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|||Pallottine Missionar<br>S|Pallottine Missionar<br>S|isters|||||
|---|---|---|---|---|---|---|---|---|
|||Le al and Administrative||Details|||||
|||For the<br>ear ended 31"March 2023|||||||
|Principal|Address:|52 Park Mount Drive|||||||
|||Macclesfield|||||||
|||Cheshire|||||||
|||SKII 8NT|||||||
|Superior:||SrMary McNulty|||||||
|Trustees:||SrMary McNulty|||||||
|||SrElizabeth Rowan|||||||
|||Rev John Martin|||||||
|||SrAnna Maldrzykowska||Resigned||Ia August 2022|||
|||Sr Adelheid<br>Elfriede||Appointed||13'"November||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 administers|||||the Trust property||
|||owned by the Pallottine||Missionary|Sisters.||||
|Auditors:||Allen Mills Howard|Limited||||||
|||Chartered<br>Accountants||dr Statutory|Auditors||||
|||56 Manchester<br>Road|||||||
|||Altrincham|||||||
|||Cheshire|||||||
|||WA14 4PJ|||||||
|Bankers:||The Royal Bank ofScotland Plc|||||||
|||62-63 Threadneedle|Street||||||
|||London|||||||
|||EC2R 8LA|||||||
|Investment|Manager:|W H Ireland|||||||
|||One New Bailey|||||||
|||4 Stanley Street|||||||
|||Salford|||||||
|||M3 5JL|||||||
|Solicitors:||Fieldings Porter|||||||
|||Silverwell<br>House|||||||
|||32 Silverwell<br>Street|||||||
|||Bolton|||||||
|||BLI IPT|||||||





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|||St|atem|ent ofFinancial Activities|ent ofFinancial Activities||||
|---|---|---|---|---|---|---|---|---|
|||For|the|ear ended 31"March 2023|||||
|||||Note Unrestricted|Designated|Restricted|Total|Total|
|||||Funds|Funds|Funds|2023|2022|
|||||||f,|||
|Income from:|||||||||
|Donations|||2|90,039||3,356|93,395|113,039|
|Operation ofcare home|||3|2,170,252|||2,170,252|2,070,843|
|Investments|||4|28,765|||2$,765|27,314|
|Other|||5|||||74,716|
|Total income||||2,289,056||3,356|2,292,412|2,285,912|
|Expenditure<br>on|||||||||
|Cost ofraising funds:|||||||||
|Investment<br>management|costs|||11,772|||11,772|12,518|
|Expenditure<br>on charitable||activities:|||||||
|Charitable<br>donations||||6,742|||6,742|7,701|
|Support members ofthe|congregation||||||||
|and operation ofcare home||||2,158,636|93)043||2,251,679|2,094,056|
|Support ofthe congregation||work overseas||||69,400|69,400|45,222|
|Total expenditure||||2,177,150|93,043|69,400|2,339,593|2,159,497|
|Net income (expenditure)|||||||||
|Before gain/(tosses)<br>on|investments|||111,906|(93,043)|(66,044)|(47,181)|126,415|
|Net (losses)/gains<br>on investments||||(102,955)|||(102,955)|28,467|
|Net income/(expenditure)|||9|8,951|(93,043)|(66,044)|(150&136)|154,882|
|Transfer between<br>funds|||17|726,$03|(790,869)|64,066|||
|Net movement<br>in funds||||735,754|(883,912)|(1,978)|(150,136)|154,882|
|Reconciliation offunds|||||||||
|Funds at beginning ofyear||||1,648,520|2,503,287|3,485|4,155,292|4,000,410|
|Funds at the end ofyear||||2484,274|1,619875|1,507|4,005,156|4,155,292|





