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2021-03-31-accounts

PALLOTTINE MISSIONARY SISTERS

TRUSTEES REPORT AND FINANCIAL STATEMENTS

31[st ] MARCH 2021

Charity Number 234185

Allen Mills Howard Limited Chartered Accountants & Statutory Auditors 56 Manchester Road Altrincham Cheshire WA14 4PJ

Pallottine Missionary Sisters

Contents For the year ended 31[st] March 2021

Page
Legal and Administrative Details 1
Trustees’ Annual Report 2 – 18
Independent Auditors’ Report 19-21
Statement of Financial Activities 22
Balance Sheet 23
Statement of Cashflows 24
Notes to the Financial Statements 25-36

Pallottine Missionary Sisters Legal and Administrative Details For the year ended 31[st] March 2021

Principal Address: 52 Park Mount Drive
Macclesfield
Cheshire
SK11 8NT
Provincial: Sr Mary McNulty
Trustees: Sr Mary McNulty
Sr Elizabeth Rowan
Rev John Martin
Sr Anna Maldrzykowska
Chief Executive Officer: Ms Jennifer Trotter
Charity Number: 234185
Governing Instrument: The charity is governed by the Trust Deed dated 9 March 1964, varied
15 July 1987 and 2 August 1996 which administers the Trust property
owned by the Pallottine Missionary Sisters.
Auditors: Allen Mills Howard Limited
Chartered Accountants & Statutory Auditors
56 Manchester Road
Altrincham
Cheshire
WA14 4PJ
Bankers: The Royal Bank of Scotland Plc
62-63 Threadneedle Street
London
EC2R 8LA
Investment Manager: W H Ireland
One New Bailey
4 Stanley Street
Salford
M3 5FT
Solicitors: Fieldings Porter
Silverwell House
32 Silverwell Street
Bolton
BL1 1PT

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

The trustees present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), (effective 1 January 2019).

Structure, Governance & Management

The trust is an unincorporated trust, constituted under a trust deed dated 9[th] March 1964 as varied by scheme of 15[th] July 1987 and 2[nd] August 1996. The Pallottine Missionary Sisters are members of a religious Congregation, founded in Rome in 1838. A foundation was made in Germany in 1895 and in England in 1909. The accounts accompanying this report are the accounts of the charitable trust on which the assets of the congregation in England are held. The Trustees meet approximately three-monthly. We review the needs of those whom we serve, performance and service delivery, financial and risk management at our Elderly Care Home. We review reserves, property maintenance and the development of our property. We are familiar with the work in the services of the trust, through our apostolates, financial awareness, and attendance at trustee meetings. Trustees are encouraged to attend training to update their knowledge and responsibilities. The day to day running of the home is delegated to the manager and the Chief Executive Officer.

Mission and Purpose

Our mission is an all-embracing apostolate. Our aim is to respond to the needs of the time. Our main mission in the UK is meeting the needs of the elderly in our Residential Care Home. Our mission in Tanzania involves primary health care in the community, and primary and secondary education for young women.

Our charism is ‘universal’. It excludes no one and includes every work for the relief of poverty, for education and for the good of all. Our methods are adaptable to the needs of the time. We uphold human dignity at every stage of life. This is acknowledged by our care of the elderly, chaplaincy in a Mental Health Hospital, home and hospital visiting in Rochdale and London, and the good standard of education and health care offered to students, adults, and those impacted by HIV/AIDS in Tanzania.

Public Benefit

The purpose and practice above reduces loneliness and isolation of the elderly, at home and in hospital in Rochdale and London, and in our Elderly Care home in Macclesfield, by enabling elderly persons to maintain their independence and access good care when their capacity for self-care is limited.

Facilitates hundreds of children and young women in Tanzania to access education – the key to reducing poverty. Provides good health care for all in developing areas in Tanzania, thus reducing suffering, neglect and infant-deaths.

We confirm that we have had regard to the Charity Commission’s general guidance on public benefit when reviewing our mission, purpose and objectives and in carrying out the trust’s activities. We have concluded that the trust operates in compliance with these guidelines.

Key Management

The trustees consider that they, together with the chief executive officer and the managers of the home, comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The trustees received no remuneration. The chief executive officer and managers of the home have their remuneration reviewed by the trustees on an annual basis.

Pallottine Missionary Sisters

Trustees Report For the year ended 31[st] March 2021

Areas of activity

Our main service to the Public in the UK is our Care Home for the Elderly, in Macclesfield. Other services include Pallotti Girls Secondary School and St Leo the Great Primary School in Tanzania, a Primary Health care facility in Tanzania and Voluntary activities in London and Rochdale.

Elderly Care Homes

Park Mount Care Home currently provides care for 41 Residents in 37 single rooms and 2 double rooms. The Day Care Service includes transport, lunch, a variety of activities and personal care when required.

Keele Crescent Care Home provides six care beds.

Achievements – 2020/21

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Plans for 2021/2022

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Residents enjoying time together in the nice weather

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Residents enjoying flower arranging

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Residents enjoying the preparations for VE Day Celebrations

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

During the year, the Care Home receives many words of thanks; below are a few received during the year:

“Thank you so much for the wonderful care you gave to my Dad and us as a Family of a difficult journey.”

