2020-12-31-accounts - Duchesne Trust

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Contents	Contents
Reference and Administrative Details ofthe Group.
Trustees' Report including Strategic Report.
Independent Auditor's Report to the Trustees ofDuchesne Trust.....				.......22
Group Statement of Financial Activity (including 31December (in COOOs) .	income and expenditure accounts) as at .......... ...................................................26
Charity Statement of Financial Activity (including	income and	expenditure	accounts) as at
31December (in 6'000s) .				27
Group Balance Sheet as at 31 December (in 6'000s)				28
Charity Balance Sheet as at31December (in 6'000s).				29
Group Cash Flow Statement for the year ended	31December	(in C'000s)	.....	........30
Charity Cash Flow Statement forthe year ended	31December	(in 6'000s) ...		........31
Notes to the Financial Statements (in 6'000s) .				32

			Note	Unrestricted	Restricted	2020	2019
Income from:
Donations				457	10,343	10,800	11,338
Investment				794	373	1,167	1,362
Other income				23	0	23	49
Total income				1,274	10,716	11,990	12,749
Expenditure on:
investment manager fees				611	288	899	732
Supporting the	charitable	work	4	4,562	1,070	5,632	4,436
of members ofthe Society		of
the Sacred Heart
Other costs				340	0	340	272
Total expenditure				5,513	1,358	6,871	5,440
Realised 3 unrealised
investment and	foreign currency			3,491	1,644	5,135	10,405
gains/(losses) on revaluation
Net movement	in funds			(748)	11,002	10,254	17,714
Transfers				(35,157)	35,157	0	0
Balances brought 1January	forward at			110,464	0	110,464	92,750
Balance carried forward at 31December				74,559	46,159	120,718	110,464

				Note	Unrestricted	Restricted	2020	2019
Income from:
Donations					479	10,343	10,822	11,323
Investment					794	373	1,167	1,362
Other income					14	0	14	34
Total income					1.,287	10,716	12,003	12,719
Expenditure on:
Investment manager fees					611	288	899	732
Supporting the	charitable		work	4	4,527	1,070	5,597	4,184
of members ofthe Society			of
the Sacred Heart
Other costs					340	0	340	272
Total expenditure					5,478	1,358	6,836	5,188
Realised &unrealised
investment and foreign currency gains/(losses)		on			3,493	1,644	5,137	10,405
revaluation
Net movement	in funds				(698)	11,002	10,304	17,936
Transfers					(35,157)	35,157
Balances brought 1January	forward	at			109,429	0	109,429	91,493
Balance carried forward 31December		at			73,574	46,159	119,733	109,429

s at3zDec	ember (i	n C'oo	os)
		Note	Unrestricted	Restricted	2020	2019
Fixed assets
Fixed Assets			862	0	862	999
Social Investments		10	702	0	702	765
Investments			91,855	46,159	138,014	121,667
			92,557	46,159	138,716	122,432
			93,419	46,159	139,578	123,431
Current assets
Debtors			L258	0	1,258	6,337
Cash at bank			8,176	0	8,176	6,541
			9,434	0	9434	12,878
Creditors
Amounts falling due within one year (non-investment)			3,455	0	3,455	1,884
Amounts falling due within one year (investment)			24,839	0	24,839	23,961
			28,294	0	28,294	25,845
Net current assets			(18,860)	0	(18,860)	(12,967)
Total net assets			74,559	46,159	120,718	110,464
Represented by:		14, 15
Restricted			0	46,159	46,159	0
Unrestricted	funds
Designated	funds		74,559	0	74,559	109,049
General funds				0	0	1,415
Total funds			74,559	46,159	120,718	110,464

asat3tDe	cember (in	C'ooos	)
		Note	Unrestricted	Restricted	2020	2019
Fixed assets
Fixed Assets			0	0	0
Social Investments		10	702	0	702	765
Investments			91,855	46,159	138,014	121,667
			92,557	46,159	138,716	122,432
			92,557	46,159	138,716	122,432
Current assets
Debtors			1.254	0	1,254	6,331
Cash at bank			7,789	0	7,789	6,290
			9,043	0	9,043	12i621
Creditors
Amounts falling due within one year (non-investment)		13	3,187	0	3,187	1,663
Amounts falling due within one year (investment)			24,839	0	24,839	23,961
			28,026	0	28,026	25,624
Net current assets			(18,983)	0	(18,983)	(13,003)
Total net assets			73,574	46,159	119,733	109,429
Represented by:		14,
		15
Restricted			0	46,159	46,159	0
Unrrtstrtctedfunds
Designated	funds		73,574	0	73,574	109,429
Generalfunds				0	0	0
Total funds			73,574	46,159	119,733	109,429

