**Charity Registration Number (England & Wales): 250183 Charity Registration Number (Scotland): SC039564**
## **SISTERS OF BON SECOURS OF PARIS**
## **BRITISH PROVINCE**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
||**Page**|
|---|---|
|Relevant Addresses|1|
|Trustees’ Report|2 – 10|
|Independent Auditors’ Report|11 - 14|
|Statement of Financial Activities|15|
|Balance Sheet|16|
|Notes to the Financial Statements|17 - 26|
**SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE RELEVANT ADDRESSES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
**Principal Address** Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL **Trustees** Sr Winifred McCahill Sr Mary Bradshaw Sr Pat Eck Sr Eileen O’Connor **Principal Bankers** Royal Bank of Scotland London Victoria (C) 119/121 Victoria Street London SW1E 6RA **Solicitors** Pinsent Masons 141 Bothwell Street Glasgow G2 7EQ **Auditors** Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL **Investment Advisors** Wilshire Associates Incorporated 210 Sixth Avenue, Suite 3720 Pittsburgh PA 15222 **Global Custodians** BNY Mellon One Dockland Central Guild Street Dublin 1, D01 E4X0 **Investment Managers** BlackRock 12 Throgmorton Avenue London EC2N 2DL Vanguard Brown Brothers Harriman Fund Administration (Ireland) Ltd 30 Herbert Street Dublin 2, D02 W329 Cantor Fitzgerald Ireland 75 St Stephen’s Green Dublin 2, D02 PR50 PIMCO 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32
Page 1
**SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees present their report, together with the audited financial statements for the year ended 31 December 2021.
## **INTRODUCTION**
The Congregation of the Sisters of Bon Secours of Paris is an international Roman Catholic Religious Congregation. It was founded in Paris, France in 1824, where the Congregation is still located.
The accounts accompanying this report are the accounts of the charitable trust that supports the life and work of the Sisters in Britain.
## **MISSION**
The objects of the charity, as set out in its amended Trust Deed are to “advance the religious and other charitable work for the time being carried on or under the direction of the Congregation as the Trustees with the approval of the Superior shall think fit”.
By caring for individual members of the Congregation throughout their lives with the Congregation, the charity aims to enable and support the Sisters to live out their faith
When setting the objectives and planning the work of the charity for the year, and when encouraging the work of individual Sisters, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit and have therefore complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published general guidance concerning the operation of the public benefit requirement under that Act.
The works or ministries of the Sisters of the Congregation fall into the following main areas:
## **Worship and Prayer**
Members of the Congregation are given the opportunity for private worship and to continue to develop their knowledge and trust in Jesus and the Church through quiet prayer, study of the Gospel and spiritual development. In addition, members of the Congregation celebrate and pray with the wider community including people of all faiths and none. They do this through the provision of spiritual guidance, by being available to listen in times of need and attendance at the celebration of the Liturgy through prayer groups and church services.
## **Social and Pastoral Work**
Members of the Congregation are involved in social, pastoral work and the provision of counselling services. The Sisters aim to help, in particular, the poor and marginalised in society regardless of their personal background, faith, gender or individual circumstances.
## **International Mission Support**
The Charity aims to provide both financial and community support for international religious and other charitable works carried out in the name of and throughout the Congregation.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
Under Canon Law, the Congregation is governed at an international level by the Congregation Leader and the Congregation Team. They are elected every five years at a General Chapter.
Page 2
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)**
In December 2009, the Congregation worldwide was restructured to remove the Province structure for Canon Law purposes and to move to a single Congregation structure with the Congregation Leader and the Congregation Team responsible for the governance of the Sisters under Canon law.
In terms of Civil Law, the charity itself is, and will continue to be governed by a Trust Deed dated 30 September 1966 as amended by a Commissioner’s Scheme dated 7 December 1992 and a supplement Deed dated 2 April 1996. The charity is registered with the Charity Commission in England and Wales (charity number 250183) and with the Office of the Scottish Charities Regulator in Scotland (Charity number SC039564).
In accordance with the Charity’s Trust Deed, there shall be a minimum of three and a maximum of eleven Trustees. The statutory power of appointment and removal of a Trustee is vested in the Leader of Ireland and Great Britain.
## **Statement of Trustees’ responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales and Scotland requires 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 of the charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Recruitment and Training of Trustees**
Trustees are chosen for their personal qualities and their understanding and experience of the ministries of the members throughout Britain. The Trustees are Sisters of Bon Secours who will already be well informed about the Mission, governing documents and strategic planning and history of the charity.
The local Treasurer is responsible for the induction and training of new Trustees. There were no new Trustees in 2021.