“Thank you so much for caring for our mum, it has been a difficult time for everyone but we will remember her last few days as being peaceful and comfortable. Your efforts to manage her pain and keep her comfortable are greatly appreciated. We had our opportunities to say our last goodbyes as a family and will hold these memories dear.”

“To all the staff, thank you so much for all the care and help you gave Mum, we really appreciate it.”

“The family of “Mrs X” would like to thank you all for looking after mum when she was in your care.”

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

COVID-19

Since March 2020, the COVID-19 pandemic has changed the shape and nature of the world. It has impacted not only the basic nature of social interaction but has also had a significant economic impact.

During the year the homes have both remained Covid free and we continue to follow the guidelines from Public Health England and Cheshire East Council on a daily basis.

Going forward we are testing all staff three times a week and all residents are monitored on a daily basis and tested every 28 days. Should anyone contract the virus the case can be isolated as soon as possible to prevent the spread.

The homes have, and will continue to, accept new residents who have had a negative test and they isolate for fourteen days on arrival. This will ensure the Income of the homes does not reduce.

Cheshire East have provided Grants from April 2020 – June 2021 to fund the additional PPE, cleaning and staffing, to stop the spread of the virus.

We have followed the Government Guidelines and offered Pod Visits, Contact Visits and outings according to the recommendations.

The management of the homes meet with staff regularly to offer support and reduce any anxiety they have with regards to working throughout the Pandemic.

Should there be a need to close the homes, or a reduction in the occupancy, The Charity would access the funds from the investments held with WH Ireland for financial support.

Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

THE BACKGROUND OF TANZANIA

The Pallottine Missionary Sisters have been supporting a mission in Africa since June 1990 when three Sisters left England and opened a community in the Singida Diocese in the centre of Tanzania. In 1992 they were given 10 acres of land in Siuyu, a small village about 20km from Singida town for the purpose of building a Secondary School for Girls and a Convent for the Sisters.

From the beginning the Sisters have been involved mainly in Education and Health Care which are the keys to development and reducing real poverty and deprivation. They have also committed themselves to Formation Work - the training of young women to become Pallottine Sisters, so that the services they are providing can continue and be of benefit to the people they serve.

Activities currently undertaken are:

Sisters work in the running of our institutions and others are preparing to go on for further studies. Only one Sister is now teaching in the local government Primary School in Siuyu. At the end of October, she was accepted at Jordan University, Morogoro, to study for a Two-year Diploma Course in Education. Presently she only has a Certificate in Education.

The education of the Sisters is one of the main concerns for the Trustees. The Sisters need to be professionally trained, so that they will be equipped to provide a high standard of service to the many people who depend on them, especially the poor in Tanzania. We continue to support the Sisters in Tanzania in their efforts to provide professional training for their young Sisters. During the last year, twelve Sisters followed courses at various universities, colleges or institutions in Tanzania, and three completed their studies: one with a Degree in Education and the others graduated with Diplomas – in Accountancy and Librarianship. All three are now working at Pallotti Secondary School. The Sisters managed to receive part sponsorship in Tanzania for tuition for seven of their Sisters, and one Sister who is studying Theology at a University in Nairobi, Kenya, her tuition is sponsored from Rome.

Education: Through Education to Development

Pallotti Secondary School for Girls in Siuyu, Singida was opened in 1995 with one class of 45 students. In the year 2000 it began to receive students for Advanced Level Education in the Arts subjects - History, Geography, English and Swahili.

In July 2013 it began to offer Science subjects: Physics, Chemistry, Biology and Basic Mathematics. In 2010, Pallotti School developed into a Two Form Entry School with a capacity for about 480 girls from Form One to Form Six. This year we have 470 students with 84 in Form V and VI – 34 of them are doing “A” Level Science combinations.

The school is completely dependent on School Fees, Sponsorships and Donations. It is not government funded. With the help of generous donors, we were able to give full or half free places to 102 students, who come from deprived families mainly in the rural areas, of these many came from the Singida Region which is classified as semi-desert.

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Some of the Key Achievements for 2020/2021

EDUCATION

The students at Pallotti Secondary School in Siuyu village in Singida are happy young people who are fully occupied by their studies, sports, religious activities and recreation. They continue to study hard and perform well academically. They know that there is much competition in the world, and that they need to have good results in order to qualify for further studies. All of them passed the 2020 National Examinations – In Form Two, Form Four and Form Six.

FORM TWO:

FORM FOUR - CSEE - O’ Level examination

Our students did exceptionally well.

ACSEE - FORM SIX – ‘A’ Level examination

We sincerely thank our teachers and students for their dedication and hard work. The staff at the school are all Tanzanians. Eight Tanzanian Pallottine Sisters are working at Pallotti Secondary School teaching and doing the work of administration. The school is making a significant contribution to the development of the Region in general, and especially to the status and dignity of women.

Since 2015 we have accepted students from the Rehabilitation Centre for Handicapped Children in Siuyu to study at Pallotti. They come to the school in their wheelchairs every morning and return to the Centre in the evening. Presently one boy comes from the Centre and a girl using a wheelchair comes from a nearby village, but she boards at Pallotti. We are happy to be able to help these children with special needs to get a good education.

