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2021-12-31-accounts

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

(Registered Charity number 313673)

TRUSTEES’ REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

REFERENCE AND ADMINISTRATION DETAILS

Charity name The Pontifical Institute of the Religious Teachers Filippini
Registered Charity number 313673
Charity’s principal address Convent of St Lucy
Medstead
GU34 5LL
Trustees Reverend Sister Barbara Ranere (Chair)
Reverend Sister Joan Henry
Reverend Sister Ascenza Tizzano
Bankers NatWest Bank Plc
38 High Street
Alton
Hampshire
GU34 1BD
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Independent Examiner Adam Halsey FCA
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Solicitors Stillwell’s Solicitors LLP
6 Carlton Crescent
Southampton
Hampshire
SO15 2EY

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THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEES’ REPORT

Introduction

The Trustees present their report and the independently examined accounts for year ended 31 December 2021. These have been prepared under the provisions of Charities Act 2011 and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS102 and complies with all statutory requirements and the Charity’s governing document.

Structure Governance and Management

The Institute was constituted as an unincorporated charity and established by a Trust Deed dated 03 October 1959.

The Hampshire Convent of the Religious Teachers Filippini is the UK Institute of a Roman Catholic Religious Institute founded in Italy, over three centuries ago, and its headquarters are located in Rome.

The UK Institute operates under the guidance and direction of the Superior General and General Council both of whom are located in Rome and who make an oversight visit once a year.

The Superior General, with the consent of the General Council in Rome are responsible and have the authority to appoint or remove the Trustees. Any such decision is taken in consultation with the views of the current Trustees of the UK Institute. The Trustees are appointed from within the Institute and there are no outside appointments.

The Trustees whose names are listed at the beginning of this report are responsible for the management of the Institute and the utilisation of its charitable funds in the United Kingdom. The Trustees are considered to be the key management of the Institute. The Regional Superior Sister (Sister Barbara Ranere) has the overall responsibility for the Institute and all its activities conducted in the United Kingdom. The Board of Trustees is chaired by the Regional Superior Sister (Sister Barbara Ranere), the Trustees determine and implement the policies and direction of the UK Institute, including investment and expenditure decisions.

Where there are any significant decisions on important matters such as major expenditure or changes in policy, concerning the UK Institute, these are considered by the Trustees in consultation with the Regional Superior, the Superior General and the Council of the Institute in Rome.

The administration of the UK Institute is conducted entirely by the Sisters. The Institute provides appropriate training for any of the Sisters who are proposed or appointed to any post or as a Trustee depending upon the position to be held within the Institute. The Sisters who hold a responsible position or function within the Institute have received the relevant training commensurate with their position. The Sisters of the Institute receive no personal remuneration for their services and any income received by the Sisters is donated to the Institute.

The UK Institute does not have any volunteers on a regular or permanent basis. There are also no employees of the Institute and consequently no remuneration expenditure.

The UK Institute did not have any formal relationships during the year with any other Charity, but it does have a relationship with Single Steps Nurseries Ltd a private company, who is a tenant and operates the Nursery School on the premises of the Institute. The Institute does however closely liaise with the local parish of St Mary’s Alton in the Diocese of Portsmouth, which is a registered charity.

Objectives and Activities

The general purpose of the Institute is to teach and provide an education and make facilities available for the purpose, especially for the education of the young and to help them in the formation of their faith, to enable them to develop and grow to help others in their faith and live by Christian values. The intention of the purpose is to be faithful to the original inspiration of the Founders, the Religious Teachers Filippini with regard to their ministry of Christian education of the youth and of adults, especially women, as their principal duty.

3

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEES’ REPORT

The Institute leases the Nursery School building to Single Steps Nursery to provide facilities for the care and education of younger children during the weekdays and also provides one teacher to the Nursery School. The Institute also has available facilities for retreat days, which have in the past been held periodically for older children from a local Catholic school to reflect on and examine their faith. Unfortunately, due the pandemic and the risk of spreading the COVID-19 virus variations, these facilities were not made available during the year. Members of the Institute are also available to help and support people in need.

Public Benefit

The Trustees confirm that they have complied with their duties as set out in the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the charity’s aims and objectives and in planning future activities. The Charity fulfils this responsibility as detailed in the above paragraphs entitled ‘Objectives and Activities’ and in the following section entitled ‘Achievements and performance’.

Achievements and Performance

Sisters of the Institute undertake the education of young people in accordance with purposes of the Institute and during the year had provided premises and a Sister who was qualified to teach in the Nursery School at Medstead.

It has not been possible during the year to make the Convent facilities available for use by outside groups due to the continued risk of the COVID-19 virus. The Convent Chapel at Medstead was re-opened during the year for the use on Sundays by the Parish of St Mary’s Alton to celebrate a public Mass.

The Sisters have also not been able to visit the sick and infirm in the local area due to the presence and the risk of the COVID-19 virus. They have as an alternative been able to provide support by telephone.

