2022-01-31-accounts

	Reports
Referenceandadministrativeinformation	2
ReportoftheBoardofManagement	3
Independentauditor'sreport	27
Financialstatements
Consolidatedstatementoffinancialactivities	31
Balancesheets	32
Consolidatedstatementofcashflows	33
Principalaccountingpolicies	34
Notestothefinancialstatements	40

BoardofManagement	Clare-LouiseMarriott(SisterClare-Louise)(Reverend
	Mother)
	JenniferGayleFoster(SisterEve)
	AvisMaryGrainger(SisterAvisMary)
	SusanShannon(SisterSusan)
	ChristineJaneSouth(SisterChristine)
Registeredoffice	ConventoftheIncarnation
	Fairacres
	ParkerStreet
	Oxford
	OX41TB
Websites	www.sIg.org.uk
	www.slgpress.co.uk
Companyregistrationnumber	00990049(EnglandandWales)
Charityregistrationnumber	261722
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Principalbankers	BankofScotlandplc
	PentlandHouse
	2nd Floor
	8LochsideAvenue
	Edinburgh
	EH129DJ
Principalinvestmentmanagers	CCLAInvestmentManagementLimited
	80Cheapside
	London
	EC2V6DZ
Solicitors	HCRHewitsonsSolicitorsLLP
	ElginHouse
	BillingRoad
	Northampton
	NN15AU

(Jennifer Gayle Foster)

26 October 2022

		Un-		Total	Un-		Total
		restricted	Restricted	funds	restricted	Restricted	funds
		funds	funds	2022	funds	funds	2021
	Notes	£	£	£	£		E
Income
Donationsandlegacies	1	218,281		218,281	228,427		228,427
Investmentincomeandinterest
receivable	2	496,197	5,010	501,207	541,267	4,830	546,097
Otherincome
.CoronavirusJobRetention
Schemefunding		7,016		7,016	21,407		21,407
.Miscellaneousincome		24,112		24,112	17,645		17,645
Totalincome		745,606	5,010	750,616	808,746	4,830	813,576
Expenditure
Charitableactivities
.Charitabledonationsandgrants
payable	3	163,790	4,500	168,290	31,430	2,154	33,584
.Supportofthemembersofthe
CommunityoftheSistersofthe
LoveofGodandtheirministry	4	1,312,987	-	1,312,987	1,103,558	-	1,103,558
Totalexpenditure		1,476,777	4,500	1,481,277	1,134,988	2,154	1,137,142
Net(expenditure)income
beforetransfersbetween
funds	6	(731,171)	510	(730,661)	(326,242)	2,676	(323,566)
Transfersbetweenfunds	15	(300)	300		(2,286)	2,286
Net(expenditure)income		(731,471)	810	(730,661)	(328,528)	4,962	(323,566)
Netgainsoninvestments	10	1,714,252	18,006	1,732,258	580,562	6,959	587,521
Netmovementinfundsfor
theyear		982,781	18,816	1,001,597	252,034	11,921	263,955
Reconciliationoffunds
Totalfundsbroughtforward
at1February2021		30,447,043	172,874	30,619,917	30,195,009	160,953	30,355,962
Totalfundscarriedforward
at31January2022		31,429,824	191,690	31,621,514	30,447,043	172,874	30,619,917

(Jennifer Gayle Foster)

		2022	2021
	Notes	£	£
Cashflowsfromoperatingactivities:
Netcashusedinoperatingactivities	A	(678,376)	(918,048)
Cashflowsfrominvestingactivities:
Investmentincomeandinterestreceived		500,635	596,693
Proceedsfromdisposalofinvestments		500,000	4,499,999
Purchaseofinvestments		(500,000)
Purchaseoftangiblefixedassets		(5,159,343)	(4,066,750)
Netcashprovidedbyinvestingactivities		(4,658,708)	1,029,942
Changeincashandcashequivalentsinthe
year		(5,337,084)	111,894
Cashandcashequivalentsat1February2021	B	7,827,075	7,715,181
Cashandcashequivalentsat31January2022	B	2,489,991	7,827,075

activities
	2022	2021
	£	£
Netmovementinfunds(asperthestatementoffinancialactivities)	1,001,597	263,955
Adjustmentsfor:
Depreciationcharge	342,837	112,162
Lossondisposaloftangiblefixedassets	1,954
Gainsoninvestments	(1,732,258)	(587,521)
Investmentincomeandinterestreceivable	(501,207)	(546,097)
Decreaseinstocks	897	334
Decrease/(increase)indebtors	105,022	(152,478)
Increase/(decrease)increditors	102,782	(8,403)
Netcashusedinoperatingactivities	(678,376)	(918,048)