Development at Pallotti.

In June 2020 we were planning to celebrate the Silver Jubilee of Pallotti Secondary School, but the event had to be postponed due to the Coronavirus pandemic. During 2020 minor renovations and maintenance were carried out on various buildings. Many of these were built over twenty years ago and had little maintenance over the years.

A special outdoor Jubilee Stage was built. This is of great benefit as none of our present buildings can accommodate the whole school assembly or when graduation ceremonies are held, and visitors are present. Also, a small Canteen was built with its own kitchen to provide snacks for the Staff.

During April – May 2020 there was a minor earthquake and tremors which caused damage especially to the new Laboratory Block. This building needs extensive renovations. The administration also plans to renovate some blocks of Toilets and Bathrooms and the old Staff-houses – if finances permit!

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

St. Leo’s English Medium Primary School

In January 2013 four Sisters from the Siuyu community moved to Igunga. Now there are five Sisters in the Igunga community. In St. Leo’s English Medium Primary School, the Sisters are doing the administration work as well as teaching. The school is owned by the Diocese of Tabora. With funds from donors and a little from the congregation, the Sisters managed to build a Convent on the site, and this year with the support of donors in Belgium the Sisters managed to build Toilet and Shower Blocks for the Girls and an underground Water Tank to harvest the rainwater from the roofs. Presently there are 583 pupils at St Leo’s – all between the ages of 3 ½ and 13 years – about 70% are boarding at the school. The staff and pupils are working hard and getting very good results each year. In the 2019 National Examinations of Standard 4 and Standard 7 - there were 75 pupils in each class and all except 1 in each class scored A or B!

Elisabetta Sanna Pre and Primary English Medium School

In February 2017, two Sisters from the Siuyu Community in Singida went to Magogo in the Morogoro Region, in response to an Invitation by the Parish Priest of Dakawa Parish, to begin working at a small non-registered Primary School in the bush among the Maasai. Most of the local people are very poor and because of the culture, life is particularly difficult for the women and girls. Many children do not go to school, even though the law in Tanzania states that all children must have at least primary education. The children are sent to pasture the animals.

The Convent for the Sisters was officially opened and blessed on November 21, 2019 by the Apostolic Administrator of Tanzania.

Achievements:

Elisabetta Sanna School started in 2018 with 25 pupils, it now has 187: 40 in Pre-grade One, 49 in Grade One, 41 in Grade Two, 36 in Grade Three and 21 in Grade Four. In the new school Dormitory, 30 are boarding.

At this mission in Magogo we are facing many challenges :

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Pallottine Missionary Sisters

Trustees Report For the year ended 31[st] March 2021

HEALTH CARE

St. Joseph’s Dispensary Siuyu

St. Joseph’s was registered in 2008. It is situated on the site of Pallotti Secondary School. It offers Primary Health Care to the local villages, Pallotti Secondary School, and the Convent community. This service is essential, and it is well used. Basic primary tests are offered to diagnose and treat malaria, typhoid, fever and worms. Haemoglobin levels are assessed. Diabetes and sexually transmitted diseases are treated. Counselling and HIV tests, antenatal care, Reproductive and Child Care (RCH) services are also offered.

Some statistics for 2020 :

Makiungu Hospital

Three Pallottine Sisters are in full time employment at Makiungu Hospital in Singida. For more than 50 years the hospital was a Mission Hospital run by the Medical Missionaries of Mary, but it is now a District Hospital. Here the Sisters – two Registered Nurses and an Assistant Medical Officer, care for the sick and are learning many skills through working in this large institution. It is a source of income for the mission.

In Arusha at the Leadership Centre, the Pallottine Sisters are supporting the Azizi group of persons living with AIDS. They also pay school fees for some orphans or for children from families impacted by HIV/AIDS.

Rehabilitation Centre Siuyu

Sr Rosemary Ombay, the Assistant Manager, who is a Nurse and Occupational Therapist works full time at the Rehabilitation Centre in Siuyu where 53 children live and are cared for with love and commitment. One Sister who is untrained, supports Sr Rosemary and helps care for the children, while other Sisters are involved in the Centre occasionally as volunteers. Sr Rosemary is the only Sister who receives a salary. Among the 53 children, 29 are mentally challenged, 11 are both mentally and physically challenged and 13 are only physically challenged. These 13 attend the local Primary School and study in normal classes. Two completed their Standard Seven national examination last October and as they got very good grades, they were allocated to the best government Secondary School for talented pupils, the rest who are mentally challenged attend Special Needs classes.

Marian Health Post in Zambia

5[th] February 2018. One of our Sisters is the Person-in-Charge. She is working under Mwembeshi Rural Health Centre which is a Government Clinic. She has only one assistant. During 2020 more than 3,000 patients received treatment. Apart from the OPD they are offering services for the under-fives and antenatal for the pregnant mothers and counselling and testing for HIV.

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

FORMATION WORK

The Initial Training of young women to become Pallottine Sisters is undertaken in the Siuyu community and the Noviciate is in the Formation House in Poli Singisi, Arusha. In the year 2000 the Trustees decided to open a Formation House in Arusha, so that the young Sisters could avail of the many opportunities for study found in the area. The Formation House was opened as an International Noviciate in September 2017 and now provides formation for young women from Rwanda, Congo, Cameroon as well as those from Tanzania. Presently twenty Novices are in the Formation House, nine of whom are Tanzanians.