Page 3
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)**
## **Organisational Structure**
The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet on a regular basis to review developments with the regard to the Charity and its activities. When necessary, they seek advice from the charity’s professional advisors. There are seven Sisters in Britain and they live and work in a number of different locations, with the majority of them clustered around Glasgow.
## **Working with Other Organisations**
The charity works closely with a number of other charities and public bodies which work in the field of providing care to the vulnerable and the elderly. Examples of the organisations for which members have worked and with which the charity has cooperated during the year are as follows:
- Roman Catholic Dioceses of Glasgow, Northamptonshire and Westminster
- St. Christopher’s Hospice - Volunteer
- NHS Buckinghamshire Voluntary Chaplaincy
## **Protection of Children and Vulnerable Adults**
Along with all other organisations who serve in the community, the Trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all Sisters who are in any kind of ministry have to obtain clearance from the Criminal Records Bureau. The Trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS). Ms Meranda Chan was appointed as Safe Guarding Manager / Liaison for the sisters in Great Britain (England and Scotland).
## **Risk Management**
The Trustees have maintained a policy of continuous monitoring of the risks that the charity faces. These can be identified under main headings as:
- Maintaining the well-being of the members of the Congregation;
- Ensuring the property and equipment used by the Congregation is fit for the purpose it is applied to.
In order to minimise the likelihood of damaging events the Trustees monitor:
- Health and safety regulations and have a policy of maintaining their premises to a sufficient standard;
- Safeguarding of Children & Vulnerable Adults
- Financial controls through budgets and accountability for actions taken.
The Trustees are satisfied that major risks identified have been adequately mitigated where necessary.
Page 4
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **OBJECTS, AIM, OBJECTIVES AND PRINCIPAL ACTIVITIES**
## **Charitable Objects**
As stated above under “Mission”, the objects of the charity, as set out in its amended Trust Deed are to “advance the religious and other charitable work for the time being carried on or under the direction of the Congregation as the Trustees with the approval of the Area Leader of Sisters of Bon Secours Ireland and Great Britain shall think fit”.
## **Aims**
As also stated under “Mission”, the aims of the charity are to care for individual members of the Congregation throughout their lives with the Congregation and so enable and support them to live out their faith and to put that faith into practice through a wide variety of religious and other charitable works.
## **1. Support of Members**
The Congregation has an obligation to support its members and their charitable ministries. Because of their vow of poverty and the completion of a Deed of Covenant or Gift Aid declaration, none of the members have resources of their own. Each one has, however, devoted a significant part of their life to the mission of the Congregation.
In common with many religious Congregations in Britain, the age profile of the members is increasing as existing members grow older and the number of new vocations declines.
In this regard, the aims of the Trustees over the current and forthcoming years include:
- Enabling members to continue with their individual ministries for as long as possible;
- Reviewing the properties used by the Sisters and assessing their suitability for the Sisters age , health and wellbeing. Ensuring all members receive the level of care they require;
- Providing support to Congregation worldwide.
## **2. Worship and Prayer**
The charity is committed to helping as many people as possible to join with the Sisters in worship with the aim of putting faith into action through prayer and scripture, music and sacrament. The Sisters are involved in a number of activities which include:
- Promoting the values and vision set out in the Gospel including the promotion of human dignity, working for a society based on justice and peace and encouraging care and respect for all creation;
- There is an opportunity to take time to pray individually;
- Sisters can take time for quiet contemplation, reflection, study and consider the Gospel;
- Praying with those who are house bound, sick or dying.
Page 5
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **OBJECTS, AIM, OBJECTIVES AND PRINCIPAL ACTIVITIES (CONTINUED)**
## **3. Social and Pastoral Work**
The charity enables and supports individual members of the Congregation in ministry and outreach work thereby furthering the message set out in the Gospel.
The following are examples of the social and pastoral work undertaken by individual Sisters:
- Working in Parishes, helping parishioners develop their spiritual lives
- Administrative support to Church organisations
- Spiritual direction
The aims of the Trustees in this area include:
- To defend and care for all of creation; to cry out with others against injustice and all that diminishes life on Earth
- Encouraging and motivating members to work with and assist the poor, elderly and marginalised.
## **4. International Mission Support**
The Congregation works with charitable purposes connected with the advancement of religion. The charity supports the international religious and other charitable works carried on in the name of the Congregation. This includes providing financial support for fellow countries within the Congregation as a whole, funding the Congregation’s mission work and Sisters living costs worldwide.
Page 6
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR**
The following paragraphs outline the main achievements during the year in each of the charity’s principal areas of work.
## **1. Support of Members**
The charity continues to ensure that the properties are suitable for the Sisters’ needs and the Sisters receive the level of care they require.
## **2. Worship and Prayer**
Throughout the year the Sisters continued with their own private worship and continued with their own spiritual development and training. Some Sisters attended on line courses on scripture which provided renewal and quiet contemplation.