Analysisofcashandcashequivalents
	2022	2021
	£	£
Cashatbankandinhand	299,891	903,562
Shorttermdeposits	2,190,100	6,923,513
Totalcashandcashequivalents	2,489,991	7,827,075

Donationsandlegacies
	Unrestricted
	Total	Total
	funds	funds
	2022	2021
	£	£
Pensionsandattendanceallowanceofindividualreligiousreceived
underGiftAid	108,090	130,322
Otherdonations(includingGiftAid)	15,496	18,012
Legacies	94,695	80,093
Totalfunds	218,281	228,427

			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
	£	£	£	£	£	£
Incomefromcommon
investmentfunds	481,729	5,010	486,739	495,783	4,830	500,613
Interestonshorttermdeposits	14,428	-	14,428	45,289		45,289
Otherbankinterestreceivable	40	-	40	195	-	195
Totalfunds	496,197	5,010	501,207	541,267	4,830	546,097

			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
	£	£	£	£	£	£
Payabletoindividuals	2,000	-	2,000	2,060	-	2,060
Payabletoinstitutions	161,790	4,500	166,290	29,370	2,154	31,524
Totalfunds	163,790	4,500	168,290	31,430	2,154	33,584

	2022	2021
	£	£
Donationsandgrantsof£1,000ormore
.AcornChristianHealingCentre	1,000
AidtotheChurchinNeed	1,000
.AssociationoflnterchurchFamilies	1,500
.BarnabasFund	1,000
.BiblesforChildren	1,000
.BibleReadingFellowship	1,640
.BibleSociety	1,500
CAFOD	1,500
.ChristianAid	1,300
.ChristianBlindMission	1,500
.ChristiansinOverseasServiceTrustLtd.	1,500
.ChristianSolidarityWorldwide	1,500
.ChurchArmy	1,000
.ChurchHomelessTrust	1,000	1,000
.ChurchMissionSociety	1,000
.ChurchUrbanFund	1,000
.CollegeofStBarnabas	1,000
.CommunityofStMarytheVirgin	5,000	7,500
.CulturalExchangewithChina		(1,000)
.DioceseofCyprusandtheGulf	83,300	1,000
.DioceseofOxford	2,500
.DiscoveringPrayer		2,000
.FeedtheMinds	1,000
.FieldLaneFoundation	1,500
.Fishermen'sMission	1,500
.FriendsofQuettaHospital	1,500
.GlobalCare	1,500
.HousingJustice	1,500
.HummingbirdHopeRetreatHouse	2,000
.InternationalRefugeeTrust	2,000
.IrishSchoolofEcumenics	1,000
.Jerusalem&theMiddleEastChurchAssociation	1,500
.L'ArcheUK	1,000
.LangleyHouseTrust	1,000
.LeeAbbey,London		1,000
.LiTimOiFoundation	1,000
.Livability	1,000
.MissionAviationFellowshipUK	1,000
.MercyShipsUKLtd.	1,500
MonestiredeStBenetdeMontserrat		800
.OxfordDiocesanBoardofFinance		2,500
.OxfordMission	1,000
.ReligiousofMaryImmaculate	2,000	1,000
.SaintGabriel'sCentre,Birmingham		1,000
.SionCentreforDialogueandEncounter	1,000
.SistersofBaltimoreCarmel,USA		1,000
.StAndrew'sChurch,DeanCourt,Oxford	5,000
.StMary's,StokeNewington		1,000
.TaririoUK	1,500