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|||Balance Sheet|Balance Sheet|||
|---|---|---|---|---|---|
|||At 31"March 2023||||
|||||2023|2022|
|||Note||||
|Fixed assets||||||
|Tangible assets||13||1,623,920|1,691,261|
|Investments||14||1,562,792|1,688,754|
|Total fixed assets||||3,186,712|3,380,015|
|Current<br>assets||||||
|Debtors||15|128,284|148,171||
|Cash at bank and in|hand||832,749|755,440||
|Total current assets|||961,033|903,611||
|Liabilities||||||
|Creditors: amounts|falling|||||
|due within one year||16|(142,589)|(128,334)||
|Net current assets||||818,444|775,277|
|Net assets||||4,005,156|4,155,292|
|Funds||||||
|Resiricted funds||||1,507|3,485|
|Unrestricted<br>funds:||||||
|General funds||||2,384,274|1,648,520|
|Designated<br>funds||||1,619,375|2,503,287|
|Total charity funds||17||4,005,156|4,155,292|





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|||||||2023|2022|
|---|---|---|---|---|---|---|---|
||||||Note|||
|Cash flows from operating|||activities:||23|||
|Net cash|used in operating||activities|||52,753|199,413|
|Cash flows from investing|||activities:|||||
|Investmentincome||||||28,765|27,314|
|Purchase|oftangible fixed|assets||||(36)586)|(24,710)|
|Disposal|oftangible fixed|assets||||9,370|3,100|
|Proceeds|from the disposal||ofinvestments|||88,606|95,605|
|Purchase|ofinvestments|||||(61,702)|(101,204)|
|Net cash|provided<br>by investing<br>activities|||||28,453|105|
|Change|in cash and cash|equivalents||in||||
|the year||||||81,206|199,518|
|Cash and|cash equivalents|brought<br>forward||||800,652|601,134|
|Cash and cash equivalents|||carried forward||24|881,858|800,652|





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|3.|Income fr|om charitable<br>activities|||
|---|---|---|---|---|
||||2023|2022|
||Residents'|fees|2,170,252|2,070,843|
||||2,170,252|2,070,843|
|4.|Investment|income|||
||||2023|2022|
||Listed investments||28,765|27,314|
||||28,765|27,314|
|5.|Other income||||
||||2023|2022|
||Government|grants||74,716|
|||||74,716|
|6.|Donations||||
||||2023|2022|
||Institutions|and individuals|6,742|7,701|
||||6,742|7,701|





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|Support ofmembers|ofth|e|congregation<br>and oper|ation ofcare home|||
|---|---|---|---|---|---|---|
|||||2023|2022||
|Staffcosts||||1,302,237|1,214,142||
|Staffrecruitment||||7,363|2,310||
|Temporary<br>staff||||115,112|126,631||
|Provisions||||93,434|75,985||
|Light and heat||||62,760|54,627||
|Telephone||||8,004|7,404||
|Sisters' living and personal||expenses||15,718|15,992||
|Education,<br>training,|spiritual||and holidays|12,127|5,636||
|Rent and rates||||33,167|29,392||
|Insurance||||52&041|50,459||
|Motor and travel||||22&703|13,855||
|Repairs and renewals<br>Depreciation||||105,173<br>94,557|104,698<br>95,512||
|Printing,<br>postage &|stationery|||4,442|5, 145||
|Training<br>Legal and professional||||2,909<br>21,134|2,872<br>4,319||
|Resident expenses||||18,733|17,303||
|Staff uniforms||||1,800|2,930||
|Support costs (note 8)<br>Governance<br>costs (note 8)||||181,936<br>16,517|187,895<br>15,509||
|Hire ofequipment||||26,319|34,022||
|Subscriptions||||4,829|3,350||
|Bad debt||||(2,750)|(6,250)||
|Profit on disposal offixed asset|||||(2,569)||
|Cleaning||||45,112|27,664||
|Sundries||||6,302|5,223||
|||||2,251,679|2,094,056||
|Support ofthe congregation's|||work overseas|69,400|45,222||
|Governance<br>and support||costs|||||
||||Support|Governance|||
||||costs|costs|2023|2022|
|Staffcosts|||160,338||160,338|156,385|
|Advertising<br>and marketing<br>Computer<br>costs|||3,934<br>14,187||3,934<br>14,187|1,425<br>17,370|
|Finance costs|||3,477||3,477|2,172|
|Auditor's<br>remuneration||||9,168|9,168|8,160|
|Legal and professional||||7,349|7,349|17,892|
||||181,936|16,517|198,453|203,404|





