2022-03-31-accounts

	Page
Legal and Administrative Details
Trustees' Annual Report	2 —17
Independent Auditors' Report	18-20
Statement ofFinancial Activities	21
Salance Sheet	22
Statement ofCashflows	23
Notes to the Financial Statements	24-35

		Pallottine Missions	Sisters	Sisters
		Le al and Administrative		Details
		For the ear ended 31"March 2 22
Principal	Address:	52 Park Mount Drive
		Macclesfield
		Cheshire
		SKII 8NT
Superior:		SrMary McNulty
Tmstees:		SrMary McNulty
		SrElizabeth Rowan
		Rev John Martin
		Sr Anna Maldrzykowska		—resigned	I"August 2022
Chief Executive Officer:		Ms Jennifer Trotter
Charity Number:		234185
Governing	Instrument:	The charity is governed		by the Trust	Deed dated 9	March 1964,varied
		15July 1987and 2 August 1996which adininisters				the Trust property
		owned by the Pallottine		Missionary	Sisters.
Auditors:		Allen Mills Howard	Limited
		Chartered Accountants		&Statutory	Auditors
		56Manchester Road
		Altrincham
		Cheshire
		WA14 4PJ
Bankers:		The Royal Bank ofScotland Pic
		62-63 Threadneedle	Street
		London
		EC2R SLA
Investment	Manager:	W H Ireland
		One New Bailey
		4 Stanley Street
		Salford
		M3 5JL
Solicitors:		Fieldings Porter
		Silverwell House
		32 Silverwell Street
		Bolton
		BLI IPT

		Pallottine Mission Sisters	Pallottine Mission Sisters	Pallottine Mission Sisters	Pallottine Mission Sisters
		Statement of8'inancial Activities
		For	the	ear ended 31u March 2022
			Note Unrestricted		Designated	Restricted	Total	Total
				Funds	Funds	Funds	2022	2021
Income from:
Donations				89,909		23,130	113,039	114,050
Operation ofcare home				2,070,843			2&070&843	2,055,328
Investments				27,314			27,314	26,622
Other					74,716		74,716	114,655
Total income				2,188,066	74,716	23,130	2,285,912	2,310,655
Expenditure on
Cost ofraising funds: Invesunent management	costs			12,518			12,518	11,056
Expenditure on charitable Charitable donations		activities;		7,701			7,701	3,170
Support members ofthe congregation and operation ofcare home				1,925&848	168,208		2,094,056	2,008,016
Support ofthe congregation		work overseas				45,222	45,222	57,447
Total expenditure				1,946,067	168,208	45,222	Z,159,497	2,079,689
Net income (expenditure) Before gain/(losses) on investments				241,999	(93,492)	(22,092)	126,415	230,966
Net gains on investments				28,467			28,467	336,883
Net income/(expenditure)			9	270,466	(93&492)	(22,092)	154,882	567,849
Transfer between funds			17	(62,595)	37,667	24&928
Net movement in funds				207,871	(55,825)	2,836	154,882	567,849
Reconciliation offunds
Funds at beginning ofyear				1,440,649	2,559,112	649	4,000,410	3,432,561
Funds atthe end ofyear				1,648420	2,503&287	3,485	4,155,292	4,000,410

				Balance Sheet	Balance Sheet
			At	31oMarch 2022
						2022		2021
			Note
Fixed assets
Tangible assets			13			1r691,261		1,762,594
Investments			14			1,688,754		1,645,491
Total fixed assets						3,380,015		3,408,085
Current assets
Debtors			15		148,171		102,373
Cash at bank and in		hand			755,440		565,119
Total current	assets				903,611		667,492
Liabilities
Creditors: amounts		falling
due within one	year		16		(128334)		(75,167)
Net current assets						775,277		592,325
Net assets						4,155~2		4,000,410
Funds
Restricted funds						3,485		649
Unrestricted funds:
General funds						1,648,520		1,440,649
Designated funds						2,503,287		2,559,112
Total charity funds			17			4,155,292		4,000,410

				2022	2021
			Note
Cash flows from operating activities:			23
Net cash used in operating	activities			199,413	260,061
Cash flows from investing	aciivities:
Investment income				27,314	26,622
Purchase oftangible fixed	assets			(24)710)	(5,537)
Proceeds from disposal of	tangible fixed assets			3,100
Pmceeds from the disposal	ofinvestments			95,605	59,174
Purchase ofinvestmcnts				(101,204)	(63,312)
Net cash provided by investing activities				105	16,947
Change in cash and cash	equivalents	in
the year				199,518	277,008
Cash and cash equivalents	brought forward			601,134	324,126
Cash and cash equivalents	carried forward		24	800,652	601,134

