19 pandemic. However. Occupancy has remained strong and the Homes’ finances have not been significantly affected.

With regard to the next accounting period (i.e. the year ending 31 March 2022), the most significant areas that may affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

The trustees continue to keep abreast of the requirements affecting care homes and monitor both income and expenditure carefully. The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, investment income, interest receivable, fees and related charges in respect to residential and nursing care provision and other income including the surplus on the disposal of tangible fixed assets.

Donations (including salaries and pensions of individual religious received under Gift Aid or deed of covenant) and grants are recognised when the charity and/or the charity has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

The Congregation of the Sisters of St Anne Charitable Trust 25

Principal accounting policies 31 March 2021

Income recognition (continued)

In accordance with the Charities SORP FRS 102, no value has been placed on services provided by volunteers.

Legacies are included in the statement of financial activities when the charity and/or the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fees and related charges in respect to the provision of residential and nursing care are measured at fair value of the consideration received or receivable being the invoiced amount excluding discounts and rebates. Provision is made against any amount deemed irrecoverable or where the debt is doubtful.

The surplus on disposal of tangible fixed assets is calculated as the difference between the sale proceeds, net of sale costs, and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income, including grants received in response to the Covid-19 pandemic, is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

The Congregation of the Sisters of St Anne Charitable Trust 26

Principal accounting policies 31 March 2021

Expenditure recognition (continued)

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. The classification between activities is as follows:

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

All expenditure on support and governance is attributed directly to either the provision of nursing and residential care or the support of members of the Congregation and their ministry. Hence, there has been no apportionment between expenditure headings.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

Freehold land and buildings purchased prior to 31 March 1998 are included in the accounts at a valuation determined by the trustees and based on replacement cost for existing use as at 31 March 1998. This valuation is now taken to be the ‘deemed cost’ of these assets in accordance with the transitional arrangements of FRS 102. Land and buildings purchased on or after 1 April 1998 are included on the balance sheet at cost.

Non-specialised buildings are defined as those designed as, and used wholly or mainly for, private residential accommodation. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Specialised buildings are defined as those comprising the Congregation’s nursing care home. Depreciation calculated using a straight line basis is provided at 2% per annum in order to write the buildings off over their estimated useful economic life.

The Congregation of the Sisters of St Anne Charitable Trust 27

Principal accounting policies 31 March 2021

Tangible fixed assets (continued)

Furniture and equipment is included in the accounts at cost and depreciated over a four year period on a straight line basis.

Improvements to facilities and refurbishment projects are capitalised and depreciated over a ten year period on a straight line basis.

Motor vehicles are capitalised and depreciated over a four year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

The Congregation of the Sisters of St Anne Charitable Trust 28

Principal accounting policies 31 March 2021

Fund structure

The funds of the charity are in the main unrestricted and available for use in furtherance of the charity’s objectives at the discretion of the trustees. Within the total unrestricted funds of the charity, the trustees have designated amounts for specific purposes. Details of these are provided in notes 15 and 16.

Services provided by members of the Congregation

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation.

Pensions

The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.

The Congregation of the Sisters of St Anne Charitable Trust 29

Notes to the accounts 31 March 2021

1
2
3
4
5		 Income from: Donations and legacies 2021
£		 2020
£
Salaries and pensions of individual
religious received under Gift Aid or Deed of
Covenant
Legacies
General donations		 41,034
2,000
6,680		 40,457
106,278
—
49,714 146,735
Income from: Investments and interest receivable 2021
£		 2020
£
Income from listed investments
. UK equities
. UK fixed interest
. Overseas equities
. Unit trusts and common investment funds
Interest received		 78,942
17,460
2,437
105,528		 108,141
23,255
2,381
102,138
204,367
830		 235,915
4,220
205,197 240,135
Income from: Charitable activities 2021
£		 2020
£
Residential and nursing home care fees
Less: subsidies to residents
Rental and lettings income		 1,224,397
(22,971)		 1,259,217
(54,917)
1,201,426
11,940		 1,204,300
7,030
1,213,366 1,211,330
Expenditure on: Raising funds 2021
£		 2020
£
Feespaid to investment managers 41,751 42,025
2021
£		 2020
£
Staff costs
Premises
Provisions
Residents’ welfare and medical fees
Depreciation
Other support costs
Governance costs (note 7)		 995,590
85,725
49,499
31,827
41,711
51,447
6,690		 939,926
99,450
52,907
28,041
43,244
45,438
7,565
1,262,489 1,216,571