## **3. Social and Pastoral Work**
Throughout the year, the Sisters continued to carry out various forms of social and pastoral work in order to fulfil their individual Ministries with Covid-19 restrictions. This work enables the charity to reach out to those in need within society generally and benefit a number of people.
Some examples of the work individual Sisters are doing are given below by way of illustration.
A Sister works in her parish as a Pastoral Care worker helping people cope with their troubles, be that the loss of someone dear to them, family and relationship problems, unemployment and the associated monetary worries. This Sister’s dedication to her work means that she is available to those she is helping whenever they need her – even if it is simply a matter of sharing a cup of tea or popping in for a chat.
In London, a Sister volunteers at St Christopher’s Hospice assisting people at end-of-life care both in the hospice and local community.
In Glasgow, a Sister volunteers in her local parish and provides pastoral visits to Sisters in Nursing homes.
Page 7
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
## **Results for the Year**
The Statement of Financial Activities (SOFA) is set out on page 15.
During the year, total incoming resources amounted to £230,470 _(2020: £85,150)_ . An ongoing component was pensions received by the Sisters of £48,342 _(2020: £47,397)_ , which were gifted to the charity. In 2020 £35,000 in forfeited deposits was received when the sale of a property in Glasgow fell through. In 2021 the sale was completed and £181,686 in exceptional income was received.
Resources expended totalled £4,599,070 _(2020: £1,530,060)_ , with over 99% _(2020: 99%)_ being expended on direct charitable activities. Included within this charitable activities amount is £603,765 _(2020: £415,124)_ in relation to contributions made to the Congregation Office including to cover expenses incurred by CBS Paris. There are also donations of £1,274,166 (2020: £0) for the Vendome Beguinage Project in France and £150,539. _(2020: £930,988)_ made to Peru. This was to fund operations of the mission clinic in Madro de Cristo, and community support and care of the Sisters in general in Peru. These amounts make up the bulk of the donations for the year. Investment managers fees amounted to £7,191 _(2020: £6,825_ ).
Investment gains of £1,768,140 _(2020: of £1,303,441)_ were made _._ The net decrease in funds for the year was £2,600,460 _(2020: £141,469)_ .
The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011 or section 13 of the Charities (Protection and Social Investment) Act 2016.
## **Investments**
At 31 December 2021, the charity had investments of £14.5m _(2020: £14.3m)_ . The purpose of these funds is to provide investment income to promote the charitable objectives of the Trust, and to provide capital growth in the reserves over the medium term. They are invested with a conservative investment strategy. The objectives for the investments are as follows:
- To provide an annual income for the charity
- To preserve the capital value of the portfolio in real terms
- To generate a real return, depending on conditions in financial markets, after the initial two objectives have been met
- To achieve the above targets while utilising the charity’s stated ethical investment policy
The majority of the investment funds are under the management of Vanguard. The Charity also has a holding of PIMCO investments, BlackRock investments and Alternative Investments which are held via the Ethical Investment Initiative Ltd and the L&P Nominees (formerly Alternative Investments Ltd). These funds have an ethical investment screen; they exclude companies that fall foul of certain ethical criteria, and in most cases favour stocks that provide positive benefits to society; these funds only hold investments that are compatible with the Charity’s religious ethos.
The ethical screen in place states that funds should not be invested in companies which:
- Invest in hospitals/clinics which have abortions, euthanasia, human embryonic stem cell research and human cloning as a major role.
- Exploit the local labour force in a way which is unjustifiable in the light of local circumstances.
- Have operations in areas of oppressive regimes where these operations contribute to the oppressive nature of the regimes.
- Manufacture weapons of mass destruction (chemical, nuclear, biological).
- Are involved in pornography, tobacco and gambling.
- Derive 10% or more of revenues from the operation of private prisons, jails detention centres or correctional facilities or from the provision of integral services to these types of facilities. Integral services include: complete facilities management (end to end), security services and detention services
- And due regard should be given to environmental concerns.
Page 8
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
The Sisters of Bon Secours UK Province Fund finished 2021 with a total return of 14.0%, in line with its Investment Policy Benchmark return. The Community Support Fund returned 9.1%, outperforming its Investment Policy Benchmark return of 8.5%. Both funds finished the year with strong performance despite continued volatility in global capital markets still recovering from the COVID-19 Pandemic and increasing concerns over inflation. The ESG Global Equity portion of the portfolios, managed passively by Vanguard, return 21.7% for the full year, in line with the global equity benchmark. BlackRock faced headwinds in the socially screened Fixed Income portion of the portfolios with rising interest rates, returning -3.7% and slightly behind the benchmark return of -3.4%. The returns of the PIMCO Inflation Strategy were notably higher this year as inflation expectations began to rise, returning 11.2%. The Alternatives portfolios added 5.7% to the Province Fund return.