	2022	2021
	£	£
.Tearfund	1,000
.TheFellowshipofReconciliation	1,200
.TheInstituteofOrthodoxChristianStudies	1,500
.TheLeprosyMission	1,500
.TheSalvationArmy	1,500
.TheShrineofourLadyofWalsingham	1,500
.TheSocietyoftheSistersofBethany	5,000	7,500
.TheToyboxCharity	1,500
.TheWellspringCommunity		1,000
.Train-a-Priest(TapFund)	1,000	1,000
.WorldCommunityforChristianMeditation	1,500
	160,940	28,300
Donationsandgrantsofunder£1,000	5,350	3,224
Totalgrantspaidtoinstitutions	166,290	31,524

			Total			Total
	Unrestricted	Restricted	funds	Unrestricted	Restricted	funds
	funds	funds	2022	funds	funds	2021
	£	£	£	£	£	£
Premises	241,673	-	241,673	274,053	-	274,053
Staffandagencycosts	481,144	-	481,144	483,220		483,220
Sisters'livingandpersonal
expenses	92,082	-	92,082	99,461		99,461
Education,training,Community
developmentandspiritual
renewal	13,481	-	13,481	3,336		3,336
SLGPress	8,568	-	8,568	5,702	-	5,702
Depreciation	342,837	-	342,837	112,162	-	112,162
Lossondisposaloftangible
fixedassets	1,954	-	1,954	-
Supportofficecosts	69,033	-	69,033	63,507	-	63,507
Governance(note5)	62,215	-	62,215	62,117		62,117
Totalfunds	1,312,987	-	1,312,987	1,103,558	-	1,103,558

Governancecosts
	Unrestricted
	Total	Total
	funds	funds
	2022	2021
	£	£
Auditandaccountancyfees	20,577	16,550
Otherprofessionalfees	1,371	10,999
Staffandagencycosts	23,009	18,174
Othercosts	17,258	16,394
Totalfunds	62,215	62,117

	2022	2021
	£	£
Staffcosts(note7)	502,463	501,394
Auditor'sremuneration(includingVAT)
.Statutoryauditservices	16,157	16,550
.Other:payroll,HR,taxationandadvisoryservices	4,420	9,803
Operatingleaserentals	9,984	10,032
Depreciation	342,837	112,162

	2022	2021
	£	£
Staffcostsduringtheperiodwereasfollows:
Wagesandsalaries	330,219	327,229
Socialsecuritycosts	29,498	28,128
Otherpensioncosts	27,680	27,306
	387,397	382,663
Paymentstoagencystaff	115,066	118,731
	502,463	501,394

	2022	2021
	No.	No.
SupportofmembersoftheCommunityofthe
SistersoftheLoveofGodandtheirministry	15	15

Tangiblefixedassets
	Landand	buildings
				Furniture,
			Building	plant
		Non-	improve-	and	Motor
	Specialised	specialised	ments	equipment	vehicles	Total
Group	£	£	£	£	£	£
Costorvaluation
At1February2021	2,500,000	10,000	5,313,071	370,911	28,674	8,222,656
Reclassifications	5,009,427		(5,009,427)	—
Additions	4,505,512			470,362		4,975,874
Disposals				(54,015)		(54,015)
At31January2022	12,014,939	10,000	303,644	787,258	28,674	13,144,515
Cost	9,514,939	10,000	303,644	787,258	28,674	10,644,515
Deemedcost(1998valuation)	2,500,000	-			-	2,500,000
	12,014,939	10,000	303,644	787,258	28,674	13,144,515
Depreciation
At1February2021	1,054,167	-	108,527	334,964	28,672	1,526,330
Chargeforyear	240,299		23,121	79,417	-	342,837
Disposals				(52,059)	-	(52,059)
At31January2022	1,294,466		131,648	362,322	28,672	1,817,108
Netbookvalues
At31January2022	10,720,473	10,000	171,996	424,936	2	11,327,407
At31January2021	1,445,833	10,000	5,204,544	35,947	2	6,696,326