The Congregation of the Sisters of St Anne Charitable Trust 30

Notes to the accounts 31 March 2021

6 Expenditure on: Support of the members of the Congregation and their ministry

2021
£		 2020
£
Premises
Sisters’ living and ministry expenses
Education, training and spiritual renewal
Depreciation
Governance costs (note 7)		 27,541
72,979
1,850
116,369
8,718		 30,842
80,357
2,685
119,460
10,157
227,457 243,501

7 Governance costs

Governance costs
2021
£		 2020
£
Legal and professional fees
. Provision of residential and nursing care services
. Support of members of the Congregation and their ministry		 6,690
8,718		 7,565
10,157
15,408 17,722
2021
£
1,018,396
158,080
8,160
210
8,160
(1,470)
348		 2020
£
976,144
162,704
7,950
1,927
7,950
(385)
280
Staff costs (note 9)
Depreciation
Auditor’s fees
. Statutory audit services
.. Current year
.. Prior year
. Non-statutory audit services
.. Current year
.. Prior year
. Other services: sundryadvice

The Congregation of the Sisters of St Anne Charitable Trust 31

Notes to the accounts 31 March 2021

9 Staff costs, trustees’ remuneration and key management personnel

2021
£		 2020
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension contribution
Payments to agency staff		 893,595
90,158
27,890		 857,721
82,558
22,024
1,011,643
6,753		 962,303
13,841
1,018,396 976,144
2021
£		 2020
£
Staff costs per function were as follows:
Support of members of the Congregation and their ministry
Provision of residential and nursing care services		 22,807
995,589		 36,218
939,926
1,018,396 976,144
The number of employees whose employee benefits (excluding employer pension costs) The number of employees whose employee benefits (excluding employer pension costs) The number of employees whose employee benefits (excluding employer pension costs)
fell within the following bands was:
2021 2020
Number Number
£60,001 - £70,000 1 1
The number of employees, expressed as average monthly headcount, analysed by function,
was as follows:
2021 2020
Support of members of the Congregation and their ministry 2 2
Provision of residential and nursing care services 40 40
42 42

As members of the Congregation, the trustees’ living and personal expenses during the year were borne by the charity but they received no remuneration or reimbursement of expenses in connection with their duties as trustees during the year (2020 - £nil).

The trustees consider that they, together with the Registered Care Manager of St Teresa’s Home, comprise the key management personnel of the charity and the Home in charge of directing and controlling, running and operating the charity and the Home on a day to day basis.

As noted above, no trustee received any remuneration or reimbursement of expenses during the year (2020 - none).

The total remuneration (including taxable benefits and employer’s pension contributions) of the lay key management personnel for the year was £43,126 (2020 - £41,098).

The Congregation of the Sisters of St Anne Charitable Trust 32

Notes to the accounts 31 March 2021

10 Taxation

The Congregation of the Sisters of St Anne Charitable Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