## **Reserves Policy**
The charity needs free reserves to enable it to meet its charitable obligations in the eventuality of an unexpected revenue shortfall. Free reserves are defined by the Charity Commission as unrestricted funds available to spend on the general purposes of the Charity and excluding those designated for particular purposes and those already utilised in purchasing tangible fixed assets.
At the end of the financial year, the total funds of the charity amounted to £12.9m _(2020: £15.5m)_ . Expendable endowments for the maintenance, repair, alteration and improvement of the convents’ chapels and other buildings were all spent by the end of 2020. The Trustees have designated £3.75m _(2020: £3.2m)_ to provide for mission and ministry works and the care and welfare of the Members. Details are given in Note 10 of these Financial Statements.
After deducting the carrying value of functional fixed assets for the charity’s own use, designated funds, and endowment funds, the free reserves are £8.57m ( _2020: 11.4m)_ . The Trustees consider this an adequate level of free reserves for the current year to cover spending anticipated for the Vendome beguinage project in France, the mission and support of the Sisters in Peru, and the Congregation Office. The total funding to support the Vendome beguinage project is expected to be 5m euros (£4.3m).
The charity has the following designated funds:
- **International Mission Fund**
- Exists to support the international mission of the Congregation, including the healthcare mission in Africa and the Sisters in Peru and France.
- **Community Support (previously Community Relief) Fund** Exists to meet the care and welfare needs of the Sisters in Great Britain.
The charity had the following expendable endowment fund (expended by 31 December 2020):
- **Property Fund**
Represents income for the maintenance, repair, alteration, improvement or equipment of the convents chapels and other buildings, including those overseas which are subject to the Trusts of the amended Trust Deed.
## **General Funds**
The remaining funds which are available for all other purposes of the Congregation in alignment with the charity’s Trust Deeds.
Page 9
SlsfERS OF BON SECOURS OF PARIS- BFIITISH PROVINCE
TRUSTEES, AEpoFrr (COPINUED>
FOR THE YEAR ENDED 31 DECEMBER 2021
FIITUHE PLAN8
Th• Tw6lee$1n18I to conU8 to meetthe lollowkng obiedve8 to..
membw8 and tmi ¢th*ttoknle
Worthp prayer
Soclal aTrJ wo
SUN[1 Ih Intorn*lonal Ml66ion ollh& Cok¥Jreoallon *x*rfodI.
0thor¢hgth11os ano w¢Jloc¢$ thal are In In8 Yllh th8kL*arJt4)b c*lBcll
Be Atten¥¢ to Caro foT al ol crtratkjn In all acl%Alb¥.
wa• ¥wovod by lh• TN8t•8• ard 6iwed on Ihglr beh&N by..
Sk8TEA WINIFAED MCCAHILL. TRUSTEE
Dats.. JiloilaDai
P89010
## **Crowe U.K. LLP**
_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk
## **INDEPENDENT AUDITORS’ REPORT TO THE**
## **TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE**
## **Opinion**
We have audited the financial statements of the Sisters of Bon Secours of Paris for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheets and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at ended 31 December 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended).
## **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 Auditor’s 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 Trustee's 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.
- e
Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.
Page 11
## **INDEPENDENT AUDITORS’ REPORT TO THE**
## **TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE (CONTINUED)**
## **Other information**
The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
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 in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
- sufficient and proper accounting records have not been kept by the charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Page 12
## **INDEPENDENT AUDITORS’ REPORT TO THE**
## **TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE (CONTINUED)**
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011, and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts 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 an auditor’s report 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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
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 auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the Charity were Charity Commission regulations, Health & Safety regulations and safeguarding regulations.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
Page 13
## **INDEPENDENT AUDITORS’ REPORT TO THE**
## **TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE (CONTINUED)**
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
## **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 auditor’s 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.
