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2020-12-31-accounts

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

SISTERS OF CHARITY OF OUR LADY OF EVRON

DTE Business Advisers Limited Chartered Accountants Statutory Auditors The Exchange 5 Bank Street Bury BL9 0DN

SISTERS OF CHARITY OF OUR LADY OF EVRON

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 14
Statement of Financial Activities 15
Statement of Financial Position 16
Statement of Cash Flows 17
Notes to the Statement of Cash Flows 18
Notes to the Financial Statements 19 to 31

SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

INTRODUCTION

The full name of the Charity is the Congregation of the Sisters of Charity of Our Lady of Evron, commonly known as the Sisters of Evron.

The Congregation of the Sisters of Charity of Our Lady of Evron is an international Roman Catholic Religious Congregation supporting 140 Sisters worldwide of whom 16 live in the UK. It was founded in France in 1682, where its Generalate is still located. The Congregation is divided into three Regions consisting of the Region of Africa; the Region of France; and the Trinitas Region, which comprises the UK, Peru and Canada. For accounting purposes, each country within the Trinitas Region is autonomous.

The accounts accompanying this report are the accounts of the charitable trust on which the assets of the Congregation in the UK, known as Trinitas UK, are held.

Mission

Trinitas UK of the Congregation of the Sisters of Charity of Our Lady of Evron aims to support the religious and other charitable works carried on by the members of the Congregation, to care for those members throughout their lives within the Congregation, as well as ensuring compliance with the Charities Act 2011. These ministries of the Sisters of the Congregation, all of which benefit numerous members of the general public, fall into the following main areas:

Social and pastoral work

Many members of the Congregation are involved in various forms of social or pastoral work throughout England and Wales, including care of the elderly and deaf people, family support, and Parish Ministry.

Overseas missionary work

The Charity also helps support Sisters working in healthcare and social and pastoral fields in Peru.

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES Objectives and aims for the Public Benefit

As stated above under "Mission", the activities of the Charity can be divided into three principal areas:

1. Caring for members of the Congregation

In common with many religious congregations in the UK, the age profile of the members of the Congregation is increasing as existing members grow older and the number of new vocations becomes minimal. The age profile of the Congregation in England and Wales is shown below:

Ages
20-29
30-39
40-49
50-59
60-69
70-79
80-89
90-99		 Number
of Sisters
-
-
-
1
-
9
5
1
16

Trinitas UK has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to education, nursing and the care of the elderly, deaf people, poor and marginalised in society. As the age profile increases so too does the need to provide increasing and increasingly expensive care to the Sisters. At present one of the members of Trinitas UK is in a nursing home run by an organisation which has a Catholic ethos. A new Community House has been designed and built to accommodate our more senior Sisters in their retirement. Over the next decade, the Trustees expect the number of members requiring care to increase. As a consequence, the Trustees are giving careful consideration to the impact of this on the work of individual members of the Congregation, the property requirements of the Congregation and the financial implications. In this regard, the aims of the Trustees over the forthcoming years include:

2. Social and pastoral work

The following are examples of the social and pastoral work undertaken by individual sisters:

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The aims of the Trustees in this area include:

3. Overseas missionary work

The Charity provides financial support for the Congregation's missions in the Ivory Coast, Burkina Faso and Peru. The missions are under the control of the Congregation and the financial support is used to meet the personal and living expenses of the Sisters. Funds are transferred annually as agreed by the members of the Congregation Leadership Team.

Voluntary work

Throughout the year, the members of the Congregation give their time to assist the poor and marginalised and those in need. The majority of members receive no financial reward for this work, which contributes to the overall achievement of the Charity's objectives. In addition, members are involved in administering the work of the Congregation and charity; without this contribution, the Charity would not be able to function as effectively or fully as it does.

During the year, the areas in which members of the Congregation gave their time without financial reward included:

It is estimated that the time spent on these voluntary activities was in excess of 20,000 hours.

Protection of Children and Adults at Risk

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 in England and Wales must obtain clearance from the Disclosure Barring Service. The Trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS) and have a named co-ordinator to ensure that this happens. The co-ordinator undertakes regular training and is updated regarding any new legislation. The Trustees do their utmost to ensure that training is provided for staff and others who share in our mission and work.

Grants, donations and support of missionary work and ministry

Grants, donations and other payments in support of missionary work and ministry are decided on by the Trustees in consultation with other members of the Congregation as appropriate.