Financial review

The activities of the Institute during the year had generated an income of £66,138 (2020 income of £62,161) less expenditure of £139,811 (2020 £135,011), which resulted in a net decrease in the movement of funds of £79,106 (2020 £72,850). The Institute does not have any process or facility to collect any funds from the public. The funds of the Institute are received primarily from voluntary donations and legacies, Sisters pensions and salaries (donated in full in accordance with the rules of the Order), rental income from the Nursery School and interest on its investment deposits. Money held by the Institute is invested in a mix of Bank and Building Society Bonds, and deposits in Banks, Building Societies and National Savings accounts. A small number of equity shares have been retained, as a result of a ‘windfall’ from a Building Society conversion. These equity shares have been adjusted to accord with their current market value at the year end. The Institute has a current policy of not investing on the Stock Market or to make any other high-risk investments but may in future review this policy in view of the poor returns from fixed income deposits and bonds.

Other funding comes from its charitable activities and arises from re-charging the amounts expended by the Institute for the utilities consumed by the Nursery School. The Institute facilities were not used by any Schools during the year and consequently did not receive any donations from this source during the year.

Reserves Policy

The Trustees hold reserves, which are not designated for specific projects or activities. The income from these deposits and investments are used to meet the expenses of the Institute and to sustain current charitable works of the Institute in the United Kingdom in the absence of other income.

The free reserves (defined as general reserves less tangible fixed assets) have decreased in the current year from £870,049 in 2020 to £858,067 in this year. The Trustees continuously review the reserves to ensure that there are adequate financial resources to maintain the future activities of the Institute. This review includes a review of the investment policy of the Trustees and other additional activities for the purposes of increasing the level of income for the Institute. The reserves held by the Institute on the 31 December 2021 are described in the following financial statements.

4

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEES’ REPORT

Fundraising

The Charity’s income is derived in part by investments income. The principal income is from the pensions and salaries received by the sisters which in accordance with the rules of their Order these are donated to the Institute. The Institute does not operate through any third party or undertake any public fundraising activities. The Trustees are aware of the Code of Fundraising Practice issued by the Fundraising Regulator and any funds raised are raised in accordance with the standards of the Code.

Risk Management

The Trustees are satisfied that they have introduced sufficient systems and procedures to mitigate any material risks to the extent in which it is possible to anticipate. The Trustees have also considered any major areas where risks could arise to which the Charity could be exposed. The Trustees have reviewed these major risks and have established adequate systems and procedures to enable any major risks to be adequately managed, to eliminate or reduce any exposure of the Institute.

The Trustees have identified the major risks pertaining to Governance, Operational delivery, Finance, Reputation, Environment and Compliance. These risks have been mitigated through the charity’s procedures, policies and reporting structures and are monitored by the Board of Trustees through an annual review process.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement, loss or reputational damage. They include:

Future Plans

The Trustees do not have any new plans for the following year but will review any plans which may arise after the pandemic precautions, which have limited the Institutes ability to fulfil its mission. If any opportunities should arise the Trustees will consider any such plans which they may be able to implement, which are conducive to the mission of the Institute and that they are within the scope of the rules of their Order.

5

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of the Pontifical Institute of the Religious Teachers Filippini (the Trust) for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination .

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Adam Halsey FCA

For and on behalf of Haysmacintyre LLP Independent Examiner

10 Queen Street Place London EC4R 1AG

Date:[22 ][November 2022 ]

7

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENT OF FINANCIAL ACTIVITIES

Note
Income and Endowments from:
Donations and Legacies
3
Charitable Activities
4
Other Trading Activities
5
Investments
6
Total Income
Expenditure on:
Charitable Activities
7
Total Expenditure
Net (Expenditure)/Income
Other Recognised gains/(losses)
Gains/Losses on Investment Assets
13.1
Net Movement in Funds
Reconciliation of Funds
Total Funds brought forward 1st January 2021
17
Total Funds carried forward 31st December 2021		 2021
2020
£
£
25,531
35,257
31,567
16,493
6,223
4,485
2,816
5,926
66,139
62,161
139,811
135,011
139,811
135,011
(73,672)
(72,850)
85
(88)
(73,587)
(72.938)
3,207,302
3,280,240
3,133,715
3,207,302

This Statement of Financial Activities includes all gains and losses recognised in the year.

All Income and Expenditure derives from continuing activities.

