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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|
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||||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|
##
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|||||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|
##
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|
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|
##
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|
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|
##
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|
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|
##
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|
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|
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|||||||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|
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|||||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||
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|.
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|
##
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|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|
##
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||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|
##
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|||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|
##
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