Whilst the Trustees give occasional support to United Kingdom organisations whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

Investment policy

The Charity's investments are managed by Rathbones, Cazenove Capital Management and by Waverton Investment Management Limited. There are no restrictions on the Charity's power to invest.

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The investment policy is set by the Trustees and takes into account the liquidity requirements which enable the Charity's objectives, the Trustees' attitude to risk, and ethical and socially responsible investing criteria. the Investment Managers' views on the investments' market.

Investment Managers are appointed to manage on a discretionary basis. The mandates require a balanced and diversified approach combining income returns with real capital growth over the medium to long-term whilst following the Charity's ethical policy. However, the Trustees recognise that the diversified nature of many companies' activities means that within their total operations there may be small areas to which the Trustees might object. For practical reasons, the Trustees would not object if not more than 5% of a group's profit is derived from prohibited activities.

Purpose of Investments

The funds possessed by the charity enable it to carry out its Apostolic Mission. The principal purpose of having investments is to provide the income required to sustain the obligations - both current and future. These obligations include:

Social Responsible Investing

The Trustees seek to invest with companies that are socially and ethically responsible and which make a positive contribution to society and which engage in activities such as:

The Trustees seek to refrain from dealing with companies which are engaged in:

Given the global nature of business and the financial markets in the world it is difficult always to match these aims with the procedures of each company. However, regular meetings are held with the investment managers to review the Charity's investments against the Charity's policy of involvement in the various companies. The Trustees encourage the investment managers to foster responsible corporate behaviour, by consulting with the Charity prior to involvement in issues which may be of ethical concern.

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE Review of activities

The following paragraphs outline the main achievements during the year in each of the charity's principal activities.

1. Care of members of the Congregation

Throughout the year the Charity continued to assist members of Trinitas UK in their charitable and religious work. One member of the Congregation was cared for in a nursing home run by an organisation with a Christian ethos, whilst the Charity enabled other members to work and volunteer in their chosen ministry.

As previously stated, it is a great joy to have completed the building of a purpose-built community house where five of our older Sisters live out their retirement in comfort, they have access to all they require and staff to assist them.

Trinitas UK has a moral obligation to support our elderly Sisters in the Mother House and the General Administration in France, and has pledged up to €10,000 annually to their need.

2. Social and pastoral work

Throughout the year, Sisters continued to carry out various forms of social and pastoral work in order to fulfil their individual ministries. This work enables the Charity to reach out to those in need within society generally and benefit a very significant number of people.

Here is an example of the Mission of one of our Sisters in rural Cheshire

Pastoral ministry:

During the pandemic many hitherto unknown needs have emerged. We became very aware of a couple Nancy and John who have been 53 years married. Nancy has a severe form of dementia while John is blind. They have spent the whole of their married life caring for and helping each other. This they continued to do despite the difficulties they both encountered. Their son and daughter who are both married with children and working full time call in a few times a week to offer practical help: shopping, cleaning etc. As time passed I noticed that Nancy getting more and more confused and aggressive. This has been particularly hard for John because of his blindness he could not actually see, so has suffered greatly, emotionally and physically. Nancy has recently been sectioned. Her future is unknown but hopefully one day will be able to go to a local care home. John feels guilty as he cannot continue to care for Nancy. The son and daughter are finding it difficult as they continue to care for their parents in a different way. On-going support for John and the family are now our main concern. (Names have been changed)

Catechetical/Sacramental Ministry:

When the country locked down in March 2020 all the various parish sacramental programmes came to an abrupt end. As time passed and as we saw that the pandemic was here for some time we decided to look with fresh eyes on how we could continue with the various sacramental programmes in a way which was safe, sound and possible. Working with the schools, we encouraged and enabled the staff to look anew with fresh eyes at ways of working with the children in the preparation and receiving the sacraments of Reconciliation and Communion. The Parish Team journeyed with the parents in a way in which they felt safe. In Parish Ministry we are very aware of the culture of fear which is dominant. Requests for Baptisms soon came flooding in. In the past we visited the families in their homes but now this was not possible nor advisable. Adopting and using the Sycamore Programme has enabled us to reach out to many people both young and not so young, in particular, to young families. Preparation for Baptism, those seeking to know more about their faith and those following the RCIA programme have all enjoyed their weekly Google Meet meetings while at the same time opening their everyday lives to an on-going faith development. We continue to look at new ways in which we can enrich and encourage the life in faith of all, young and old while aware both of the culture of fear and of respecting the needs of all those whom we journey with.