For and on behalf of **Crowe U.K. LLP**
Statutory Auditor Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL
Date: 21 September 2022
Page 14
**SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|Notes
**INCOME AND ENOWMENTS FROM:**
**Donations**
**Other trading activities**
Sisters’ pensions
**Investments**
3
**Exceptional income – Sale of fixed assets**
4
**Total income**
**EXPENDITURE ON:**
**Raising funds**
Investment managers’ fees
5
**Charitable activities**
5
**Total expenditure**
5
Net gains on investments
7
**Net expenditure**
Transfers between funds
10
**NET MOVEMENT IN FUNDS**
**FUNDS BROUGHT FORWARD**
**FUNDS CARRIED FORWARD**
11|**Total**
**Funds**
**2021**
**£**
**400**
**48,342**
**42**
**181,686**
**230,470**
**7,191**
**4,591,879**
**4,599,070**
**1,768,140**
**(2,600,460)**
**-**
**(2,600,460)**
**£ 15,531,669**
**£ 12,931,209**|_Total_
_Funds_
_2020_
_£_
**-**
**47,397**
**2,753**
**35,000**
**85,150**
_6,825_
_1,523,235_
_1,530,060_
_1,303,441_
_(141,469)_
_-_
_(141,469)_
_£ 15,673,138_
_£ 15,531,669_|
|---|---|---|
The notes on pages 17 to 26 form part of these financial statements
Page 15
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE
BALANCE SHEET
31 DECEMBER 2021
Not86
FIXEO ASSErs
T8ngible as$¥ts
Investments
608,995
14510618
902,917
14
1511961
CURRENT ASSETS
Debtors
Cash al bank and In hand
2.279
189,457
504,225
CREDITOFIS.. Amounts lalllnq due wthln one year
NET CURRE14T ASSETS
L112312Q2 £ 15.5J1,669
TOTAL NET ASSErs
UNRESTRICTED FUNOS..
G•nw8b Fn
10
9,177,052
12,537.707
Oeslgnaled Funds
- Communlty Support (proV$1Y Cornmunlly Rdlell Fwd
- Internallonal Mlsslon Fund
10
10
2,245,784
1,897.690
LI&gAlaQl £ 15,SJl,66
AFproved and 4uthor15ed loi Issue by the Tru8lee$ on
slun9d on th8lr behalf by..
SISTEF¢ EILEEN O'CONNOR
TRUSTEE
SISTEFI WINIFRED MCCAHILL
TRUSTEE
T1 on 17 10 26 fgfm of these linancial slalemenls
Paoe 16
**SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. CHARITY INFORMATION**
The objects of the charity are to advance the religious and other charitable work under the direction of the Congregation as the Trustees, with the approval of the Superior, sees fit. The unincorporated Charity is registered in England and Wales (Charity number 250183) and registered and domiciled in Scotland (Charity number SC039564). The principal address of the charity is Crowe UK LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire, RG1 1PL.
## **2. ACCOUNTING POLICIES**
## **a) Basis of preparation**
The accounts (financial statements) have been prepared in accordance with the _Accounting and Reporting by Charities: Statement of Recommended Practice (SORP)_ in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the _Charities Act 2011_ and UK Generally Accepted Practice as it applies from 1 January 2015.
As the charity is not deemed, per the SORP, to be a ‘larger charity’ no Cash Flow Statement is required.
The accounts (financial statements) have been prepared to give a true and fair view and have departed from the _Charities (Accounts and Reports) Regulations 2008_ only to the extent required to provide a true and fair view. This departure has involved following _Accounting and Reporting by Charities_ , preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the _Accounting and Reporting by Charities: Statement of Recommended Practice_ effective from 1 April 2005, which has since been withdrawn.
The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b)**
## **Going concern**
Having regard to the level of investments held by the charity, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future.
Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
## **c) Incoming Resources**
Incoming resources are included in the Statement of Financial Activities (SOFA) when:
- the charity becomes entitled to the income and any conditions for receipt are met;
- it’s probable that they will receive it; and
- the Trustees are reasonably certain that the value can be reliably measured
Page 17
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. ACCOUNTING POLICIES (continued)**
## **d) Resources expended**
Resources expended are accounted for on an accruals basis. Certain costs are apportioned to expenditure categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.
Included within resources expended are governance costs. Governance costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the Charity and all the costs of complying with constitutional and statutory requirements.
## **e)**
## **Tangible fixed assets**
Expenditure incurred in keeping the properties in a fit and useful condition is written off in the year it is incurred unless the subsequent expenditure provides an enhancement of economic benefits in excess of the previously assessed standard of performance, in which case it is capitalised.
## **f)**
## **Depreciation**
Depreciation is calculated so as to write off the cost of tangible fixed assets, on a straight-line basis, over their expected useful economic lives as follows:
|**eciation**
eciation is calculated so as to write off the
, over their expected useful economic lives|cost of tan
as follows:|
|---|---|
|Land|Nil|
|Buildings and property improvements|2.5%|
|Furniture and equipment|25%|
Assets purchased for less than £500, are written off to the Statement of Financial Activities on acquisition.
## **g) Leased commitments**
Operating lease commitments are charged to the Statement of Financial Activities in the year in which they are incurred.
## **h)**
## **Fixed asset investments**
Quoted investments are included at closing market value at the balance sheet date with the exception of a small amount of investments held in private equity which are valued at cost rather than market value as there is no liquid market for them.
Any gain or loss on revaluation or disposal is taken to the Statement of Financial Activities.
## **i) Foreign currency**
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Balances denominated in a foreign currency are translated into sterling at the exchange rate ruling on the balance sheet date.