11 Tangible fixed assets

Freehold land and
buildings		 Freehold land and
buildings		 Furniture,
equipment
and
improvements
£
Motor
vehicles
£
53,176
491,206
—
40,835
53,176
532,041
53,176
532,041
—
—
53,176
532,041
45,926
299,128
2,176
47,738
48,102
346,866
5,074
185,175
7,250
192,078		 Furniture,
equipment
and
improvements
£
Motor
vehicles
£
53,176
491,206
—
40,835
53,176
532,041
53,176
532,041
—
—
53,176
532,041
45,926
299,128
2,176
47,738
48,102
346,866
5,074
185,175
7,250
192,078
Total
£
Non-
specialised
£		 Specialised
£
Cost
At 1 April 2020
Additions
At 31 March 2021
At cost
Deemed cost - 1998
valuation
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book values
At 31 March 2021
At 31 March 2020		 170,000
—		 5,492,453
—		 53,176
—		 491,206
40,835		 6,206,835
40,835
170,000 5,492,453 53,176 532,041 6,247,670
—
170,000		 4,063,446
1,429,007		 53,176
—		 532,041
—		 4,648,663
1,599,007
170,000 5,492,453 53,176 532,041 6,247,670
—
—		 1,437,446
108,166		 45,926
2,176		 299,128
47,738		 1,782,500
158,080
— 1,545,612 48,102 346,866 1,940,580
170,000 3,946,841 5,074 185,175 4,307,090
170,000 4,055,007 7,250 192,078 4,424,335

As permitted under FRS 102, the charity has continued to adopt a policy of not revaluing its tangible fixed assets. The book value of the land and buildings is based on cost, or where cost is not available, at a trustees’ valuation made, with professional assistance, as at 31 March 1998 on the basis of replacement value for existing use. As permitted under the transitional provisions of FRS 102 (section 35), the charity trustees have elected to use these valuations as deemed cost. Other tangible fixed assets are stated at cost.

It is likely that there are material differences between the open market values of the charity’s freehold land and buildings and their book values. These arise from the specialised nature of some of the properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

The Congregation of the Sisters of St Anne Charitable Trust 33

Notes to the accounts 31 March 2021

12 Investments

Investments
2021
£		 2020
£
Listed investments
Market value at 1 April 2020
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains (losses)
Market value at 31 March 2021
Cash held by investment managers for re-investment
Cost of listed investments at 31 March 2021		 7,069,000
1,119,957
(800,287)
1,609,951		 7,691,794
866,399
(660,011)
(829,182)
8,998,621
220,970		 7,069,000
186,281
9,219,591 7,255,281
6,993,741 6,531,094

Disposals at book value included above are made up of the following:

2021
£		 2020
£
Proceeds
Realised gains
Disposals at book value		 998,325
(198,038)		 699,842
(39,831)
800,287 660,011

Listed investments held at 31 March 2021 comprised the following:

2021
£		 2020
£
UK fixed interest
UK equities
UK common investment funds
UK property funds
Overseas unit trusts
Other investments		 956,474
3,095,673
863,082
432,780
3,648,339
2,273		 906,910
2,158,179
601,646
461,441
2,938,574
2,250
8,998,621 7,069,000

At 31 March 2021 the following individual investment holdings were deemed material holdings in the context of the market value of the entire listed portfolio.

2021 2021
Market
value of
holding
£		 % of total
portfolio
Vanguard Funds Plc S&P 500 UCITS ETF INC 462,559 5.14

All listed investments were dealt in on a recognised stock exchange.

The Congregation of the Sisters of St Anne Charitable Trust 34

Notes to the accounts 31 March 2021

13 Debtors

Debtors
2021
£		 2020
£
Charges for residential and nursing care home services
Prepayments and accrued income		 84,163
19,073		 72,026
33,720
103,236 105,746
Creditors: amounts falling due within one year 31
March
2021
**£ **		 31
March
2020
£
Expense creditors
Residents’ fees invoiced in advance
Social security and taxes
Accruals
Other creditors – amounts refundable to residents		 9,381
92,855
2,023
121,941
8,546		 7,545
103,500
1,482
96,376
15,631
234,746 224,534

14 Creditors: amounts falling due within one year

15 Tangible fixed assets fund

Tangible fixed assets fund
Total
£
At 1 April 2020
Net movements in year
At 31 March 2021		 4,424,335
(117,245)
4,307,090