Since 1990 nearly sixty young Tanzanian women have joined the congregation. Over forty of these have some professional training and twelve others are following courses in further education. We also have over twenty young women at various stages in our Initial Formation Programmes. We trust that this will ensure the sustainability of the mission in the future.

We strongly believe that Education is the Key to Development. Education - and especially the education of girls is vital to combat poverty and sickness and to promote development especially in the rural semi-desert areas of the Singida Region and among the Maasai in Morogoro.

Conclusion:

As well as the educational and health benefits, the mission in Tanzania is providing employment for many in the schools and Health Centres and through the provision of foodstuff to the growing number of students at Pallotti Secondary School, St Leo’s Primary School and our new Elisabetta Sanna Pre/Primary School in Magogo, Morogoro. Our mission has brought much needed hope and development to the areas.

Plans for 2021/22

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

PARISH WORK IN LONDON

We are a small community in London. We are retired professionals and missionaries. Our apostolates still include hospital, home, and bereavement visits.

STUDENT SISTERS

We provide accommodation and opportunities for our missionary sisters who come to London to study.

The charity contributes towards supporting our Tanzanian Novitiate and Pallotti Girls Secondary School.

The charity continues to care for our elderly Sisters, while it is possible to care for them safely.

APOSTOLIC AND PASTORAL CARE IN ROCHDALE, LANCASHIRE

Sister Leonie carries out her weekly Ministry, as a Sister and a Volunteer in St. Patrick's Parish, Rochdale, Lancashire, UK. Not being a driver, Sr. Leonie has enlisted the help of Bridie, who also does voluntary work in the Parish.

Together, we are the named Sacristans at Church. We are among a team of Eucharistic Ministers. We visit thirteen sick and elderly Parishioners in their own place of Residence each Sunday and take them Holy Communion. We visit patients recommended to us when admitted to our local hospital. We also visit on a Sunday to meet Staff who are on duty and are unable to get to Mass.

Sister Leonie goes to Holy Family Primary School each week to participate in the Sacramental Programme with the children preparing for their First Holy Communion and Reconciliation at the age of 7-8 years.

We care for the graves of the Pallottine Sisters who are buried in Facit and Rochdale Cemeteries. According to the Season we place pots of fresh plants on each of the sets of four. We have 44 Sisters in total here in our Foundation Town of Rochdale.

As a member of the Macclesfield community I continue to visit our elderly sisters and residents within Park Mount. I contribute to the ongoing development of our sisters in Tanzania.

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Recruitment and Training of Trustees

Trustees are nominated by the English Provincial of the Pallottine Missionary Sisters in accordance with the Deed of Trust. On appointment, new trustees are introduced to the workings of the charity and are kept updated of their responsibilities and the charity’s position.

Risk Management

The trustees confirm that they have identified and considered the major risks to which the trust is exposed, the potential impact of individual risk should they materialise and, what mitigating actions are taken or need to be taken, in order to reduce each risk to a level which the trustees consider to be acceptable.

Volunteers

A number of people serve as volunteers to the charity who assist in resident activities, drive vehicles and assist in the kitchen.

Investment Policy

The charity’s investments are managed by W H Ireland.

The trustees’ investment powers are set out in the charity’s trust deed. The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment managers’ views 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 activities such as armaments.

The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees and their representatives who meet the investment managers at least twice a year. The overall portfolios’ performances are monitored against quarterly returns and against a selection of appropriate indices.

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Pallottine Missionary Sisters

Trustees Report

For the year ended 31[st] March 2021

Financial Review

A summary of the year’s results can be found on page 22 of this report and accounts.

Total income resources amounted to £2,310,655 (2020: £2,025,830). The prime source of income for the charity is the fees from the home which totalled £2,055,328 (2020: £1,873,136).

£114,050 (2020: £113.865) was received from donations, which included £86,831 (2020:£97,901) received from the sisters’ salaries and pensions.

Other income, which related to the government grants in respect of the COVID-19 pandemic total £114,655 (2020: £nil) and investment income amounted to £26,622 (2020: £38,829).

Resources expended amounted to £2,079,689 (2020: £2,000,978). The increase in expenditure was mainly due to an increase in wage costs. A full analysis of costs is included in note 7 of the accounts.

Net income for the year before gains on investments was £230,966 (2020: (£24,852)). Net investment gains of £336,883 (2020: loss £164,597) resulted in an increase of funds for the year of £567,849 (2020: decrease of £139,745).

Investment performance

The total value of listed investments at 31[st] March 2021 was £1,645,491 (2020: £1,338,008). This represents a 23% increase on the previous year.

During the year, the charity’s income from listed investments was £26,622 (2020: £38,829) and gains on disposal and revaluation of investments were £336,883 (2020: loss £164,597).

With the outbreak of COVID-19, many companies reduced or ceased to pay dividends. It is hoped that in the next year, these companies will return to paying dividends.