Page 18
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. ACCOUNTING POLICIES (continued)**
## **j) Funds**
- Designated funds are amounts which have been put aside at the discretion of the Trustees for specific purposes. Such purposes are within the overall aims of the organisation.
- Endowment funds are in relation to the property fund which relates to income for the maintenance, repair, alteration, improvement or equipment of the convents chapels and other buildings including those overseas which are subject to the Trusts of the amended Trust Deed.
- Details of the nature and purpose of each fund is described in the Trustees report and in note 10 of the accounts.
General unrestricted funds represent funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
## **k) Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **l) Critical accounting judgements and key sources of estimation uncertainty**
Preparation of the financial statements requires management to make judgements and estimates. The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.
## **3. INVESTMENT INCOME**
|Dividends and interest from listed investments
Bank interest|**2021**
**£**
**-**
**42**
**£**
**42**|_2020_
_£_
_2,619_
_134_|
|---|---|---|
|||_£_
_2,753_|
## **4. EXCEPTIONAL INCOME**
## **2021**
Exceptional income arose due to the sale of one of the charity’s properties in Glasgow.
## _2020_
Exceptional income arose due to the potential sale of the above mentioned property falling through twice. The charity was entitled to retain the deposits received. The related legal fees are included in Legal and Professional fees.
Page 19
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **5. TOTAL RESOURCES EXPENDED**
|**2021**
**Other**
**£**
**Raising funds**
Investment Manager fees
**7,191**
**Charitable activities**
Charitable donations
**3,848,471**
Sisters’ living expenses (6a)
**52,568**
Contributions to the
Congregation Office
**603,765**
General expenses (6b)
**64,258**
**4,569,062**
**Total resources expended**
**4,576,253**
The charity has no employees.
**Charitable expenditure includes:**
Auditors’ remuneration:
_2020_
_Other_
_£_
_Raising funds_
_Investment manager fees_
_6,825_
_Charitable activities_
_Charitable donations_
_933,354_
_Sisters’ living expenses (6a)_
_59,975_
_Contributions to the_
_Congregation Office_
_415,124_
_General expenses (6b)_
_83,428_
_1,491,881_
_Total resources expended_
_1,485,056_|**Depreciation**
**£**
**-**
**-**
**-**
**-**
**22,817**
**22,817**
**22,817**
_Depreciation_
_£_
_-_
_-_
_-_
_-_
_31,354_
_31,354_
_31,354_||**Total**
**2021**
**£**
**7,191**
**3,848,471**
**52,568**
**603,765**
**87,075**
**4,591,879**
**4,599,070**
**2021**
**£**
**14,950**
_Total_
_2020_
_£_
_6,825_
_933,354_
_59,975_
_415,124_
_114,782_
_1,523,235_
_1,530,060_|_Total_
_2020_
_£_
_6,825_
_933,354_
_59,975_
_415,124_
_114,782_
_1,523,235_
_1,530,060_
_2020_
_£_
_13,750_|
|---|---|---|---|---|
||||||
Page 20
**SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **5. TOTAL RESOURCES EXPENDED (CONTINUED)**
|**a)**
**Sisters’ living expenses:**
Groceries
Heat, light and water
Personal
Rent
Other
**b)**
**General expenses:**
Depreciation
Repairs and renewals
Travel, events and assemblies
Insurance
Medical
Education
Legal and professional fees
Auditors remuneration
Other|**2021**
**£**
**7,253**
**2,590**
**3,186**
**26,925**
**12,614**
**£**
**52,568**
**22,817**
**15,127**
**2,342**
**655**
**17,124**
**169**
**11,929**
**14,950**
**1,962**
**£**
**87,075**|_2020_
_£_
_14,097_
_2,381_
_3,440_
_27,761_
_12,296_|
|---|---|---|
|||_£_
_59,975_|
|||
_31,354_
_642_
_8,956_
_773_
_28,582_
_336_
_27,679_
_14,965_
_1,495_|
|||_£_
_114,782_|
## **6. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 January 2021
Additions
Disposals
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for year
Disposals
At 31 December 2021
**Net Book Value**
**31 December 2021**
_31 December 2020_|**Freehold**
**Land and**
**Buildings**
**£**
1,143,121
-
(461,461)
681,660
246,514
19,926
(188,153)
78,287
**£ 603,373**
_£ 896,607_|**Furniture**
**And**
**Equipment**
**£**
95,026
2,203
-
97,229
88,716
2,891
-
91,607
**£**
**5,622**
_£_
_6,310_|**Total**
**£**
1,238,147
2,203
(461,461)
778,889
335,230
22,817
(188,153)
169,894
**£ 608,995**
_£ 902,917_|
|---|---|---|---|
Page 21
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **7. INVESTMENTS**
