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2020-12-31-accounts
|
Page |
Page |
| Relevant Addresses |
|
|
| Trustees’ Report |
2—10 |
|
| Independent Auditors’ Report |
11 |
- 14 |
| Statement of Financial Activities |
15 |
|
| Baance Sheet |
16 |
|
| Notes to the Financial Statements |
1 7 |
- 26 |
|
Notes |
Expendable |
Expendable |
Unrestricted |
Total |
Total |
|
|
Endowment |
|
Funds |
Funds |
Funds |
|
|
|
Funds |
|
|
|
|
|
|
2020 |
2020 |
2020 |
2019 |
|
|
|
£ |
£ |
£ |
£ |
| INCOME AND ENOWMENTS |
|
|
|
|
|
|
| FROM: |
|
|
|
|
|
|
| Donations |
|
|
- |
- |
- |
220 |
| Other trading activities |
|
|
|
|
|
|
| Sisters’ pensions |
|
|
- |
47,397 |
47,397 |
45,459 |
| Investments |
3 |
|
37 |
2,716 |
2,753 |
30,021 |
| Other income |
4 |
|
- |
- |
- |
1.665 |
| Exceptional income |
5 |
|
|
35,000 |
35,000 |
|
| Total income |
|
|
37 |
85.113 |
85,150 |
77,365 |
| EXPENDITURE ON: |
|
|
|
|
|
|
| Raising funds |
|
|
|
|
|
|
| Investment managers’ fees |
|
|
97 |
6,728 |
6,825 |
7,062 |
| Charitable activities |
6 |
|
656,459 |
866,776 |
1,523,235 |
1,671,054 |
| Total expenditure |
|
|
656,556 |
873.504 |
1,530060 |
1,678.116 |
| Net gans on investments |
8 |
|
18,446 |
1,284,995 |
1.303,441 |
1,792,527 |
| Net incomel(expenditure) |
|
|
(638,073) |
496,604 |
(141,469) |
191.776 |
| Transfers between Funds |
11 |
|
103,562 |
(103,562) |
- |
|
| NET MOVEMENT IN FUNDS |
|
|
(534,511) |
393,042 |
(141,469) |
191,776 |
| FUNDS BROUGHT FORWARD |
|
£ |
534,511 |
£15,136,627 |
£ 15.673,138 |
£ 15.481,362 |
| FUNDS CARRIED FORWARD |
11 |
£ |
- |
|
£15531669 |
£15,673,138 |
|
|
2020 |
2019 |
|
Notes |
£ |
£ |
| FIXED ASSETS |
|
|
|
| Tangible assets |
7 |
902917 |
934,271 |
| Investments |
8 |
14,340514 |
14,627,073 |
|
|
15,243,431 |
15,561,344 |
| CURRENT ASSETS |
|
|
|
| Debtors |
9 |
2,279 |
1,233 |
| Cash at bank and in hand |
|
301,946 |
132,986 |
|
|
304,225 |
134,219 |
| CREDITORS: Amounts falling due within one year |
10 |
(15,987) |
(22,425) |
| NET CURRENT ASSETS |
|
288,238 |
111,794 |
| TOTAL NET ASSETS |
|
£ 15.531.669 |
£ 15,673,138 |
| RESTRICTED FUNDS: |
|
|
|
| Expendable Endowment Fund |
|
|
|
| -PropertyFund |
11 |
- |
534,511 |
| UNRESTRICTED FUNDS: |
|
|
|
| General Fund |
11 |
12,337,701 |
12,295,369 |
| Designated Funds |
|
|
|
| - Community Support (previously Community Relief) Fund |
11 |
1,837,690 |
1,600,000 |
| - Internationat Mission Fund |
11 |
1,356,278 |
1,243,258 |
|