When fully invested, the charity’s aim is to achieve an income yield of 3%. An analysis of the charity’s investments can be found in note 14 of the accounts.

The trustees continue to take a long term view and believe their investment policy continues to be applied and remains appropriate.

Reserves policy

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 the level of free reserves for operational existence should be equal to six months expenditure.

The balance sheet shows total reserves of £4million. Of this, £2.6million is represented by designated funds. These designated funds are analysed in note 17 of the accounts.

Charitable Donations

The Trust made charitable donations of £3,170 (2020: £4,356) in the year.

Consultation and Engagement

The Trust employs a range of mechanisms for consulting and engaging with its staff, volunteers, beneficiaries and other stakeholders.

Their input is used to help formulate the Trusts’ mission, develop operational policies and shape the way the Trusts’ services are delivered on the ground.

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Pallottine Missionary Sisters

Trustees Report For the year ended 31[st] March 2021

Audit Information

The Trustees who held office at the date of approval of this Trustees’ report confirm that, so far as they are individually aware there is no relevant audit information of which Trust’s auditors are unaware and each Trustee has taken all the steps he or she ought to have taken as a Trustee to make himself or herself aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.

Trustees Indemnity Arrangements

The charity has insurance to indemnify the trustees to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as trustees of the charity.

Statement of the Trustees' Responsibilities

The trustees’ are responsible for preparing the Report of the Trustees and the financial statements 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the trustees to prepare financial statements 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 application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision of the 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 or other irregularities.

Approved by order of the board of trustees on 14[th] October 2021 and signed on their behalf

Sister Mary McNulty

Trustee

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Report of the Independent Auditors to the Trustees of

Pallottine Missionary Sisters

Opinion

We have audited the financial statements of Pallottine Missionary Sisters (the 'charity') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow 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 (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 Auditors' 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of

Pallottine Missionary Sisters

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

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:

As part of designing our audit work, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.

In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

We also considered potential financial or other pressures, opportunity and motivation for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key examinate and judgements made by management.

We made enquiries of management with regards to compliance with applicable laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the directors' meetings.

We addressed the risk of management override of internal controls including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Report of the Independent Auditors.



Report of the Independent Auditors to the Trustees of

Pallottine Missionary Sisters

Use of our 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 that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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.

Allen Mills Howard Limited Chartered Accountants & Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ

18[th] October 2021



Pallottine Missionary Sisters

Statement of Financial Activities

Income from:
Donations
Operation of care home
Investments
Other
Total income
Expenditure on
Cost of raising funds:
Investment management costs
Expenditure on charitable activities:
Charitable donations
Support members of the congregation
and operation of care home
Support of the congregation work overs
Total expenditure
Net income (expenditure)
Before gain/(losses) on investments
Net gains/(losses) on investments
Net income/(expenditure)
Transfer between funds
Net movement in funds
Reconciliation of funds
Funds at beginning of year
Funds at the end of year		 For the year ended 31st March 2021
Note Unrestricted Designated Restricted
Funds
Funds
Funds
£
£
£
2
89,739
-
24,311
3
2,055,328
-
-
4
26,622
-
-
5
-
114,655
-
_
_
_
2,171,689
114,655
24,311
___
___
___
11,056
-
-
6
3,170
-
-
7
1,793,461
214,555
-
eas
7
-
-
57,447
_
_ _
1,807,687
214,555
57,447
___
_ _
9
364,002
(99,900)
(33,136)
336,883
-
-
_
_ _
9
700,885
(99,900)
(33,136)
17
15,406
(49,191)
33,785
_
_ _
716,291
(149,091)
649
724,358
2,708,203
-
___
_ _
1,440,649
2,559,112
649
 Total
2021
£
114,050
2,055,328
26,622
114,655
_
2,310,655
___
11,056
3,170
2,008,016
57,447
_
2,079,689
___
230,966
336,883
_
567,849
-
_
567,849
3,432,561
___
4,000,410		 Total
2020
£
113,865
1,873,136
38,829
-
_
2,025,830
___
13,911
4,356
1,930,775
51,936
_
2,000,978
___
24,852
(164,597)
_
(139,745)
-
_
(139,745)
3,572,306
___
3,432,561

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.



Pallottine Missionary Sisters

Balance Sheet

At 31[st] March 2021

Note
Fixed assets
Tangible assets
13

Investments
14


Total fixed assets

Current assets
Debtors
15
102,373
Cash at bank and in hand
565,119
_
Total current assets
667,492
Liabilities
Creditors: amounts falling
due within one year
16
(75,167)
_
Net current assets
Net assets
Funds
Restricted funds
Unrestricted funds:
General funds
Designated funds

Total charity funds
17		 2021
2020
£
£
1,762,594
1,859,827
1,645,491
1,338,008
__
__
3,408,085
3,197,835
53,673
254,573
_
308,246
(73,520)
_
592,325
234,726
__
_
4,000,410
3,432,561

649
-
1,440,649
724,358
2,559,112
2,708,203
_
___
4,000,410
3,432,561

The financial statements were approved by the Trustees on 14[th] October 2021 and signed on their behalf by:

Sister Elizabeth Rowan Trustee

Sister Mary McNulty Trustee



Pallottine Missionary Sisters

Statement of Cash Flows

For the year ended 31st March 2021
2021
Note
£
Cash flows from operating activities:
22
Net cash used in operating activities
260,061
__