	Landand	buildings
				Furniture,
			Building	plant
		Non-	improve-	and	Motor
	Specialised	specialised	ments	equipment	vehicles	Total
Charity	£	£	£	£	£	£
Costorvaluation
At1February2021	2,500,000	10,000	5,649,520	370,911	28,674	8,559,105
Reclassifications	5,345,877		(5,345,877)	—	—
Additions	4,816,230			499,753		5,315,983
Disposals				(54,015)		(54,015)
At31January2022	12,662,107	10,000	303,643	816,649	28,674	13,821,073
Cost	10,162,107	10,000	303,643	816,649	28,674	11,321,073
Deemedcost(1998valuation)	2,500,000				—	2,500,000
	12,662,107	10,000	303,643	816,649	28,674	13,821,073
Depreciation
At1February2021	1,054,167		108,527	334,964	28,672	1,526,330
Chargeforyear	253,242		23,050	82,616	-	358,908
Disposals			-	(52,059)		(52,059)
At31January2022	1,307,409		131,577	365,521	28,672	1,833,179
Netbookvalues
At31January2022	11,354,698	10,000	172,066	451,128	2	11,987,894
At31January2021	1,445,833	10,000	5,540,993	35,947	2	7,032,775

Investments
	2022	2021
Group	£	£
Listedinvestments
Marketvalueat1February2021	16,311,150	20,223,628
Purchases	500,000
Disposals(proceeds:£500,000;gains:£44,030)	(455,970)	(4,593,528)
Netunrealisedgainsonrevaluation	1,688,228	681,050
Marketvalueat31January2022	18,043,408	16,311,150
Costat31January2022	4,849,966	4,476,166

	Sharesin
	subsidiary	Listed
	company	investments	2022
Charity
Marketvalueat1February2021	1	16,311,150	16,311,151
Purchases		500,000	500,000
Disposals(proceeds:£500,000;gains:£44,030)		(455,970)	(455,970)
Netunrealisedgainsonrevaluation		1,688,228	1,688,228
Marketvalueat31January2022	1	18,043,408	18,043,409
Costat31January2022	1	4,849,966	4,849,967
	Sharesin
	subsidiary	Listed
	company	investments	2021
Charity	£	£	£
Marketvalueat1February2020	1	20,223,628	20,223,629
Disposals(proceeds:£4,499,999;losses:£93,529)	-	(4,593,528)	(4,593,528)
Netunrealisedgainsonrevaluation		681,050	681,050
Marketvalueat31January2021	1	16,311,150	16,311,151
Costat31January2021	1	4,476,166	4,476,167

Stock
			Groupand	Groupand
			Charity	Charity
			2022	2021
			£	£
Goodsforresale			22,364	23,261
Debtors
	Group	Group	Charity	Charity
	2022	2021	2022	2021
	£	£	£	£
Investmentincomeandinterestreceivable	165,996	165,405	166,647	169,762
Legaciesreceivable	72,745	51,000	72,745	51,000
Otherdebtors	3,832	983	3,831	983
Prepaymentsandotheraccruedincome	29,062	70,861	29,062	67,680
VATrecoverable	23,821	111,656
	295,456	399,905	272,285	289,425

	Group	Group	Charity	Charity
	2022	2021	2022	2021
	£	£	£	£
Presscreditors	1,489	1,421	1,489	1,421
Socialsecurityandothertaxes	11,239	9,930	11,239	9,930
Expensecreditors	113,961	41,500	19,696	26,724
Buildingrefurbishment	365,636	549,106		—
Accruals	64,787	35,843	57,987	34,343
Amountsduetosubsidiary	—	—	250,544	235,571
	557,112	637,800	340,955	307,989

	Property		OfficeEquipment	OfficeEquipment
	2022	2021	2022	2021
	£	£	£	£
Amountsdue:
Withinoneyear	38,263	130,580		10,033
Withinonetotwoyears	—	30,852	-	6,505
Withintwotofiveyears	-		-	19,516
Morethanfiveyears				244
	38,263	161,432		36,298

unexpendedbala purposes:	ncesofdonati	onsandgra	ntsheldontr	usttobeappl	iedforspecifi	c
	At1					At31
	February			Investment		January
Groupand	2021	Income	Expenditure	gains	Transfers	2022
Charity	£	£	£	£	£	£
Charitablefund	172,874	5,010	(4,500)	18,006	300	191,690
	At1					At31
	February			Investment		January
	2020	Income	Expenditure	gains	Transfers	2021
	£	£	£	£	£	£
Charitablefund	160,953	4,830	(2,154)	6,959	2,286	172,874

