||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|





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26 October 2022 




## 

|||Un-||Total|Un-||Total|
|---|---|---|---|---|---|---|---|
|||restricted|Restricted|<br>funds|restricted|Restricted|<br>funds|
|||funds|funds|<br>2022|funds|funds|<br>2021|
||Notes|<br>£|£|£|£||E|
|Income||||||||
|Donationsandlegacies|1|<br>218,281||218,281|228,427||228,427|
|Investmentincomeandinterest||||||||
|receivable|2|<br>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|<br>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|<br>(731,171)|510|(730,661)|<br>(326,242)|2,676|(323,566)|
|Transfersbetweenfunds|15|<br>(300)|300||(2,286)|2,286||
|Net(expenditure)income||(731,471)|810|(730,661)|<br>(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|





## 



## 

## 

## 



## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

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## 



## 

## 

|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<br>purposes:|ncesofdonati|onsandgra|ntsheldontr|usttobeappl|iedforspecifi|c|
|---|---|---|---|---|---|---|
||At1|||||At31|
||February|||Investment||January|
|Groupand|2021|Income|Expenditure|<br>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|<br>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|`£`|`£`|`£`|`£`|<br>`£`|
|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|



## 

##