Cash flows from investing activities:
Investment income
26,622
Purchase of tangible fixed assets
(5,537)
Proceeds from the disposal of investments
59,174
Purchase of investments
(63,312)

__

Net cash provided by investing activities
16,947
__

Change in cash and cash equivalents in
the year
277,008
Cash and cash equivalents brought forward
324,126
___

Cash and cash equivalents carried forward
23
601,134
__
 2020
£
116,006
__
38,829
(74,018)
919,877
(935,206)
__
(50,518)
__
65,488
258,638
___
324,126
__



For the year ended 31[st] March 2021

Pallottine Missionary Sisters

Notes to the Financial Statements

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) 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 (FRS102 effective 1[st] January 2019). The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The charity constitutes a public benefit as defined by FRS102.

The accounts are presented in sterling and are rounded to the nearest pound.

Going concern

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of the financial position, reserves level and future plans give trustees confidence the charity remains a going concern for the foreseeable future.

Funds structure

Unrestricted funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charitable objects.

The tangible fixed asset fund comprises the net book value of the charity’s land and buildings and fixture and fittings. The existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded therefore as realisable.

Designated funds comprise monies set aside out of unrestricted funds for specific future purpose or projects.

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund.

Income recognition

All incoming resources are recognised once the charity has entitlement to the resources, it is certain the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Income comprises fees from private individuals and local authorities, donations and investment income.

Donations, including salaries and pensions received from the sisters, are recognised when the charity has confirmation of both the amount and settlement date.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

In accordance with the Charities SORP FRS102, volunteers’ time is not recognised.

Government Grants

Government grants are recognised when the grant has been received.

Financial instruments

The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument are initially recognised at transaction value and subsequently measured at their settlement value.



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

1. Accounting policies (continued)

Expenditure recognition

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to that expenditure. All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. The classification between activities is as follows:

Expenditure on raising funds comprises investment managers’ fees.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include donations and costs in respect of the support of members of the Congregation and enabling their ministry, including governance costs.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of 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 the support in the form of personal 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 of its compliance with regulation and good practice.

All expenditure in support and governance is attributable directly to the charitable activity of supporting members of the Congregation and enabling their ministry and hence there has been no apportionment between headings.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation, net of depreciation. No depreciation is charged on assets in the course of construction. As permitted by FRS102, the value assigned to the properties that were revalued is now deemed their cost.

All assets costing more than £3,000 and with an expected useful life exceeding one year are capitalised. Depreciation is charged from the year of acquisition as follows:

Freehold buildings 50 years Furniture and equipment 3 to 10 years Motor vehicles 25% reducing balance basis

Vehicles and equipment used overseas are considered to have a useful economic life of one year or less. They are not capitalised but are charged in full to the charitable expenditure when purchased.

Fixed asset investments

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.

Realised gains (or losses) on investment assets are calculated at 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.



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

1. Accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Services provided by members of the Congregation

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

Operating leases

Rentals paid under operating leases are charged to the income and expenditure account on a straight-line basis over the period of the lease.

Pension scheme

The charity operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of the charity in an independent administered fund. The pension costs charged in the financial statements represent the contribution payable during the year.

Critical accounting estimates and areas of judgement

Preparation of the accounts require the trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

2. Donations

2021 2020 £ Salaries and pensions 86,831 97,701 Donations 27,219 16,164 _ _ 114,050 113,865



Pallottine Missionary Sisters

Notes to the Financial Statements (continued) For the year ended 31[st] March 2021

3.
Income from charitable activities
Resident fees
4.
Investment income
Interest on cash deposits
Listed investments
5.
Other income
Government grants
6.
Donations
Institutions and individuals		 2021
2020
£
£
2,055,328
1,873,136
_
_
2,055,328
1,873,136

2021
2020
£
£
-
261
26,622
38,568
_
_
26,622
38,829


2021
2020
£
£
114,655
-
_
_
114,655
-


2021
2020
£
£
3,170
4,356
_
_
3,170
4,356



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

7. Support of members of the congregation and operation of care home

2021 2020
£ £
Staff costs 1,290,548 1,148,013
Staff recruitment 1,475 4,706
Temporary staff 39,737 76,688
Provisions 77,274 69,935
Light and heat 56,940 50,924
Telephone 8,572 13,871
Sisters’ living and personal expenses 12,302 19,793
Education, training, spiritual and holidays 4,213 28,894
Rent and rates 31,846 27,708
Insurance 36,800 32,453
Motor and travel 9,605 26,493
Repairs and renewals 95,349 83,543
Depreciation 102,770 105,239
Printing, postage & stationery 9,956 14,870
Training 5,105 8,554
Legal and professional 4,432 4,639
Resident expenses 15,967 20,220
Staff uniforms 3,763 4,106
Support costs (note 8) 116,669 115,399
Governance costs (note 8) 16,679 14,937
Hire of equipment 28,670 10,531
Subscriptions 4,292 3,477
Bad debt (10,067) 5,134
Loss on disposal of fixed asset - 619
Cleaning 43,989 40,029
Sundries 1,130 -
__ __
2,008,016 1,930,775
Support of the congregation’s work overseas 57,447 51,936