12 |
£Jj53t,ffi9 |
£ 15,673,138 |
| Land |
|
|
Nil |
| Buildings |
and |
property improvements |
2.5% |
| Furniture |
and |
equipment |
25% |
|
2020 |
|
2019 |
|
£ |
|
£ |
| Dividends and interest from listed investments |
2,619 |
|
28,542 |
| Bank interest |
134 |
|
1,479 |
|
|
£ |
30.021 |
|
|
2020 |
|
2019 |
|
|
£ |
|
£ |
| Reimbursed |
expenses |
|
|
1,665 |
|
|
|
£ |
1.6 |
|
|
|
|
Total |
Total |
|
Other |
Depreciation |
|
2020 |
2019 |
|
£ |
£ |
|
£ |
£ |
| Charitable activities |
|
|
|
|
|
| Charitable donatEons |
933,354 |
|
- |
933,354 |
930.081 |
| Sisters’ Uving expenses (6a) |
59975 |
|
- |
59975 |
63,865 |
| Contribut ors to the |
|
|
|
|
|
| Congregation Office |
415,124 |
|
- |
415124 |
550,212 |
| Genera’ expenses (6b) |
83,428 |
31,354 |
|
114,782 |
126.896 |
| Total resources expended |
1.491.881 |
31 |
.354 |
1.523.235 |
jf_Q54 |
| The charity has no employees. |
|
|
|
|
|
|
|
|
|
2020 |
2019 |
|
|
|
|
£ |
£ |
| Charitable expenditure includes: |
|
|
|
|
|
| Auditors’ remuneration: |
|
|
|
|
|
| Audit |
|
|
|
13,750 |
13.125 |
| Other services |
|
|
|
10.300 |
9.320 |
|
|
2020 |
|
2019 |
|
|
£ |
|
£ |
| a) |
Sisters’ living expenses: |
|
|
|
|
Groceries |
14,097 |
|
7,244 |
|
Heat, light and water |
2,381 |
|
11,249 |
|
Personal |
3,440 |
|
5,386 |
|
Rent |
27,761 |
|
25,771 |
|
Other |
12,296 |
|
14,215 |
|
|
£..5.9.915 |
£ |
63.865 |
| b) |
General expenses: |
|
|
|
|
Depredation |
31,354 |
|
25,133 |
|
Repairs and renewals |
642 |
|
Z239 |
|
Travel, events and assemblies |
8,956 |
|
5,364 |
|
Insurance |
773 |
|
1,211 |
|
Medical |
28,582 |
|
60,364 |
|
Education |
336 |
|
254 |
|
Legal and professiona fees |
27,679 |
|
12.736 |
|
Governance costs |
14,965 |
|
14,381 |
|
Other |
1,495 |
|
5,214 |
|
|
£_t14262 |
£ |
126,896 |
|
Freehold |
|
Furniture |
|
|
|
Land and |
|
And |
|
|
|
Buildings |
Equipment |
|
|
Total |
|
£ |
|
£ |
|
£ |
| Cost |
|
|
|
|
|
| At 1 January 2020 |
1.143.121 |
|
95,026 |
|
1,238.147 |
| Additions |
- |
|
- |
|
- |
| Disposals |
|
|
|
|
|
| At 31 December 2020 |
1,143.121 |
|
95,026 |
|
1,238,147 |
| Depreciation |
|
|
|
|
|
| At 1 January 2020 |
217,936 |
|
85,940 |
|
303,876 |
| Charge for year |
28,578 |
|
2,776 |
|
31,354 |
| Disposals |
|
|
|
|
|
| At 31 December 2020 |
246.514 |
|
88.716 |
|
335,230 |
| Net Book Value |
|
|
|
|
|
| 31 December2020 |
£...i9Lfi1 |
LL31Q |
|
C9D2.91Z |
|
| 31 December2019 |
?_5r185 |
£ |
9.086 |
£ |
934.271 |
| 8. |