			2022	2021
	Resident fees		2,070,843	2,055,328
			2,070,843	2,055,328
4.	Investment	income
			2022	2021
			K
	Listed investments		27,314	26,622
			27,314	26,622
5.	Other income
			2022	2021
			0
	Government	grants	74,716	114,655
			74,716	114,655
6.	Donations
			2022	2021
	institutions	and individuals	7,711	3,170
			7,711	3,170

Support ofmember	s ofth	e congregation and oper	ation ofcare home
			2022	2021
				f.
Staffcosts			1,263,411	1,290,548
Staffrecruitment			2,310	1,475
Temporary staff			126&631	39,737
Provisions			75,985	77,274
Light and heat			54,627	56,940
Telephone			7,404	8,572
Sisters' living and personal		expenses	15,992	12,302
Education, training,	spiritual	and holidays	5,636	4,213
Rent and rates			29,392	31,846
Insurance			50,459	36,800
Motor and travel			13,855	9,605
Repairs and renewals			104,698	95,349
Depreciation			95,512	102,770
Priuting, postage &stationery			5&145	9,956
Tfalnlllg			2,872	5,105
Legal and professional			4,319	4,432
Resident expenses			17,303	15,967
Staffuniforms			2,930	3,763
Support costs(note	8)		138,626	116,669
Governance costs (note 8)			15,509	16,679
Hire ofequipment			34&022	28,670
Subscriptions			3350	4,292
Bad debt			(6,250)	(10,067)
Profit on disposal offixed asset			(2,569)
Cleaning			27,664	43,989
Sundries			5,223	1,130
			2,094,056	2,008,016
Support ofthe congregation's		work overseas	45,222	57,447
Governance and support costs
		Support	Governance
		costs	costs	2022f	2021
Staffcosts		107,116		107,116	85,888
Advertising and marketing		1,425		1,425	1,025
Computer costs		17,370		17/70	15,284
Finance costs		2,172		2,172	3,154
Auditor's remuneration			8,160	8,160	7,980
Legal and professional		10,543	7,349	17,892	20,017
		138,626	15,509	154,135	133,348

9.	Net (expenditure) bef	ore	gains on	investme	nts
					2022	2021
	This is stated after charging
	Hire ofequipment				34,022	28,670
	Depreciation				95412	102)270
	Auditor's remuneration				8,160	7,980
10.	Staffcosts
					2022	2021
					f.	6
	Salaries and wages				1,259,405	1,270,059
	Social security costs				91,086	86,319
	Pension costs				20,036	20,058
					1370,527	1,376,436
	The average number	of	employees	during	the year was as follows:
					2022	2021
	Provision ofcare				70	74
	Administration				1	1
					71	75
	The number ofemployees		whose emoluments		exceeded 660,000:
					2022	2021

11. Comparatives f	or t	he statement offinancial	activities	activities	activities
			Unrestricted Designated Restricted			Total
			Funds	Funds	Funds	2021
			g	g	g
Income from:
Donations			89,739		24,311	114,050
Operation ofcare home			2,055,328			2,055,328
Investments			26,622			26,622
Other				114,655		114,655
Total income			2,171,689	114,655	24,311	2,310,655
Expenditure on
Cost ofraising funds:
Investment management	costs		11,056			11,056
Expenditure on charitable		activities:
Charitable donations			3,170			3,170
Support members ofthe	congregation
and operation ofcare home			1,793,461	214,555		2,008,016
Support ofthe congregation		work overseas			57,447	57,447
Total expenditure			1,807,687	214,555	57,447	2,079,689
Net income (expenditure)
before gain/gasses) on	investments		364,002	(99,900)	(33,136)	230,966
Net gains/(losses) on investments			336,883			336,883
Net income/(expenditure)			700,885	(99,900)	(33,136)	567,849
Transfer between funds			15,406	(49,191)	33,785
Net movement iu funds			716,291	(149,091)	649	567,849
ReconciTiation offunds
Funds at beginning ofyear			724,358	2,708,203		3,432,561
Funds at the end ofyear			1,440,649	2„559,112	649	4,000,410