8. Governance and support costs

Support Governance
costs costs 2021 2020
£ £ £ £
Staff costs 85,888 - 85,888 84,180
Advertising and marketing 1,025 - 1,025 3,536
Computer costs 15,284 - 15,284 18,694
Finance costs 3,154 - 3,154 3,296
Auditor’s remuneration - 7,980 7,980 8,180
Legal and professional 11,318 8,699 20,017 12,450
__ __ __ __

116,669		 16,679 133,348 130,336



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

9. Net (expenditure) before gains on investments

2021 2020
£ £
This is stated after charging
Hire of equipment 28,670 10,531
Depreciation 102,270 105,239
Auditor’s remuneration 7,980
 8,180
10. Staff costs
2021 2020
£ £
Salaries and wages 1,270,059 1,133,590
Social security costs 86,319 80,227
Pension costs 20,058 18,376
_ _
1,376,436
 1,232,193

The average number of employees during the year was as follows:

2021
Provision of care
74
Administration
1
_____
75

The number of employees whose emoluments exceeded £60,000:
2021
£70,001 to £80,000
1		 2020
68
1
_____
69

2020
1

Key Management Personnel

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees, chief executive officer and the home manager. Total amounts of employee benefits (including employer pension contributions) received by key management personnel during the year was £161,878 (2020: £149,208).

Trustees Remuneration

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



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

11. Comparatives for the statement of financial activities

Unrestricted Designated Total
Funds
Funds		 2020
£
£		 £
Income from:
Donations 100,762
13,103		 113,865
Charitable activities
Operation of care home 1,873,136
-		 1,873,136
Investments 38,829 - 38,829
___ ___ ___
Total income 2,012,727
13,103		 2,025,830
___ ___ ___
Expenditure on
Cost of raising funds:
Investment management costs 13,911
-		 13,911
Expenditure on charitable activities:
Charitable donations 4,356
-		 4,356
Support members of the congregation
and operation of care home 1,828,743
102,032		 1,930,775
Support of the congregation work overseas -
51,936		 51,936
___ ___ ___
Total expenditure 1,847,010
153,968		 2,000,978
___ ___ ___
Net income (expenditure)
Before gain/(losses) on investments 165,717
(140,865)		 24,852
Net gains/(losses) on investments (164,597)
-		 (164,597)
___ ___ ___
Net income/(expenditure) 1,120
(140,865)		 (139,745)
Transfer between funds (91,756)
91,756		 -
___ ___ ___
Net movement in funds (90,636)
(49,109)		 (139,745)
Reconciliation of funds
Funds at beginning of year 814,994 2,757,312 3,572,306
___ ___ ___
Funds at the end of year 724,358 2,708,203 3,432,561



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

12. Transactions with trustees

As members of the Congregation, none of the trustees have resources of their own as all earnings, pension and other income have been donated to the charity. During the year, the total amount donated by the trustees to the charity was £28,633 (2020: £27,851). Father J Martin was reimbursed travel and office expenses of £1,311 (2020: £361) during the year.

13. Tangible fixed assets

Tangible fixed assets
Cost
At 1stApril 2020
Additions

At 31stMarch 2021
DEPRECIATION
At 1stApril 2020
Charge for the year

At 31st March 2021
Net book value
At 31st March 2021
At 31stMarch 2020		 Freehold
land and
buildings
£
2,582,051
737
_

2,582,788
980,859
49,390
_

1,030,249
1,552,539
1,601,192		 Furniture
and
equipment
£
1,223,050
4,800
_
1,227,850
975,895
50,510
_
1,026,405
201,445
247,155		 Motor
Vehicles
£
45,972
-
_
45,972

34,492
2,870
_
37,362

8,610

11,480
 Total
£
3,851,073
5,537
___
3,856,610
1,991,246
102,770
___
2,094,016
1,762,594
1,859,827

As permitted under Financial Reporting Standard 102, the charity has continued to adopt a policy of not revaluing its tangible fixed assets.

The book value of the charity’s London property owned at 31[st] March 1995 is based on trustees’ valuation. As permitted by FRS102, the value assigned to this property is now deemed to be cost. Additions subsequent to 31[st] March 1995 are stated at 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 UK freehold land and buildings and their book values. The amount of such differences cannot be ascertained without incurring significant costs which, in the opinion of the trustees, is not justified in terms of the benefit to the users of the accounts.

Capital Commitments

At 31[st] March 2021 the charity had contracted capital commitments of £nil. (At 31[st] March 2020: £nil).