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:


At
1 April
2020
£
New
designations
£
Utilised/
released
£
At
31 March
2021
£
St Teresa’s Home for the Elderly fund
Sisters’ retirement fund
Property development fund		 789,115
4,000,000
100,000		 1,401,295
400,000
—		 (1,393,687)
—
—		 796,723
4,400,000
100,000
4,889,115 1,801,295 **(1,393,687) ** 5,296,723

The Congregation of the Sisters of St Anne Charitable Trust 35

Notes to the accounts 31 March 2021

16 Designated funds (continued)

Designated funds(continued)
At
1 April
2019
£
New
designations
£
Utilised/
released
£
At
31 March
2020
£
St Teresa’s Home for the Elderly fund
Sisters’ retirement fund
Property development fund		 758,329
4,000,000
100,000		 1,378,510
—
—		 (1,347,724)
—
—		 789,115
4,000,000
100,000
4,858,329 1,378,510 (1,347,724) 4,889,115

 St Teresa’s Home for the Elderly fund The fund represents the accumulated net incoming resources of St Teresa’s Home for the Elderly. These are kept separate from the main funds of the charity.

This consists of funds that the trustees have set aside to provide for the sisters in their retirement, none of whom have resources of their own. The calculations, based on actuarial methods, indicate that £4million is needed to be set aside.

 Property development fund

This consists of monies which the trustees have set aside in order to finance the development and furnishing of the charity’s properties.

17 Analysis of net assets between funds


General
funds
£
Tangible
fixed
assets
fund
£
Designated
funds
£
Total
2021
£
Fund balances at 31 March 2021
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
4,028,537
324,628		 4,307,090
—
—		 —
5,191,054
105,669		 4,307,090
9,219,591
430,297
4,353,165 4,307,090 5,296,723 13,956,978

General
funds
£
Tangible
fixed
assets
fund
£
Designated
funds
£
Total
2020
£
Fund balances at 31 March 2020
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
2,564,521
277,098		 4,424,335
—
—		 —
4,690,760
198,355		 4,424,335
7,255,281
475,453
2,841,619 4,424,335 4,889,115 12,155,069

The Congregation of the Sisters of St Anne Charitable Trust 36

Notes to the accounts 31 March 2021

17 Analysis of net assets between funds (continued)

Analysis of net assets between funds(continued)
2021
£		 2020
£
Total unrealised gains included above at 31 March 2021
On listed investments
Reconciliation of movements in unrealised gains on listed
investments
Unrealised gains at 1 April 2020
In respect to disposals in year
Net gains (losses) arising on revaluation in the year
Total unrealisedgains at 31 March 2021		 2,004,880 537,906
537,906
(142,977)
1,609,951		 1,328,372

38,716
(829,182)
2,004,880 537,906

18 Transactions with trustees and related parties

As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £31,469 (2020 - £30,421).

There were no other related party transactions during the year that require disclosure (2020 – none).

19 Ultimate control

The charity, which is constituted as a trust, was controlled throughout the period by The Congregation of the Sisters of St Anne by virtue of the fact that the trustees are elected at alternate Triennial Chapters of the Congregation. The Congregation does not hold any assets, incur liabilities or enter into any transactions in its own right within the United Kingdom. Assets and liabilities of the Congregation within the United Kingdom are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Congregation’s charitable activities.

20 Post balance sheet event

The trustees have been collaborating with their professional advisers over the past year with a view to transferring the activities, assets and liabilities of St Teresa’s Home for the Elderly to a newly formed Charitable Incorporated Organisation (CIO). As a consequence, a CIO has been registered with the Charity Commission (St Teresa’s Home CIO – Charity Registration Number 1189921). No specific date has yet been agreed for the transfer to take place but it is anticipated that it may be effective at some point during the financial year to 31 March 2022.

The Congregation of the Sisters of St Anne Charitable Trust 37