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Investment performance

The performance of the Investment Portfolio and the Charity's Investment Strategy are monitored by the Independent Strategic and Financial Adviser, who reports regularly to the Trustees. The Trustees also meet with the investment managers on a regular basis to ensure that they are following the Charity's investment strategy and to review their performance, with the assistance of the Independent Strategic and Financial Adviser.

In 2020, overall, investments held experienced an increase in market values of £66,443 (2019 £419,458).

Covid-19

Notwithstanding the serious challenges presented by Covid-19, the Trustees consider, given the strategies that they have implemented to deal with the situation, that the charity's viability has not been threatened.

Financial review

Results for the year

During 2020 total incoming resources amounted to £367,947 (2019 : £588,562). Of the incoming resources, a total of £4,959 (2019 : £213,711) was received by way of donations and legacies. Investment income and interest receivable totalled £141,358 (2019 : £162,373).

Resources expended to generate income and to enable the objectives of the charity to be met totalled £542,983 compared to £515,134 in 2019. Expenditure on governance and the fees paid to the charity's investment managers during the year amounted to £89,545 (2019 : £115,487).

Net gains on investments in the year amounted to £49,326 (2019 : £428,804). During the year the charity also had a gain of £338,650 on the disposal of a property.

Net incoming resources for the year, therefore, were £212,939 (2019 : £502,232).

The Trustees are satisfied that all of the charity's assets are stated in the statement of financial position in accordance with the charity's accounting policies as stated on pages 19 to 21.

Reserves policy and financial position

The reader will discern from the foregoing that the Charity carries out a diverse range of activities and is responsible for care and support of Sisters whose average age is increasing and whose needs are changing. Accordingly, the Trustees have designated reserves for: retirement; and, the care and support of Sisters in their mission activities. In aggregate at the statement of financial position date, these designated reserves amounted to £4,228,642. In addition, £1,631,976 of the total reserves is represented by properties and fixtures which are essential for the support and work of the Sisters.

Free reserves as at 31 December 2020 are thus £477,893. This represents approximately 10 months' expenditure. The Trustees are satisfied that, given the nature of the Charity's work and its commitments, this represents an adequate level of free reserves.

Future plans

The Trustees are continuing to work with professional advisers in order to maximise the proceeds of the disposal of the fixed assets in order that such realisations can be used for the general objectives of the Charity.

It is the Trustees' intention to continue to meet the following objectives:

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Employees, volunteers and members of the Congregation

The Trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.

We invite volunteers and staff to training days to update them on issues relevant to their area of work and also issues related to safeguarding and correct procedures in line with our policies.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance

In terms of Canon Law, the Congregation is governed at an International level by the Sister elected as Congregational Leader along with a team of three others who are also elected at the General Chapter every five years. This General Chapter or meeting has, as its representatives, members from all regions of the Congregation. The last General Chapter took place in August 2016. At this recent most Chapter, new structures were put in place for the whole Congregation.

The Trinitas UK area is governed by a Team of five Sisters along with the Regional Leader. The Regional Leader is also an Assistant on the Congregational Leadership Team. Four specialist areas have been identified as vital for the wellbeing, mission and growth of Trinitas UK:

The Co-ordinators of these areas/groups form the Leadership Team or government of Trinitas UK. The Congregational Leader makes an official visit to Trinitas UK at least once every five years.

In terms of civil law the Charity is governed by a Trust Deed dated 30 December 1966 (as amended in 2008) and is a Registered Charity - Charity Registration Number 251267. The Trustee body was incorporated under Part VII of The Charities Act 1993 and the Certificate of Incorporation was issued as of that date. The Trustees of the Charity are: the former Regional Leader, who is now the Congregations Leader, living in UK; Trinitas UK Bursar; two members of the Co-ordinating Team; and a member of the finance group. All Trustees are members of the Congregation. They have a detailed knowledge of the work of the Congregation and of its structure. On being appointed, new Trustees are required to spend one full day with those Trustees leaving office, and the Trustees also avail of training days. They also meet with the Trinitas UK legal, accounting, investment and property advisers, to obtain a full briefing of their responsibilities and the Charity's position.

The names of the Trustees who served during the year are set out as part of the reference and administrative details on page 9 of this annual report.

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure and management reporting

The Trustees are ultimately responsible for the policies, activities and assets of the Charity. They meet quarterly to review developments with regard to the Charity and its activities and make any important decisions. When necessary, the Trustees seek advice and support from the Charity's professional advisers including property consultants, investment managers, solicitors and accountants. The day to day management of the Charity's activities, and the implementation of policies, is delegated to the appropriate members of the Congregation or senior staff.