orthe year ended	31De	cember (in	C'ooos)
		Unrestricted	Restricted	2020	2019
Net inflow/(outflow) from operating		(748)	11,002	10,254	17,714
activities
(Decrease)/increase in creditors		2,449	0	2,449	5,706
Decrease/(increase) in debtors		5,079	0	5,079	265
Investment income		(794)	(373)	(1,167)	(1,362)
Net realised &unrealised investment
and foreign currency gains/(lasses)		(3,491)	(1,644)	(5,135)	(10,405)
on revaluation on investments
Net Operating Surplus		2,495	8,985	11,480	11,918
Cash flow from investing activities
Investment income		794	373	1,167	1,362
Net additions/(withdrawals)	to social	(63)	0	(63)	17
investments
Net (additions)/withdrawals	to	(1,728)	(9,358)	(11,086)	(19,843)
investments
Net cash flow from investing		(997)	(8,985)	(9,982)	(18,464)
activities
Cash flow from fixed assets
Purchase of new assets		(103)		(103)	(136)
Depreciation dudng the	year	240		240	236
Net Assets (additions)/reduction		137	0	137	100
Increase/(decrease) in cash		1,635	0	1,635	(6,446)
Cash as at1January		6,541	0	6,541	12,987
Cash as at31December		8,176	0	8,176	6,541

orthe year ended	3zDe	cember (in	C'ooos)
		Unrestricted	Restricted	2020	2019
Net Inflow/(outflow) from operating		(698)	11,002	10,304	17,936
activities
(Decrease)/increase in creditors		2,402	0	2,402	5,693
Decrease/(increase) in debtors		5,077	0	5,077	263
Investment income		(794)	(373)	(1,167)	(1,362)
Net realised &unrealised
investment and foreign currency gains/(losses) on revaluation on		(3,493)	(1,644)	(5,137)	(10,405)
investments
Net Operating Surplus		2,494	8,985	11,479	12,125
Cash flow from Investing activities
Investment income		794	373	1,167	1,362
Net additions/(withdrawals)	to social	(63)	0	(63)	17
investments
Net additions/(withdrawals)	to	(1,726)	(9,358)	(11,084)	(19,843)
investments
Net cash flow from investing		(gg5)	(8,985)	(9,980)	(18,464)
activities
Cash flow from fixed assets
Purchase of new assets
Depreciation during the	year
Net Assets (additions)/reduction
Increase/(decrease) in cash		1,499	0	1,499	(6,339)
Cash as at 1January		6,290		6,290	12,629
Cash as at31December		7,789	0	7,789	6,290

						Group		Charity
						2020	2019	2020	2019
Funds	received		from	Society	of the
Sacred	Heart:
-Generalate		(donation)				0	0	22	(15)
-provinces		(donation)				10,800	11,338	10,800	11,338
						10,800	11,338	10,822	11,323

. Investm	ent (in 6	'000s)
				Group		Charity
				2020	2019	2020	2019
Investment	income	(dividend	&interest)	1,167	1,362	1,167	1,362

4.	Supporting the Charitable Work of Members
	ofthe Society of the Sacred Heart (in C'000s)

		Group		Charity
		2020	2019	2020	2019
Donations	to the Society ofthe Sacred
Heart:
-Generalate		2,788	2,183	2,798	1,920
- provinces		2,844	2,253	2,799	2,264
		5,632	4,436	5,597	4,184

. Other	Costs (in C'000s)
		Group		Charity
		2020	2019	2020	2019
Auditors	remuneration			9	9
Other professional fees		331	263	331	263
		340	272	340	272

		Group		Charity
		2020	2019	2020	2019
Auditors	remuneration			9	9

				Average
				Number	of
		Social	Total Staff	Group
The group had salary costs of:	Salary	Costs	Costs	Employees
2020	516	152	668	14
2019	420	92	512	12

. Fixed Assets (Group) (in C'000	s)
		Land &	Equipment	Vehicles	Total
		Building
Opening Cost as at 1January 2020		5,777	383	18	6,178
Additions		41	62	0	103
Closing Cost as at 31December 2020		5,818	445	18	6,281
Brought Forward Accumulated Depreciation as at		4,831	330	18	5,179
1January 2020
Charge for the Year		217	23	0	240
Total Accumulated Depreciation at31December 2020	as	5,048	353	18	5,419
Total Net Book Value as at 31December 2020		770	92	0	862
Total Net Book Value as at 31December 2019		946	53	0	999

10.Social Investments (in 6'	000s)
		Group		Charity
		2020	2019	2020	2019
Market value at 1January		765	748	765	748
Net (withdrawals)/additions	from	0	0	0	0
sales &purchases
Net unrealised foreign	currency
exchange gains/(losses)
Market value at31December		702	765	702	765