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|Net (expenditure)<br>befor|e gains on|investme|nts||
|---|---|---|---|---|
||||2023|2022|
|This is stated after charging|||||
|Hire ofequipment|||26,319|34,022|
|Depreciation|||94,557|95,512|
|Auditor's<br>remuneration|||9,168|8,160|
|Staff costs|||||
||||2023|2022|
|Salaries and wages|||1,338,089|1,259,405|
|Social security costs|||102,403|91,086|
|Pension costs|||22,083|20,036|
||||1,462,575|1,370,527|
|The average number of|employees|during|the year was as follows:||
||||2023|2022|
|Provision ofcare|||71|68|
|Administration|||3|3|
||||74|71|
|The number ofemployees|whose emoluments||exceeded f60,000:||
||||2023|2022|
|f90,000to %100,000|||||



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|11.<br>Comparatives<br>fo|r|the statement of financial<br>a|ctivities||||
|---|---|---|---|---|---|---|
||||Unrestricted|Designated|Restricted|Total|
||||Funds|Funds|Funds|2022|
|Income from:|||||||
|Donations|||89,909||23,130|113,039|
|Operation ofcare home<br>Investments|||2,070,843<br>27,314|||2,070,843<br>27,314|
|Other||||74,716||74,716|
|Total income|||2,188,066|74,716|23,130|2,285,912|
|Expenditure<br>on|||||||
|Cost ofraising funds:<br>Investment<br>management|costs||12,518|||12,518|
|Expenditure<br>on charitable<br>Charitable<br>donations||activities:|7,701|||7,701|
|Support members ofthe congregation<br>and operation ofcare home<br>Support ofthe congregation<br>work overseas|||1,925,848|168,208|45,222|2,094,056<br>45,222|
|Total expenditure|||1,946,067|168,208|45,222|2,159,497|
|Net income (expenditure)<br>Before gain/(losses)<br>on investments<br>Net gains on investments|||241,999<br>28,467|(93,492)<br>-|(22,092)<br>—|126,415<br>28,467|
|Net income/(expenditure)<br>Transfer between<br>funds|||270,466<br>(62,595)|(93,492)<br>37,667|(22,092)<br>24,928|154,882|
|Net movement<br>in funds|||207,871|(55,825)|2,836|154,882|
|Reconciliation offunds|||||||
|Funds at beginning ofyear|||1,440,649|2,559,112|649|4,000,410|
|Funds at the end ofyear|||1,648,520|2,503,287|3,485|4,155,292|





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|Tangible fixed assets|||||
|---|---|---|---|---|
||Freehold|Furniture|Motor||
||land and|and|Vehicles|Total|
||buildings|equipment|||
|Cost|||||
|At I"April 2022|2,582,788|1,252,560|34,045|3,869,393|
|Additions|25,062|11,524||36,586|
|Disposals|(9,370)|||(9,370)|
|At 31"March 2023|2,598,480|1,264,084|34,045|3,896,609|
|DEPRECIATION|||||
|At I"April 2022|1,079,654|1,070,492|27,986|2,178,132|
|Charge for the year|49,873|43,170|1,514|94,557|
|At 31"March 2023|1,129427|1,113,662|29,500|2072,689|
|Net book value|||||
|At31"March 2023|1,468,953|150,422|4,545|1,623,920|
|At 31a March 2022|1,503,134|182,068|6059|1691261|