Trinitas UK comprises 16 Sisters who live in 6 different houses. Five of the community houses are situated in the North West of England and one is situated in North Wales. The community houses are located in those areas of towns and cities where it is believed that the Sisters can provide the most help to the poor and marginalised. Often these areas are socially deprived areas desperately in need of the care and pastoral work carried out by the Sisters. As stated above, each community has a Community Leader appointed by the Co-ordinating Team. The Community Leader is responsible for the needs of the Sisters in her community and liaises regularly with the Co-ordinating Team. The Community Leaders meet together at least twice a year with the Co-ordinating Team to discuss developments and future plans and strategy.

Working with other organisations

The Charity works closely with a number of other charities and public bodies which provide care to the vulnerable, the elderly, children, deaf persons and all those in any circumstance of deprivation. In some instances, Sisters are employed by these organisations, whilst in other instances the relationships are more informal. In all cases, working together with other charities and public bodies enhances communication and understanding, enabling services to be provided more efficiently and avoiding duplication of effort. Examples of the organisations for which members have worked and with which the Charity has cooperated during the year are as follows:

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

In line with the requirement for Trustees to undertake a risk assessment exercise and report on the same in their annual report, the Trustees have looked at the risks the Congregation currently faces in England and Wales and have reviewed the measures already in place, or needing to be put in place, to deal with them. The Trustees have identified five main areas where risks may occur:

Governance and management looks at the risk of the Congregation, and hence the charity, suffering from a lack of direction, at the skills and training of its members and staff, and the good use of its resources.

Operational looks at the risks inherent in the charity's activities, such as members engaging in inappropriate activities, the unsuitability of buildings, poor maintenance, short-comings in the services provided, difficulties with staff, poor health and safety, lack of a disaster recovery policy, etc.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc.

Reputational looks at possible damage to the Congregation's and/or charity's reputation.

Laws, regulations, external and environmental looks at the effects of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment.

Having assessed the major risks to which the charity is exposed, the Trustees believe that, by monitoring reserve levels, ensuring controls exist over key financial systems and examining the operational and business risks faced by the charity, effective systems have been established to mitigate the risks identified.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

251267

Principal address

Emmaus 2 Nobby Stiles Drive Collyhurst Manchester M4 4FA

Trustees

M A Considine M A McCready C Kelly T West (resigned 31.7.20) L Gilbey P M Hughes

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

DTE Business Advisers Limited Chartered Accountants Statutory Auditors The Exchange 5 Bank Street Bury BL9 0DN

Bankers

National Westminster Bank Plc 10 Great Underbank Stockport Cheshire SK1 1LL

Bankers Scottish Widows Bank plc HSBC Bank plc Epworth Investment Management Ltd PB Box 12757 23 Allerton Road 9 Bonhill Street 67 Morrison Street Mossley Hill London Edinburgh Liverpool EC2A 4PE EH3 8YJ L18 2DA Solicitors Womble Bond Dickinson One Trinity Broad Chare Newcastle upon Tyne NE1 2HF Investment managers Rathbones Brothers Plc Cazenove Capital Management Waverton Investment Management Ltd 8 Finsbury Circus 1 London Wall Place 16 Babmaes Street London London London EC2M 7AZ EC2Y 5AU SW1Y 6AH

Independent Strategic and Financial Adviser

Tim O'Brien B Com FCA Optimum Support Golden Cross House 8 Duncannon Street London WC2N 4JF

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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SISTERS OF CHARITY OF OUR LADY OF EVRON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 29 October 2021

........................................................................ M A Considine - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF CHARITY OF OUR LADY OF EVRON

Opinion

We have audited the financial statements of Sisters of Charity of Our Lady of Evron (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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 trustees' 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF CHARITY OF OUR LADY OF EVRON

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act 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 a Report of the Independent Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF CHARITY OF OUR LADY OF EVRON

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

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 Report of the Independent Auditors.

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 auditors' 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.