INVESTMENTS |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Market value at 1 January 2020 |
14,627,073 |
14.320,130 |
|
Purchases |
- |
10.488,000 |
|
Disposals |
(1,590,000) |
(11.973.584) |
|
Revaluation gains |
1,303,441 |
1.792,527 |
|
Market value at 31 December 2020 |
|
£t4627.Q73 |
|
Historical cost as at 31 December 2020 |
£11215947 |
£13,859,129 |
|
Listed investments in pooled funds comprise; |
|
|
|
UK equities |
372,011 |
434.791 |
|
Overseas equities |
8,125,427 |
7,751,869 |
|
UK fixed interest securities |
2,501606 |
2,608.303 |
|
Overseas fixed interest securities |
1,963,201 |
1,910,230 |
|
Cash |
37,334 |
438.440 |
|
Total of listed investments |
12,999,579 |
13,143,633 |
|
Unlisted investments |
1,340,935 |
1,483,440 |
|
|
|
£146,Z7,012 |
|
The above investments are held by the following fund |
|
|
|
managers: |
|
|
|
Vanguard |
8,158,146 |
8,088,064 |
|
BlackRock |
3,079,232 |
3,215,868 |
|
PIMCO |
2,209,303 |
2,249,424 |
|
North American Forestry Investment Trust |
342,151 |
363.452 |
|
Adaxia Clean Tech private equity fund |
28,868 |
26.247 |
|
Anglo Irish Bank (bank deposits/government bonds) |
34,887 |
214,401 |
|
Blue Orchard Microfinance fund |
341740 |
322,636 |
|
Delta Venture Capital Fund |
146,187 |
146.982 |
|
|
£14340514 |
£14,627,074 |
|
Balance at 1 |
|
|
|
|
|
Transfer |
|
Balance at |
|
January |
Incoming |
|
Outgoing |
|
Investment |
between |
31 December |
|
|
2020 |
resources |
|
resources |
gainsl(Iosses) |
|
funds |
|
2020 |
|
£ |
|
£ |
£ |
|
£ |
£ |
|
£ |
| Unrestricted |
|
|
|
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
|
|
|
| General fund |
12.295.369 |
|
84408 |
(871663) |
|
934,280 |
(104693) |
12,337,701 |
|
| Designated |
|
|
|
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
|
|
|
| International |
|
|
|
|
|
|
|
|
|
| Mission fund |
1,243,258 |
|
227 |
(592) |
|
113,020 |
365 |
|
1,356,278 |
| Community |
|
|
|
|
|
|
|
|
|
| supportfund |
1.600.000 |
|
478 |
(1.241) |
|
237,690 |
766 |
|
1,837,690 |
|
2,843,258 |
|
705 |
(1836) |
|
350,710 |
1,131 |
|
3,193,968 |
| Total |
|
|
|
|
|
|
|
|
|
| unrestricted |
15,138,627 |
|
85,113 |
(873,499) |
|
1,284,990 |
(103,562) |
15,531669 |
|
| funds |
|
|
|
|
|
|
|
|
|
| Expendable |
|
|
|
|
|
|
|
|
|
| endowment fund |
|
|
|
|
|
|
|
|
|
| Propertyfund |
534,511 |
|
37 |
(656,556) |
|
18,446 |
103,562 |
|
|
| Total funds |
15,673,138 |
- |
85,150 |
L1.530.055) |
— |
1,303,436 |
|
15.531.669 |
|
1.