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|Investments|||||
|---|---|---|---|---|
|||Listed|||
||Investments||Total|2022|
||||8||
|Market value<br>At 1"April 2022<br>Additions<br>at cost|I|643 542<br>61,702|1,643,542<br>61,702|1,609,476<br>101,204|
|Disposals<br>Net unrealised<br>(losses)/gains|(88,606)<br>(102,955)||(88,606)<br>(102,955)|(95,605)<br>28,467|
|Market value at 3I aMarch 2023|1,513,683||1,513,683|1,643,542|
|Cash held for reinvestment||49,109|49,109|45,212|
|At31"March 2023|1,562,792||1,562,792|1,688,754|
|Listed investments<br>at 31a March 2023 comprise the following:|||||
||||2023|2022|
|UK Equities<br>Fixed interest<br>Global Equity<br>Alternatives<br>European<br>Equity<br>North American<br>Equity<br>Japan Equity<br>Emerging Market Equity|||402,865<br>188,891<br>266,940<br>189,073<br>127,140<br>225,537<br>38,450<br>74,787|455,103<br>205,508<br>292,507<br>208,222<br>127,951<br>234,218<br>41,250<br>78,783|
||||1,513,683<br>1,643,542||
|Material investments<br>with a market value ofover 5%ofthe total market|||value ofinvestments|are as|
|follows:|||2023|2022|
|Vanguard<br>S&P 500UCITS EFT<br>L FLindsell Train UK Equity Fund|||81,257<br>79,355|86,063|





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|Debtors|||
|---|---|---|
||2023|2022|
|Trade debtors|62,590|90,524|
|Other debtors|1,589|503|
|Prepayments|64,105|57,144|
||128,284|148,171|
|All debtor balances are due within one year.|||
|Creditors: amounts<br>falling due within one year|||
||2023|2022|
|Trade creditors|80,424|67,427|
|Accruals and deferred income|24,824|32,567|
|Taxation and social security|32,413|24,035|
|Other creditors|4,928|4,305|
||142,589|128,334|
|Deferred Income|||
|Deferred income at I"April 2022|5,870|3,980|
|Utilised in the year|(5,870)|(3,980)|
|Received in the year|441|5,780|
|Balance at 31"March 2023|441|5,780|
|Deferred income consists ofcare fees paid in advance.|||



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|||For the<br>earended31aMarch2023|For the<br>earended31aMarch2023|For the<br>earended31aMarch2023||||
|---|---|---|---|---|---|---|---|
||Analysis by movements|||||||
|||2022|Income|Transfers|Expenditure|Gains/|2023|
|||||||(losses)||
||Retirement<br>fund<br>Fixed assets fund<br>Tanzania<br>fund (Restricted)<br>Unrestricted<br>fund|818,085<br>1,685,202<br>3,485<br>1,648,520|3,356<br>2,289,056|(818,085)<br>27,216<br>64,066<br>726,803|(93,043)<br>(69,400)<br>(2,177,150)|(102,955)|1,619,375<br>1,507<br>2484,274|
|||4,155,292|2,292,412||(2,339,593)|(102,955)|4,005,156|
|18.|Analysis ofnet assets between|funds||||||
||2023|General|Designated||Restricted|||
|||Fund||Funds|Funds||Total|
|||8||||||
||Tangible fixed assets<br>Investments<br>Current assets|4,545<br>1,562,792<br>959,526||1,619,375|1,507||1,623,920<br>1,562,792<br>961,033|
||Current liabilities|(142,589)|||||(142,589)|
|||2,384,274||1,619,375|1/07||4,005,156|
||2022|General|Designated||Restricted|||
|||Fund||Funds|Funds||Total|
||||||||8|
||Tangible fixed assets<br>Investments<br>Current assets|6,059<br>870,669<br>900,126||1,685,202<br>818,085|3,485||1,691,261<br>1688,754<br>903,611|
||Current liabilities|(128,334)|||||(128,334)|
|||1,648,520||2,503,287|3,485||4,155,292|






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||2023|2022|
|---|---|---|
||8||
|Net movement<br>in funds|(150,136)|154,882|
|Add back depreciation<br>charges|94,557|95,512|
|Deduct investment<br>income|(28,765)|(27,314)|
|(Losses)/Gains<br>on investments|102,955|(28,467)|
|Profit on disposal oftangible fixed assets||(2,569)|
|(Increase)/decrease<br>in debtors|19,887|(45,798)|
|(Decrease)/increase<br>in creditors|14,255|53,167|
|Net cash used in operating<br>activities|52,753|199,413|
|Analysis ofcash and cash equivalents|||
||2023|2022|
|Cash at bank and in hand|832,749|755,440|
|Cash held by investment<br>manager|49,109|45,212|
|Total cash and cash equivalents|881,858|800,652|



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