DTE Business Advisers Limited Chartered Accountants Statutory Auditors The Exchange 5 Bank Street Bury BL9 0DN

29 October 2021 Date: .............................................

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SISTERS OF CHARITY OF OUR LADY OF EVRON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Other income
4
Investment income
5
Total
EXPENDITURE ON
Charitable activities
6
Retreats and formations
Missions
Office expenditure
Motor and Travel expenditure
Donations and gifts
Establishment costs
Support costs
Total
Net gains on investments
Gain on sale of property
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
4,959
221,630
141,316
367,906
3,521
19,914
12,167
35,377
18,050
158,698
295,256
542,983
49,326
338,650
212,898
6,125,612
6,338,510		 Restricted
funds
£
-
-
41
41
-
-
-
-
-
-
-
-
-
-
41
566,850
**566,891 **		 2020
Total
funds
£
4,959
221,630
141,357
367,947
3,521
19,914
12,167
35,377
18,050
158,698
295,256
542,983
49,326
338,650
212,939
6,692,462
**6,905,401 **		 2019
Total
funds
£
213,711
212,478
162,373
588,562
10,655
8,500
12,197
55,646
12,398
174,692
241,046
515,134
428,804
-
502,232
6,190,230
6,692,462

The notes form part of these financial statements

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SISTERS OF CHARITY OF OUR LADY OF EVRON

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
1,673,285
Investments
13
4,142,553
5,815,838
CURRENT ASSETS
Debtors
14
86,853
Cash at bank and in hand
585,439
672,292
CREDITORS
Amounts falling due within one year
15
(149,620)
NET CURRENT ASSETS
522,672
TOTAL ASSETS LESS CURRENT
LIABILITIES
6,338,510
NET ASSETS
6,338,510
FUNDS
17
Unrestricted funds:
General fund
Retirement Reserve Fund
Care and Development Fund
Restricted funds
TOTAL FUNDS
The
financial
statements
were
approved
by
the
Board
on ............................................. and were signed on its behalf by:
29 October 2021
Restricted
funds
£
560,000
-
560,000
-
6,891
6,891
-
6,891
566,891
566,891
of
Trustees		 2020
2019

Total
Total
funds
funds
£
£
2,233,285
2,701,800
4,142,553
4,117,570
6,375,838
6,819,370
86,853
97,806
592,330
450,203
679,183
548,009
(149,620)
(674,917)
529,563
(126,908)
6,905,401
6,692,462
6,905,401
6,692,462
2,109,868
1,903,411
3,316,534
3,335,412
912,108
886,789
6,338,510
6,125,612
566,891
566,850
6,905,401
6,692,462
and
authorised
for
issue

............................................. M A Considine - Trustee

The notes form part of these financial statements

16

SISTERS OF CHARITY OF OUR LADY OF EVRON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Sale of social investments
Loan repayments received
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Capital repayments in year
Grants received
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of
the reporting period
2		 2020
£
(68,136)
(5,130)
(73,266)
(79,099)
(780,288)
811,700
804,756
27,999
-
2,109
787,177
50,000
(642,275)
-
1,592
(590,683)
123,228
374,652
(125)
497,755		 2019
£
258,295
(2,319)
255,976
(929,425)
(475,910)
2,250
550,698
-
43,224
1,239
(807,924)
564,276
-
(2,263)
-
562,013
10,065
364,587
-
374,652

The notes form part of these financial statements

17

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2020
£
Net income for the reporting period (as per the Statement of Financial
Activities)
212,939
Adjustments for:
Depreciation charges
75,452
Gain on investments
(94,442)
Profit on disposal of fixed assets
(339,538)
Interest received
(2,109)
Interest paid
5,130
Loss on disposal of investments
16,992
Loss on foreign exchange
28,124
Grants received
(1,592)
Decrease in debtors
10,953
Increase/(decrease) in creditors
19,955
Net cash (used in)/provided by operations
(68,136)
2.
ANALYSIS OF CASH AND CASH EQUIVALENTS
2020
£
Cash in hand
694
Cash at bank
591,636
Overdrafts included in bank loans and overdrafts falling due within one year
(94,575)
497,755		 2019
£
502,232
61,077
(422,389)
(1,870)
(1,239)
2,319
2,722
-
-
267,736
(152,293)
258,295
2019
£
1,924
448,277
(75,549)
374,652

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.20 Cash flow At 31.12.20
£ £ £
Net cash
Cash at bank and in hand 450,203 142,127 592,330
Bank overdraft (75,551) (19,024) **(94,575) **
**374,652 ** 123,103 497,755
Debt
Debts falling due within 1 year (564,276) 564,276 -
(564,276) 564,276 -
Total (189,624) 687,379 497,755

The notes form part of these financial statements

18

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. LEGAL STATUS

Sisters of Charity of Our Lady of Evron ("Sisters of Evron") are the UK arm of the Trinitas Region established by The Congregation of the Sisters of Charity of Our Lady of Evron in 1682. The charity is regulated by the Charity Commission since registration on 16 February 1967.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Sisters of Evron meet the definition of a Public Benefit Entity ("PBE") as set out in FRS 100, and therefore apply the PBE prefixed paragraphs in FRS 102.