|Market value at 1 January 2021
Purchases
Disposals
Revaluation gains
Market value at 31 December 2021
**Historical cost as at 31 December 2021**
**Listed investments in pooled funds comprise:**
UK equities
Overseas equities
UK fixed interest securities
Overseas fixed interest securities
Cash
Total of listed investments
Unlisted investments
**The above investments are held by the following fund**
**managers:**
Vanguard
BlackRock
PIMCO
North American Forestry Investment Trust
Adaxia Clean Tech private equity fund
Anglo Irish Bank (bank deposits/government bonds)
Blue Orchard Microfinance fund
Delta Venture Capital Fund|**2021**
**£**
**14,340,514**
**741,185**
**(2,339,221)**
**1,768,140**
**£14,510,618**
**£11,482,824**
**399,600**
**8,175,503**
**2,193,863**
**2,582,903**
**(43,555)**
**13,308,314**
**1,202,304**
**£14,510,618**
**8,575,102**
**3,262,628**
**2,074,974**
**327,766**
**28,390**
**124,472**
**-**
**117,286**
**£14,510,618**|_2020_
_£_
_14,627,073_
_-_
_(1,590,000)_
_1,303,441_
_£14,340,514_|
|---|---|---|
|||
_£13,215,947_|
|||
_372,011_
_8,125,427_
_2,501,606_
_1,963,201_
_37,334_
_12,999,579_
_1,340,935_
_£14,340,514_|
|||
_8,158,146_
_3,079,232_
_2,209,303_
_342,151_
_28,868_
_34,887_
_341,740_
_146,187_
_£14,340,514_|
## **8. DEBTORS**
|Prepayments|**2021**
**£**
**£**
**1,264**|_2020_
_£_
_£_
_2,279_|
|---|---|---|
Page 22
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. CREDITORS:** Amounts falling due within one year
|Accruals|**2021**
**£**
**£ 2,377,861**|_2020_
_£_
_£_
_15,987_|
|---|---|---|
2021 accruals includes a donation of £2,360,374 which was approved by the Trustees in December 2021 but not paid until after the year end.
## **10. FUNDS:** Movements in the year
|**Unrestricted**
**funds**
General fund
**Designated**
**funds**
International
Mission fund
Community
support fund
**Total**
**unrestricted**
**funds**|_Balance at 1_
_January_
_2021_
_£_
_12,337,701_
_1,356,278_
_1,837,690_
_3,193,968_
_15,531,669_|**Incoming**
**resources**
**£**
230,470
-
-
-
**230,470**|**Outgoing**
**resources**
**£**
(4,599,070)
-
-
**(4,599,070**|**Investment**
**gains/(losses)**
**£**
1,176,963
183,083
408,094
591,177
**1,768,140**|**Transfer**
**between**
**funds**
**£**
30,988
(30,988)
-
(30,988)
**-**|**Balance at**
**31 December**
**2021**
**£**
**9,177,052**
**1,508,373**
**2,245,784**
**3,754,157**
**12,931,209**|
|---|---|---|---|---|---|---|
A description of each fund is as follows:
**Community Support Fund: -** Exists to meet the care and welfare needs of the Sisters in Great Britain.
**International Mission Fund: -** Exists to support the international mission of the Congregation.
**General Fund: -** The remaining funds which are available for all other purposes of the Congregation in alignment with the charity’s Trust Deeds.
Page 23
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10. FUNDS:** Movements in 2020 comparative year
|_Unrestricted funds_
_General fund_
_Designated funds_
_International_
_Mission fund_
_Community_
_support fund_
_Total unrestricted_
_funds_
_Expendable_
_endowment fund_
_Property fund_
_Total funds_|_Balance at 1_
_January_
_2020_
_£_
_12,295,369_
_1,243,258_
_1,600,000_
_2,843,258_
_15,138,627_
_534,511_
_15,673,138_|_Incoming_
_resources_
_£_
_84,408_
_227_
_478_
_705_
_85,113_
_37_
_85,150_|_Outgoing_
_resources_
_£_
_(871,663)_
_(592)_
_(1,244)_
_(1,836)_
_(873,499)_
_(656,556)_
_(1,530,055)_|_Investment_
_gains/(losses)_
_£_
_934,280_
_113,020_
_237,690_
_350,710_
_1,284,990_
_18,446_
_1,303,436_|_Transfer_
_between_
_funds_
_£_
_(104,693)_
_365_
_766_
_1,131_
_(103,562)_
_103,562_
_-_|_Balance at_
_31 December_
_2020_
_£_
_12,337,701_
_1,356,278_
_1,837,690_
_3,193,968_
_15,531,669_
_-_
_15,531,669_|
|---|---|---|---|---|---|---|
A description of each fund is as follows:
**Community Support Fund: -** Exists to meet the care and welfare needs of the Sisters in Great Britain.
**International Mission Fund: -** Exists to support the international mission of the Congregation.
**Property Fund: -** Represents income for the maintenance, repair, alteration, improvement or equipment of the convents’ chapels and other buildings, including those overseas which are subject to the Trusts of the amended Trust Deed. During the year the fund was fully expended. A transfer from the General Fund was made to cover the shortfall of income over expenditure.