FUNDS: Mo |
vements in 201 |
9 comparative |
year |
|
|
|
|
Balance at |
|
|
|
Transfer |
Balance at |
|
1 January |
incoming |
Outgoing |
investment |
between |
31 December |
|
2019 |
resources |
resources |
gainslOosses) |
funds |
2019 |
|
£ |
£ |
£ |
£ |
|
£ |
| Unrestricted funds |
|
|
|
|
|
|
| General fund |
12.060,627 |
73,670 |
(1.678.116) |
1.545.243 |
293945 |
12.295.369 |
| Designated funds |
|
|
|
|
|
|
| International |
|
|
|
|
|
|
| Mission fund |
1.081,305 |
- |
- |
161.953 |
- |
1,243.258 |
| Communityrelief |
|
|
|
|
|
|
| fund |
1,600,000 |
- |
- |
- |
- |
1,600,000 |
|
2,681.305 |
|
- |
161,953 |
|
2,843,258 |
| Total unrestricted |
|
|
|
|
|
|
| funds |
14,741,932 |
73.670 |
|
1,707.196 |
293.945 |
15,138.627 |
| Expendable |
|
|
|
|
|
|
| endowment fund |
|
|
|
|
|
|
| Property fund |
739,430 |
3.695 |
|
85,331 |
(293.945) |
534,511 |
| Total funds |
i5,,41.362 |
77.365 |
|
1.792.527 |
- |
15,673,138 |
|
Fixed |
Investments |
Net current |
|
|
assets |
|
assets |
Total |
|
£ |
£ |
£ |
£ |
| Unrestricted general funds |
902,917 |
11,146,546 |
288,238 |
12,337,701 |
| Designated funds |
|
3,193,968 |
- |
3,193,968 |
| Expendable endowment fund |
|
|
|
|
|
902.917 |
14.340,514 |
288.238 |
|
| ANALYSIS OFASSETS BETWEEN’ |
FUNDS C |
OMPAR,4TIVE YEAR 2019 |
|
|
|
|
Fixed |
Investments |
Net current |
|
|
|
assets |
|
assets |
Total |
|
|
£ |
£ |
£ |
£ |
| Unrestricted |
general funds |
934271 |
11,249,304 |
111,794 |
1Z295,369 |
| Designated |
funds |
- |
2,843.258 |
- |
2,843,258 |
| Expendable |
endowment fund |
- |
534.511 |
- |
534.511 |
|
|
934.271 |
14,627,073 |
111.794 |
15.673.13B |
|
operating leases as follows: |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Rent for property in London |
|
|
|
Within one year |
|
|
| 14. |
FINANCIAL INSTRUMENTS |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Basic financial assets measured at fair value |
14340,514 |
14,627,073 |
|
Basic financial assets measured at amortised cost |
301,946 |
132,986 |
|
Basic financial liabilities measure at amortised cost |
(15.987 |
(22,425) |
|
|
2020 |
2019 |
|
|
£ |
£ |
| Total |
dividend and interest income for basic financial assets |
2,753 |
30,021 |
| Total |
gains? (losses) in respect of basic financial assets |
1.303.441 |
_1192â22 |
|
|
|
Page 25 |
|
|
Expendable |
Unrestricted |
Year |
|
|
Endowment |
Funds |
Ended |
|
|
Funds |
|
|
|
|
2019 |
2019 |
2019 |
|
|
£ |
£ |
£ |
| INCOMEAND ENOWMENTS FROM: |
|
|
|
|
| Donations |
|
- |
220 |
220 |
| Other trading activities |
|
|
|
|
| Sisters’pensions |
|
|
45.459 |
45.459 |
| Investments |
|
3.695 |
25.326 |
30.021 |
| Other income |
|
|
1.665 |
1.665 |
| Total income |
|
3.695 |
73.670 |
77,365 |
| EXPENDITURE ON: |
|
|
|
|
| Raising funds |
|
|
|
|
| Investmentmanagers’fees |
|
- |
7,062 |
7,062 |
| Charitable activities |
|
|
1,671,054 |
1.671,054 |
| Total expenditure |
|
|
1,678.116 |
1,678.116 |
| Net (Iosses)/gains on investments |
|
85.331 |
1,707,196 |
1.792,527 |
| Net Income |
|
89,026 |
102,750 |
191,776 |
| Transfers between funds |
|
(293.945) |
293,945 |
|
| NETMOVEMENT IN FUNDS |
|
(204,919) |
396,695 |
191,776 |
| FUNDS BROUGHT FORWARD |
|
739.430 |
14.741.932 |
15.481.362 |
| FUNDS CARRIED FORWARD |
£ |
534,511 |
£15.I3&627 |
£ 15,673.138 |