The financial statements contain information about Sisters of Charity of Our Lady of Evron as an individual charity and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 139(2) of the Charities Act 2011 not to prepare consolidated financial statements.

The financial statements combine the accounts of Sisters of Evron and associated communities to 31 December each year.

After considering the role of Sisters of Evron within the wider community (described on pages 1-12 of the annual report), investment performance & return and risk management, the trustees have reasonable expectation that Sisters of Evron have adequate resources and cash flows to meet their spending commitments for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property (excluding land) - 2% on cost Leasehold property - 4% on cost less residual value Fixtures and fittings - 15% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost

continued...

19

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Land is not depreciated.

Expenditure on minor items of fixtures and fittings, which are individually immaterial, are charged to the statement of financial activities when incurred.

Freehold properties are owned by the Order and they are used for direct charitable purposes.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Taxation

The charity is exempt from tax on its charitable activities.

Listed investments

Listed investments are stated at market value. The movement in the market value is included as an unrealised gain on the statement of financial activities. Investment income plus associated tax recoverable is credited to income on an accruals basis, using dates of payment for dividends and on a receipts basis for interest.

Investments in subsidiaries

Investments in subsidiary undertakings are stated at cost, unless in the opinion of the trustees there has been a permanent diminution in value, in which case an appropriate adjustment has been made.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Unrestricted designated funds relate to activities and income and expenditure of the Charity's communities which are operated with a view to realising a surplus but which are also operated in support of the charity's main objectives. The designated funds are to be used initially for the furtherance of those activities however the trustees have the power to reallocate these funds.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. In this case the reserves represent monies held on behalf of certain sisters and monies held for charitable work being performed in Peru.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

continued...

20

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents

Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Section PBE34.90 to PBE34.97 of FRS 102 allows PBE to recognise concessionary loans at the amount paid/received with subsequent measurements being the carrying amount adjusted for any accrued interest receivable or payable.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make estimates and judgements. The estimates are based on historical experiences and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-

Estimating the useful economic life of an asset and the anticipated residual value in calculating an appropriate depreciation charge. Determine whether there are any indicators of impairment of the company's tangible assets.

In categorising leases as finance or operating leases, the trustees make judgements as to whether significant risks and rewards of ownership have transferred to the charity as lessee.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102.

During the year the charity has benefitted from the Government Coronavirus Job Retention Scheme ('Furlough'). Furlough income has been recognised in "other income" in the same period as the related wage costs.

The charity has not directly benefitted from any other forms of government assistance.

continued...

21

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

3.
DONATIONS AND LEGACIES
Donations
Legacies
4.
OTHER INCOME
Covenanted income
Government grants
5.
INVESTMENT INCOME
Rents received
Dividends and interest
Bank interest
6.
CHARITABLE ACTIVITIES COSTS
Retreats and formations
Missions
Office expenditure
Motor and Travel expenditure
Donations and gifts
Establishment costs		 2020
£
4,959
-
4,959
2020
£
220,038
1,592
221,630
2020
£
1,600
137,648
2,109
**141,357 **		 2019
£
43,711
170,000
213,711
2019
£
212,478
-
212,478
2019
£
40
161,094
1,239
162,373
Direct
Costs
£
3,521
19,914
12,167
35,377
18,050
158,698
247,727

continued...

22

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

7. SUPPORT COSTS

Finance
£
Other resources expended
7,320
Support costs, included in the above, are as follows:
Bank charges
Interest payable and similar charges
Wages
Postage and stationery
Loss on foreign exchange
Establishment costs
Investment managers fees
Depreciation of tangible fixed assets
Profit on sale of tangible fixed assets
Auditors' remuneration
Book keeping
Legal fees
Strategic and financial advice		 Governance
Other
costs
£
£
198,391
89,545
2020
Other
resources
expended
£
2,190
5,130
55,023
12,167
27,998
(264)
28,903
75,452
(888)
16,860
9,432
29,413
33,840
295,256		 Totals
£
295,256
2019
Total
activities
£
1,786
2,319
50,050
12,197
-
-
29,023
61,077
(1,870)
19,674
12,564
18,046
36,180
241,046

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

As noted in the accounting policies the community accounts are included within these financial statements. The Sisters covenant their income to the trust, and the trust pays their living expenses. Covenanted income exceeds living expenses. The Sisters provide their time working to further the objectives of the Charity. Some of these Sisters are also trustees.

continued...

