2020-12-31-accounts - The Congregation Of The Dominican Sisters Of Malta

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Total	movements in investments has been as follows:
	Bid value of units at 1January 2020	19,199,744
	Purchases	24,309
	Market price movement on COIF units	1,877,300
	Bid value of units at 31December 2020	21,101,353

			2020	2019
				6
Cash flows from operating activities:
Net income as reported in the Statement of Financial		Activities	260,629	241,277
Adjustments for:
Depreciation			1,120	1,120
Net income from investments			(18,869)	(243,112)
Decrease in debtors			1,919	11,044
Increase/(Decrease) in creditors			2,272	(54,913)
Net cash provided by operating activities			247,071	(44,584)
Cash flows from investing activities:
Net income from investments			18,869	243,112
Change in cash awaiting investment				354,986
Proceeds from the sales ofinvestments				19,308,116
Purchase ofinvestments			(24,309)	(19,725,805)
Purchase offixed assets
Cost ofmodernisation and rebuilding	and remodelling	ofsecond floor		(137,794)
Net cash used in investing activities			(5,440)	42,615
Change in cash and cash equivalents in the year			241,631	(1,969)
Cash and cash equivalents at 1January			99,220	101,189
Cash and cash equivalents at31December (see below)			340,851	99,220
Analysis ofcash and cash equivalents at 31December:
Business premium deposit account (instant access)			351,090	118,288
Current account overdraft			(10,239)	(19,068)
			340,851	99,220

						Unrestricted	funds
						2020	2019
						E
1	Investment income and	interest receivable
	Equities, unit trusts and	fixed interest investmentts					264,315
	Bank deposit interest					114	2
	Rebates received from	investment	manager	CCLA		18,869	5,810
						18,983	270,127
2	Charitable donations
	The Congregation's Mother House		in support		ofthe
	Congregation's work overseas					15,070	258,969
	The Congregation's Sisters in Sri Lanka
	The Congregation's Sisters in Pakistan
						15,070	258,969
3	Care ofthe elderly
	Payroll and Contract staff (Note 7)					293,815	289,975
	Premises					26,124	18,493
	Supplies and services					40,517	51,981
						360,456	360,449
4	Support ofthe members	ofthe Congregation			and their ministry
	Premises					10,745	7,863
	Sisters' living and personal expenses					14,947	21,493
						25,692	29,356
5	Other costs
	Bank charges and sundry costs					1,269	1,197
	Legal and professional fees					11,333	10,090
						12,602	11,287
6	Net income for the year	before net	investment		gains or losses
	This is stated after charging:
	Auditor's remuneration	(excluding	VAT):
	Audit services					5,550	5,000
	Other services					950	750
	Depreciation					1,120	1,120

e	ar ended 31December 2020
		unrestricted	funds
		2020	2019
		f	f
7	Staff costs and Trustees' remuneration
	contract staff (care ofthe elderly)	5,123	1,528
	Payroll	269,888	269,097
	Social security costs	13,537	15,094
	Pension contributions	5,267	4,256
		293,815	289,975

									2020	2019
									E	6
10	Investments
	Listed investments managed			by Barclays Wealth
	Market value at	1January								15,819,009
	Purchases									2,041,589
	Disposals									(19,158,116)
	Net realised gains on disposals									1,297,518
	Investment managed by		CCLA:
	Market value at	1January							19,199,744
	Purchases								5,440	17,678,406
	Units purchased	from CCLA rebates							18,869	5,810
	Disposals									(150,000)
	Net increase in	unrealised	gains						1,877,300	1,665,528
	Market value at	31December							21,101,353	19,199,744
	Cost of investments at 31December								17,558,525	17,534,216
	Realised and unrealised		gains	in the	year:
	Net realised gains									1,297,518
	Net unrealised gains								1,877,300	1.,665,528
									1,877,300	2,963,046
	Investments held at31December comprised the following:
	COIF Charities	Ethical Investment			Fund accumulation		units		21,101,353	19,199,744
	Total unrealised	gains at	31December included			in the	valuations	above	3,542,828	1,665,528