**General Fund: -** The remaining funds which are available for all other purposes of the Congregation in alignment with the charity’s Trust Deeds.
Page 24
**SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **11. ANALYSIS OF ASSETS BETWEEN FUNDS**
|Unrestricted general funds
Designated funds|**Fixed**
**assets**
**£**
608,995
-
608,995|**Investments**
**£**
10,756,461
3,754,157
14,510,618|**Net current**
**(liabilities)**
**£**
(2,188,404)
-
(2,188,404)|**Total**
**£**
**9,177,052**
**3,754,157**
**12,931,209**|
|---|---|---|---|---|
_ANALYSIS OF ASSETS BETWEEN FUNDS COMPARATIVE YEAR 2020_
|_Unrestricted general funds_
_Designated funds_
_Expendable endowment fund_|_Fixed_
_assets_
_£_
_902,917_
_-_
_-_
_902,917_|_Investments_
_£_
_11,146,546_
_3,193,968_
_-_
_14,340,514_|_Net current_
_assets_
_£_
_288,238_
_-_
_-_
_288,238_|_Total_
_£_
_12,337,701_
_3,193,968_
_-_
_15,531,669_|
|---|---|---|---|---|
## **12. COMMITMENTS UNDER OPERATING LEASES**
At 31 December 2021 the charity had future minimum lease payments under non-cancellable operating leases as follows:
|Rent for property in London
Amounts due within one year
**13.**
**FINANCIAL INSTRUMENTS**
Basic financial assets measured at fair value
Basic financial assets measured at amortised cost
Basic financial liabilities measure at amortised cost||**2021**
**£**
**12,950**
**2021**
**£**
**14,510,618**
**188,193**
**(2,377,861)**|_2020_
_£_
_12,950_
_2020_
_£_
_14,340,514_
_301,946_
_(15,987)_|
|---|---|---|---|
|||||
Basic financial assets are all investments and cash. Investments are measured at fair value and cash at amortised cost.
Basic financial liabilities are accruals and are measured at amortised cost.
The entity’s income, expense, gains and losses in respect of financial instruments are summarised below:
|Total dividend and interest income for basic financial assets
Total gains/ (losses) in respect of basic financial assets|**2021**
**£**
**42**
**1,768,140**|_2020_
_£_
_2,753_
_1,303,441_|
|---|---|---|
Page 25
## **SISTERS OF BON SECOURS OF PARIS – BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **14** . **TRANSACTIONS WITH TRUSTEES**
The Trustees of the Convent are also members of the Order and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The charity provides for the essential needs of all members of the Order within the Province. The living costs of the Trustees are therefore borne by the Convent.
Neither the Trustees nor any person connected with them received any remuneration from the Charity during the current or preceding year. No Trustees were reimbursed any expenses during the current or preceding year.
Other than the transactions described above there were no related party transactions during the current or preceding year.
## **15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|_INCOME AND ENOWMENTS FROM:_
_Donations_
_Other trading activities_
_Sisters’ pensions_
_Investments_
_Other income_
_Exceptional income_
_Total income_
_EXPENDITURE ON:_
_Raising funds_
_Investment managers’ fees_
_Charitable activities_
_Total expenditure_
_Net gains on investments_
_Net income/(expenditure)_
_Transfers between Funds_
_NET MOVEMENT IN FUNDS_
_FUNDS BROUGHT FORWARD_
_FUNDS CARRIED FORWARD_|_Expendable_
_Endowment_
_Funds_
_2020_
_£_
_-_
_-_
_37_
_-_
_-_
_37_
_97_
_656,459_
_656,556_
_18,446_
_(638,073)_
_103,562_
_(534,511)_
_£_
_534,511_
_£_
_-_|_Unrestricted_
_Funds_
_2020_
_£_
_-_
_47,397_
_2,716_
_-_
_35,000_
_85,113_
_6,728_
_866,776_
_873,504_
_1,284,995_
_496,604_
_(103,562)_
_393,042_
_£ 15,138,627_
_£ 15,531,669_|_Total_
_Funds_
_2020_
_£_
_-_
_47,397_
_2,753_
_-_
_35,000_
_85,150_
_6,825_
_1,523,235_
_1,530,060_
_1,303,441_
_(141,469)_
_-_
_(141,469)_
_£ 15,673,138_
_£ 15,531,669_|
|---|---|---|---|
Page 26