23

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

9. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Administration and support
No employees received emoluments in excess of £60,000.		 2020
£
55,023
55,023
2020
3		 2019
£
50,050
50,050
2019
3
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
174,022
Other income
212,478
Investment income
162,326
Total
548,826
EXPENDITURE ON
Charitable activities
Retreats and formations
10,655
Missions
8,500
Office expenditure
12,197
Motor and Travel expenditure
55,646
Donations and gifts
12,398
Establishment costs
174,692
Support costs
241,046
Total
515,134
Net gains on investments
428,804
NET INCOME
462,496
Transfers between funds
546,546
Net movement in funds
1,009,042
RECONCILIATION OF FUNDS
Total funds brought forward
5,116,570
Restricted
funds
£
39,689
-
47
39,736
-
-
-
-
-
-
-
-
-
39,736
(546,546)
(506,810)
1,073,660		 Total
funds
£
213,711
212,478
162,373
588,562
10,655
8,500
12,197
55,646
12,398
174,692
241,046
515,134
428,804
502,232
-
502,232
6,190,230

continued...

24

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
TOTAL FUNDS CARRIED FORWARD
6,125,612		 - continued
Restricted
funds
£
566,850		 Total
funds
£
6,692,462

11. AUDITORS' REMUNERATION

During the year remuneration of £16,860 (2019: £19,674) was paid to the auditors of the charity.

12. TANGIBLE FIXED ASSETS

COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
property
£
1,132,950
-
(550,000)
582,950
189,895
19,909
(78,650)
131,154
451,796
943,055		 Leasehold
property
£
1,700,000
55,321
-
1,755,321
32,000
34,000
-
66,000
1,689,321
1,668,000		 Fixtures
and
fittings
£
174,772
460
-
175,232
114,938
9,044
-
123,982
51,250
59,834

25

continued...

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. TANGIBLE FIXED ASSETS - continued

Motor
vehicles
£
COST
At 1 January 2020
129,559
Additions
22,390
Disposals
(9,265)
At 31 December 2020
142,684
DEPRECIATION
At 1 January 2020
98,648
Charge for year
12,190
Eliminated on disposal
(8,453)
At 31 December 2020
102,385
NET BOOK VALUE
At 31 December 2020
40,299
At 31 December 2019
30,911
Freehold property consists of four properties in the following locations:-
£
Liverpool
285,092
Runcorn
172,858
Porthmadog
125,000
582,950		 Computer
equipment
£
6,252
928
-
7,180
6,252
309
-
6,561
619
-		 Totals
£
3,143,533
79,099
(559,265)
2,663,367
441,733
75,452
(87,103)
430,082
2,233,285
2,701,800

13. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Shares in
group
undertakings
£
1
-
-
-
1
1
1		 Listed
investments
£
4,117,569
780,288
(821,748)
66,443
4,142,552
4,142,552
4,117,569		 Totals
£
4,117,570
780,288
(821,748)
66,443
4,142,553
4,142,553
4,117,570

The change in market value in the Statement of Financial Activities relates to the General Fund.

26

continued...

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

13. FIXED ASSET INVESTMENTS - continued

The charity holds 1 share of £1 in its wholly owned subsidiary New Brinnington Limited, which is incorporated in the United Kingdom. These shares are called up and unpaid. The company's purpose is to construct a residential property for the charity, to further its aim of caring for members of the Congregation.

14. DEBTORS

Amounts falling due within one year:
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 16)
Other loans (see note 16)
Creditors
Social security and other taxes
Other creditors (see note 19)
Accrued expenses
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
Other loans

continued...

27

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Retirement Reserve Fund
Care and Development Fund
Restricted funds
Sisters
Retirement Property Fund
TOTAL FUNDS
Net movement in funds, included in the above ar
Unrestricted funds
General fund
Retirement Reserve Fund
Care and Development Fund
Restricted funds
Sisters
TOTAL FUNDS		 At 1.1.20
£
1,903,411
3,335,412
886,789
6,125,612
566,845
5
566,850
6,692,462
e as follows:
Incoming
resources
£
568,908
100,911
36,736
706,555
41
706,596		 Net
movement
in funds
£
8,808
142,035
62,055
212,898
41
-
41
212,939
Resources
expended
£
(542,983)
-
-
(542,983)
-
**(542,983) **		 Transfers
between
funds
£
197,649
(160,913)
(36,736)
-
-
-
-
-
Gains and
losses
£
(17,117)
41,124
25,319
49,326
-
49,326		 At
31.12.20
£
2,109,868
3,316,534
912,108
6,338,510
566,886
5
566,891
6,905,401
Movement
in funds
£
8,808
142,035
62,055
212,898
41
212,939
e

continued...