				Group		Charity
				2020	2019	2020	2019
Listed investments and cash		held for		138,014	121,667	138,014	121,667
re-investment
ents in investments are summarised			below:
				Group		Charity
				2020	2019	2020	2019
Market value at 1January				121,667	91,453	121,667	91,453
Net (withdrawals)/additions sales g purchases	from			11,149	17,827	11,147	17,827
Net investments transferred	to	the
Duchesne Trust from the Society of				0	1,999	0	1,999
the Sacred Heart provinces
Net unrealised investment	8
exchange gains/losses —Provincial				1,249	4,107	1,249	4,107
investments
Net unrealised investment	8
exchange gains/losses —Genera late				3,949	6,281	3,951	6,281
investments
Market value at31December				138,014	121,667	138,014	121,667

	Group		Charity
	2020	2019	2020	2019
Equities	85,569	52,073	85,569	52,073
Fixed interest securities	24,428	19,345	24,428	19,345
Alternatives	22,358	27,740	22,358	27,740
Cash	5,659	22,508	5,659	22,508
	138,014	121,667	138,014	121,667

		Group		Charity
		2020	2019	2020	2019
Other debtors		4	6	0
Province debtors		1,254	6,331	1,254	6,331
		1,258	6,337	1,254	6,331
		Group		Charity
		2020	2019	2020	2019
Democratic Republic of Congo Province		252	328	252	328
Italian	Province	0	5,000	0	5,000
Peru Province		94	166	94	166
Poland	Province	640	420	640	420
Uganda	Kenya Province	268	417	268	417
		1,254	6,331	1,254	6,331

Democratic Republic of Congo Province	60
Peru Province
Poland Province	80
Uganda Kenya Province	35
	243

					Group		Charity
					2020	2019	2020	2019
Amounts	due	to	provinces	—Non	1,390	1,247	1,390	1,247
Investment
Accruals					461	366	193	145
Commitments					1,604	271	1,604	271
					3,455	1,884	3,187	1,663
Amounts	due	to	provinces	—Investment	24,839	23,961	24,839	23,961
Total					28,294	25,845	28,026	25,624

			Group		Charity
			2020	2019	2020	2019
As at1January			23,961	18,071	23,961	18,071
Amounts Received	In the	Year	0	1,999	0	1,999
Disbursements			(371)	(216)	(371)	(216)
Investment Gains/(Losses)			1,249	4,107	1,249	4,107
Amounts due to provinces		—Investment	24,839	23,961	24,839	23,961

						31
	1January			Investment		December
Funds	2020	Income	Expenditure	Gains	Transfers	2020
Solidarity	0	204	(204)		0	0
Covld	0	865	(865)	0	0	0
Future Sustainability	0	9,647	(289)	1,644	35,157	46,159
	0	10,716	(1,358)	1,644	35,157	46,159
Ilotaatrlcted
General	1,415			0	(1,415)
Generalate	52,160	1,274	(2,667)	3,491	1,415	55,673
Solidarity	6,275	0	(36)	0	0	6,239
Formation	3,343	0	(11)	0	0	3,332
Sustainability	46,371	0	(2,799)	0	(35,157)	8,415
Heritage	900	0	0	0	0	900
	109,049	1,274	(5,513)	3,491	(33,742)	74,559
Total Funds	110,464	11,990	(6,871)	5,135	0	120,718

Charity
						31
	1January			Investment		December
Funds	2020	Income	Expenditure	Gains	Transfers	2020
Restricted
Solidarity		204	(204)	0	0	0
Covid		865	(865)
Future Sustainability			(289)	1,644	35,157	46159
		10,716	(1,358)	1,644	35,157	46,159
General
Generalate	52,540	1,287	(2,632)	3,493	0	54,688
Solidarity	6,275	0	(36)	0	0	6,239
Formation	3,343	0	(11)	0	0	3,332
	46,371	0	(2,799)	0	(35,157)	8,415
Heritage	900	0	0	0	0	900
	109,429	1,287	(5,478)	3,493	(35,157)	73,574
Total Funds	109,429	12,003	(6,836)	5,137	0	119,733

	Unrestricted	Designated	Restricted	Total
	Reserves	Reserves	Reserves	Reserves
Fixed Assets	18,860	74,559	46,159	139,578
Current Assets	9,434			9,434
Current Liabilities - Non- Investment	(3,455)		0	(3,455)
Current Liabilities - Province Investments	(24,839)		0	(24,839)
Total Reserve	0	74,559	0	120,718

		Unrestricted	Designated	Restricted	Total
		Reserves	Reserves	Reserves	Reserves
Fixed Assets		18,983	73,574	46,159	138,716
Current Assets		9,043			9,043
Current Liabilities Investment	- Non-	(3,187)			(3,187)
Current Liabilities Investments	-Province	(24,839)			(24,839)
Total Reserve		0	73,574	0	119,733