Tangiblefixedassetsfund
	Total	Total
	2022	2021
Group	£	£
At1February2021	6,696,326	2,218,284
Netmovementinyear	4,631,081	4,478,042
At31January2022	11,327,407	6,696,326
	Total	Total
	2022	2021
Charity	£	£
At1February2021	7,032,775	2,246,782
Netmovementinyear	4,955,119	4,785,993
At31January2022	11,987,894	7,032,775

	At1			At31
	February	New	Utilisedor	January
	2021	designations	released	2022
	£	£	£	£
Oldageandinfirmityfund	9,000,000	-	(500,000)	8,500,000
Discretionarygivingfund	5,663,350	168,850	(163,350)	5,668,850
Propertyfund	5,000,000	152,441	(4,152,441)	1,000,000
	19,663,350	321,291	(4,815,791)	15,168,850
	At1			At31
	February	New	Utilisedor	January
	2020	designations	released	2021
	£	£	£	£
Oldageandinfirmityfund	9,000,000	-		9,000,000
Discretionarygivingfund	5,500,000	163,350	-	5,663,350
Propertyfund	8,500,000	1,000,000	(4,500,000)	5,000,000
	23,000,000	1,163,350	(4,500,000)	19,663,350

	General
	andnon-	Tangible			Total
	charitable	fixedassets	Designated	Restricted	funds
	tradingfund	fund	funds	funds	2022
Group
Fundbalances
at31January2022
arerepresentedby:
Tangiblefixedassets	-	11,327,407		-	11,327,407
Investments	2,689,895	-	15,168,850	184,663	18,043,408
Netcurrentassets	2,243,672			7,027	2,250,699
Totalnetassets	4,933,567	11,327,407	15,168,850	191,690	31,621,514
	General
	andnon-	Tangible			Total
	charitable	fixedassets	Designated	Restricted	funds
	tradingfund	fund	funds	funds	2021
Group	£	£	£	£	£
Fundbalances
at31January2021
arerepresentedby:
Tangiblefixedassets		6,696,326		—	6,696,326
Investments			16,144,492	166,658	16,311,150
Netcurrentassets	4,087,367		3,518,858	6,216	7,612,441
Totalnetassets	4,087,367	6,696,326	19,663,350	172,874	30,619,917
		Tangible			Total
	General	fixedassets	Designated	Restricted	funds
	fund	fund	funds	funds	2022
Charity	£	£	£	£	£
Fundbalances
at31January2022
arerepresentedby:
Tangiblefixedassets	-	11,987,894			11,987,894
Investments	2,689,896		15,168,850	184,663	18,043,409
Netcurrentassets	2,243,671			7,027	2,250,698
Totalnetassets	4,933,567	11,987,894	15,168,850	191,690	32,282,001
		Tangible			Total
	General	fixedassets	Designated	Restricted	funds
	fund	fund	funds	funds	2021
Charity	£	£	£	£	£
Fundbalances
at31January2021
arerepresentedby:
Tangiblefixedassets	-	7,032,775		-	7,032,775
Investments	1	-	16,144,492	166,658	16,311,151
Netcurrentassets	4,087,366	-	3,518,858	6,216	7,612,440
Totalnetassets	4,087,367	7,032,775	19,663,350	172,874	30,956,366

follows:
	2022	2021
Groupandcharity
Reconciliationofmovementsinunrealisedgainsoninvestment
assets
Accumulatedunrealisedgainsat1February2021	11,834,984	14,420,703
Netgainsarisingonrevaluationinperiod	1,688,228	681,050
Less:releasedondisposalofinvestments	(329,770)	(3,266,769)
Accumulatedunrealisedgainsat31January2022	13,193,442	11,834,984