28

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.19
£
Unrestricted funds
General fund
1,250,310
Retirement Reserve Fund
3,011,316
Care and Development Fund
854,944
5,116,570
Restricted funds
Sisters
6,798
Retirement Property Fund
1,066,862
1,073,660
TOTAL FUNDS
6,190,230
Comparative net movement in funds, included in the above are a		 Net
movement
in funds
£
(120,988)
478,993
104,491
462,496
47
39,689
39,736
502,232
s follows:		 Transfers
between
funds
£
774,089
(154,897)
(72,646)
546,546
560,000
(1,106,546)
(546,546)
-		 At
31.12.19
£
1,903,411
3,335,412
886,789
6,125,612
566,845
5
566,850
6,692,462
Unrestricted funds
General fund
Retirement Reserve Fund
Care and Development Fund
Restricted funds
Sisters
Retirement Property Fund
TOTAL FUNDS		 Incoming
resources
£
387,731
124,306
36,789
548,826
47
39,689
39,736
588,562		 Resources
expended
£
(515,134)
-
-
(515,134)
-
-
-
(515,134)		 Gains and
Movement
losses
in funds
£
£
6,415
(120,988)
354,687
478,993
67,702
104,491
428,804
462,496
-
47
-
39,689
-
39,736
428,804
502,232

continued...

29

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Retirement Reserve Fund
Care and Development Fund
Restricted funds
Sisters
Retirement Property Fund
TOTAL FUNDS		 At 1.1.19
£
1,250,310
3,011,316
854,944
5,116,570
6,798
1,066,862
1,073,660
6,190,230		 Net
movement
in funds
£
(112,180)
621,028
166,546
675,394
88
39,689
39,777
715,171		 Transfers
between
funds
£
971,738
(315,810)
(109,382)
546,546
560,000
(1,106,546)
(546,546)
-		 At
31.12.20
£
2,109,868
3,316,534
912,108
6,338,510
566,886
5
566,891
6,905,401

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
956,639
(1,058,117)
Retirement Reserve Fund
225,217
-
Care and Development Fund
73,525
-
1,255,381
(1,058,117)
Restricted funds
Sisters
88
-
Retirement Property Fund
39,689
-
39,777
-
TOTAL FUNDS
1,295,158
(1,058,117)		 Gains and
Movement
losses
in funds
£
£
(10,702)
(112,180)
395,811
621,028
93,021
166,546
478,130
675,394
-
88
-
39,689
-
39,777
478,130
715,171

Retirement Property

This restricted fund consists of monies received specifically to be used to build a residential property to be used by the Sisters in their retirement.

Care and Development Fund

This fund comprises investments set aside to generate income to assist with the care for the Sisters and enable them to carry out their pastoral work and ministry in the UK and elsewhere.

Retirement Reserve

continued...

30

SISTERS OF CHARITY OF OUR LADY OF EVRON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

17. MOVEMENT IN FUNDS - continued

This fund comprises investments set aside to generate income to assist with the support of the Sisters in their retirement.

18. RELATED PARTY DISCLOSURES

Included within other creditors is £6,886 (2019: £6,845) owed to a sister at the year end which is being held for her. This is her patrimony and is included within restricted funds.

In prior years, the Charity granted a loan of €250,000 to the General Leadership Team of the Congregation of the Sisters of Charity of Our Lady of Evron. This is included within debtors at the statement of financial position date totalling £43,339 (2019: £43,339). The balance is unsecured, interest free and is repayable in annual instalments of €25,000. However, should the need arise, the loan can be changed into a grant at the option of the Trustees.

As noted in the accounting policies the community accounts are included within these financial statements. These expenses include minimum levels of living costs for the Sisters who provide their time working to further the objectives of the Charity. Some of these Sisters are also trustees.

During the year the Charity made available part of the property known as Shalom to the Evron Centre, a charity in which Sister C Kelly is also a trustee. In the year rent amounting to £1,600 (2019: £40) was received for the use of Evron Centre.

Included within debtors is an amount due from New Brinnington Limited, a subsidiary company, of £19,275 (2019: £22,875).

19. POST BALANCE SHEET EVENTS

In May 2021, the charity also sold a property for the value of £220,000.

20. ULTIMATE CONTROLLING PARTY

The charity is controlled by the trustees in office.

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