, expenses of51,188(2021:$1,311)d	, uring the year.
Tangible fixed assets
	Freehold	Furniture	Motor
	land and	and	Vehicles	Total
	buildings	equipment
Cost
At la April 2021	2,582,788	1,227,850	45,972	3,856,610
Additions		24,710		24,710
Disposals			(11,927)	(11,927)
At 31u March 2022	2,582,788	1,252 s&60	34,045	3,869&393
DEPRECIATION
At Is April 2021	1,030,249	1,026,405	37,362	2,094,016
Charge for the year	49,405	44,087	2,020	95,512
Eliminated on disposal			(11,396)	(11,396)
At 31"March 2022	1,079,654	1,070,492	27,986	2,178&132
Net book value
At31"March 2022	1,503,134	182,068	6&059	1,691,261
At 31*'March 2021	],552,539	201,445	8,610	1,762,594

Investments
		Listed
		Investments	Total	2021
		8	f.
Market value
At la April 2021		1,609,476	1,609,476	1,268,455
Additions at cost		101,204	101,204	63,312
Disposals		(95,605)	(95,605)	(59,174)
Net unrealised gains		28)467	28,467	336,883
Market value at31"March 2022		1,643,542	1,643,542	1,609,476
Cash held for reinvestment		45412	45,212	36,015
At 31"March 2022		1,688,754	1,688,754	1,645,491
Listed investments	at 31s March 2022 comprise the following:
			2022	2021
UK Equities			455,103	448,416
Fixed interest			205,508	211,150
Global Equity			292,507	266,925
Alternatives			208,222	265,942
European Equity			127&951	86,141
North American Equity			234,218	202,770
Japan Equity			41,250	45,525
Emerging Market Equity			78,783	82,607
			1,643,542	1,609,476

Debtors
	2022	2021
		5
Trade debtors	90,524	54,512
Other debtors	503	1,045
Prepayments	57,144	46,816
	148,171	102,373
All debtor balances are due within one year.
Creditors: amounts falling due within one year
	2022	2021
Trade creditors	67,427	18,843
Accruals and deferred income	32,567	27,970
Taxation and social security	24,035	24,386
Other creditors	4,305	3,968
	128,334	75,]67
Deferred Income
		f
Deferred income at I"April 2021	3,980	6,977
Utilized in the year	(3,980)	(6,977)
Received in the year	5&780	3,980
Balance at31"March 2022	5,780	3,980
Deferred income consists ofcare fees paid in advance.

			2021	Income	Transfers	Expenditure	Gains/	2022
							(losses)
							f,
Retirement		fund	805,128		12,957			818,085
Fixed assets		fund	1,753,984		24,710	(93,492)		1,685,20Z
Tanzania	fund (Restricted)		649	23,130	24,928	(45,222)		3,485
Unrestricted		fund	1,440,649	2,188,066	(62,595)	(1,946,067)	28,467	1&648,520
Designated:		other		74,716		(74,716)
			4,000,410	2,285,912		(2,159,497)	28,467	4,155&292
Analysis	ofnet assets between		funds
2022			General	Designated		Restricted
			Fund		Funds	Funds		Total
								8
Tangible	fixed assets		6,059		1,685,202			1,691,261
Investments			870,669		81S,085			1,688,754
Cunent	assets		900,126			3,485		903,611
Current	liabilities		(128,334)					(128,334)
			1,648,520		2,503,287	3,485		4,155,292
2021			General	Designated		Restricted
			Fund		Funds	Funds		Total
					8
Tangible	fixed assets		8,610		1,753,984			1,762,594
Investments			840,363		805,128			1,645,491
Current assets			666,843			649		667,492
Current liabilities			(75,167)					(75,167)
			1,440,649		2,559,112	649		4,000,410

	2022	2021
	0	5
Net movement in funds	154,882	567,849
Add back depreciation charges	95,512	102,770
Deduct investment income	(27814)	(26,622)
Gains on investments	(28,467)	(336,883)
Profit on disposal oftangible fixed assets	(2,569)
(increase)/decrease in debtors	(45,798)	(48,700)
(Decrease)/increase in creditors	53,167	1,647
Net cash used in operating activities	199,413	260,061
Analysis ofcash and sash equivalents
	2022	2021
	8
Cash atbank and in hand	755,440	565,119
Cash held by investment manager	45i212	36,015
Total cash and cash equivalents	800,652	601,134