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||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|||||
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|||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|
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||||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|
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|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|
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|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|
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|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|
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|
,
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|
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|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|
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|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.|||
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||||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|
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||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|
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