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

14.
Investments
Listed
Investments
£
Market value
At 1stApril 2020
1,268,455
Additions at cost
63,312
Disposals
(59,174)
Net unrealised (losses)/gains
336,883
___
Market value at 31stMarch 2021
1,609,476
Cash held for reinvestment
-
___
At 31stMarch 2021
1,609,476

Listed investments at 31stMarch 2021 comprise the following:
UK Equities
Fixed interest
Global Equity
Alternatives
European Equity
North American Equity
Japan Equity
Emerging Market Equity		 Total
£
1,268,455
63,312
(59,174)
336,883
___
1,609,476
36,015
___
1,645,491

2021
£
448,416
211,150
266,925
265,942
86,141
202,770
45,525
82,607
____
1,609,476
 2020
£
1,417,722
935,206
(919,877)
(164,596)
_
1,268,455
69,553
_
1,338,008

2020
£
346,511
193,773
211,114
214,343
68,326
145,126
32,200
57,462
____
1,268,855

Material investments with a market value of over 5% of the total market value of investments are as follows:

follows:
2021 2020
£ £
Royal London Corporate Bond Fund - 70,450
Invesco Perpetual Corporate Bond Fund - 69,463
Investec Fund Series: Diversified Income Fund - 67,493
Trojan Investment Funds – Trojan Fund - 65,390
LF Lindsell Train UK Equity Fund - 64,771

All listed investments were dealt on a recognised stock exchange.



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

15.
Debtors
Trade debtors
Other debtors
Prepayments
All debtor balances are due within one year.
16.
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income
Taxation and social security
Other creditors

Deferred Income
Deferred income at 1stApril 2020
Utilised in the year
Received in the year
Balance at 31stMarch 2021
Deferred income consists of care fees paid in advance.		 _
 _
 2021
£
54,512
1,045
46,816
_

102,373

2021
£
18,843
27,970
24,386
3,968
_
75,167

£
6,977
(6,977)
3,980
__
3,980
 _
 2020
£
52,315
1,358
-
_
53,673

2020
£
18,111
29,972
21,865
3,572
_
73,520

£
1,033
(1,033)
6,977
_____
6,977

17. Funds

Retirement Fund

The sisters’ retirement fund comprises monies set aside to provide for the care and support of members of the congregation as they grow older. The fund will be utilised over the expected lives of the sisters. Transfers represent the net movements during the year.

Tangible fixed assets fund

The tangible fixed asset fund represents the net book value of the charity land and buildings and fixture and fittings. A decision was made to separate this fund from the unrestricted fund and other designated 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. Transfers represent the net movements in fixed assets during the year.

Tanzania funds (Restricted)

The Tanzania fund represents fund accumulation in order to support the Pallottine Sister’s work in Tanzania. Transfers represent movement in funds paid out of unrestricted funds during the year.



Pallottine Missionary Sisters

Notes to the Financial Statements (continued)

For the year ended 31[st] March 2021

Analysis by movements

2020 Income Transfers Expenditure Gains/ 2021
(losses)
£ £ £ £ £ £
Retirement fund 854,847 - (49,719) - - 805,128
Fixed assets fund 1,848,347 - 5,537 (99,900) - 1,753,984
Tanzania fund (Restricted) - 24,311 33,785 (57,447) - 649
Unrestricted fund 724,358 2,171,689 15,406 (1,807,687) 336,883 1,440,649
Designated: other 5,009 114,655 (5,009) (114,655) - -
___ ___ ___ ___ ___ ___
3,432,561 2,310,655 - (2,079,689) 336,883 4,000,410

18. Analysis of net assets between funds

2021
Tangible fixed assets
Investments
Current assets
Current liabilities
2020
Tangible fixed assets
Investments
Current assets
Current liabilities		 General
Designated
Restricted
Fund
Funds
Funds
Total
£
£
£
£
8,610
1,753,984
-
1,762,594
840,363
805,128
-
1,645,491
666,843
-
649
667,492
(75,167)
-
-
(75,167)
_
_
_
_
1,440,649
2,559,112
649
4,000,410



General
Designated
Fund
Funds
Total
£
£
£
11,480
1,848,347
1,859,827
483,161
854,847
1,338,008
303,237
5,009
308,246
(73,250)
-
(73,250)
__
_
___
724,628
2,708,203
3,432,831

___

19. Leasing agreements

Minimum lease payments fall due as follows:

Minimum lease payments fall due as follows:
Non-cancellable
operating leases
2021 2020
£ £
Within one years. 18,472 18,972
Between one and five years. 21,456 39,928
_____ _____
39,928 58,900



Pallottine Missionary Sisters

For the year ended 31[st] March 2021

Notes to the Financial Statements (continued)

20. Financial commitments, guarantees and contingent liabilities

The Charity is committed to the care of the Sisters in their old age and to provide for their future medical and nursing needs. The cost of this provision cannot be measured with any sufficient accuracy but is estimated to be in the region of £805,128 based on the present cost of nursing care at today’s prices. The Trustees have set aside funds in a designated Retirement Fund to cater for this eventuality and these funds are represented by investments.

21. Ultimate controlling party

The Charity is controlled by the members of the English Provincial of the Pallottine Missionary Sisters by the virtue of the fact that they appoint the trustees.

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Add back depreciation charges
Deduct investment income
Losses/(gains) on investment
Loss on disposal of tangible fixed assets
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash used in operating activities
23.
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held by investment manager
Total cash and cash equivalents		 2021
2020
£
£
567,849
(139,745)
102,770
105,239
(26,622)
(38,829)
(336,883)
164,597
-
619
(48,700)
16,414
1,647
7,711
_
_
260,061
116,006

2021
2020
£
£
565,119
254,573
36,015
69,553
_
_
601,134
324,126

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