8

Note 2g2t
f,		 2020
f
FixedAssets
TangibleAssets t2 ?,267,835 2,330,298
lnvestrnents 13.1-tr3.2 356 27t
Total FixedAssets 2268,191 2"330,569
CurrentAssets
Debtoil t4 7,548 7,043
Invesfinents 13.3 812,66'.1 809,851
Cash andBank 51,764 65,642
TotalCurrentAssets 871,979 8&2,536
Liabilities
Creditors: Amountsfallingduewithinoneyear 15 (6,455) (5,803)
NetCurrentAssets 865,524 875,733
TotalAssetslasCurrent Liabilities 3,133,715 3207302
Representedby:
UnrestrictedFunds l6 3,132,137 3,245,724
RestrictedIncome t6 1,578 1,578
Funds of theCharity 3,133,715 3A07302
Signedby Reverend Sister Barbara Ranere
Position fffu1***,A-,^

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENT OF CASH FLOWS

Cash Flows from operating activities:
Reconciliation of Net movement in funds to net cash flow from operating
activities
Adjustments for:
Depreciation Charged
Dividends, interest and rents from investments
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by operating activities
Cash Flows from Investing activities:
Dividends Interest and Rents from Investments
Sale/Purchase of Property and Assets
Realised (gain)/loss on cash investments
Net Cash Provided by Investing activities
Cash Flows from Financing activities:
Net Cash Provided by Financing activities
Cash and Cash equivalents at the beginning of the year
Change in Cash and Cash equivalents in year
Cash and Cash Equivalents at the end of the year		 2021
2020
£
£
(73,587)
(72,938)
62,463
63,286
(2,816)
(5,926)
(505)
403
652
(5,458)
(13,793)
(20,633)
2,816
5,926
-
-
(2,901)
(5,837)
(85)
89
-
-
-
-
65,642
86,186
(13,878)
(20,544)
51,764
65,642

10

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

1. BASIS OF ACCOUNTING

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise state in the relevant notes to these accounts.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – (Charities SORP (FRS102), the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

There are no material uncertainties about the charity’s ability to continue, and so the going concern basis of accounting has been adopted.

The financial statements are prepared in pound sterling, which is the functional currency of the charity, and rounded to the nearest £1.

2. ACCOUNTING POLICIES

Donations and legacies income include donations and gifts in wills which are recognised where there is entitlement, probability of receipt and the amount of the gift is measurable.

Income from donations, covenants and gift aid includes receipts from fundraising events. Donations together with the resulting tax credit from gift aid, is credited directly to the statement of financial activities on an accrual’s basis. Donations and all other receipts (including capital receipts) from fundraising are reported gross and the related fundraising costs are reported in raising funds. Income from aid committees is included in incoming resources in the year in which it is received.

Pecuniary Legacies are accrued and credited directly to the statement of financial activities when the value becomes known with reasonable certainty. For residuary and reversionary legacies, entitlement is established in the year that the Charity has been notified of an impending distribution. Where a legacy is received or notified as receivable (by the personal representatives) after the accounting year end, but it is clear that a legacy had been agreed by the personal representatives prior to the year end (hence providing evidence of a condition that existed at the balance sheet date) it is accrued in the statement of financial activities and the balance sheet .

Income from tax reclaims are included in the SoFA at the same time as the gift to which they relate.

Contractual income and performance related grants are only included in the SoFA once the related goods or services have been delivered. Pensions received by the Sisters of the Charity, and which are donated by them unconditionally to the charity are regarded as donations (treated in accordance with note 2(a) above) and are not regarded as contractual income.

Gifts in kind including donated services and facilities are accounted for at a reasonable estimate of their value to the Charity, or the amount actually realised. They are only included in income (with an equivalent amount in expenditure), where the benefit to the Charity is reasonably quantifiable, measurable and material. The value of any voluntary help received is not included in the accounts but is described in the Trustees’ annual report.

Investment income is recognised on a receivable basis and the amounts can be measured reliably.

Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

11

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

2. ACCOUNTING POLICIES

Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably, expenditure is allocated to the appropriate headings relevant to the charitable activities.

Governance costs include the costs of the preparation and examination of statutory accounts, the cost of Trustee meetings, and cost of any legal advice to trustees on governance or constitutional matters.

Where the Charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the Charity.

The support costs which include governance costs to support the whole of the charitable activities Support costs include central functions, including upkeep of the Sisters of the Charity, and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Depreciation is provided to write off cost/value of assets over the expected useful life as follows:

Buildingimprovements 20% straight line.
Nursery Refurbishment 7.37% Lease period
Plant, machinery and motor vehicles 30% reducing balance
Fixtures, fittings and equipment 10% reducing balance

12

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

3. INCOME FROM DONATIONS

Donations and Legacies
Gifts
Other Donations		 2021
2020
£
£
25,441
29,691
90
5,566
25,531
35,257

There is an amount included in the Gifts of £25,441(2020 £29,691) which is the donation of Pensions received by the Sisters.

Included in the Gifts is a restricted amount of £0 (2019 £0).

4. INCOME FROM CHARITABLE ACTIVITIES

Charitable Activities
Salary of Sister to teach in Nursery School
Nursery School Rent		 2021
2020
£
£
16,567
8,295
15,000
8,198
31,567
16,493

5. OTHER TRADING INCOME

Re-Charge facilities cost for Nursery School
Rent of field		 2021
2020
£
£
5,698
3,960
525
525
6,223
4,485

6. INVESTMENT INCOME

All income from investments arises from interest received form deposit accounts and short term interest bearing bonds.

Interest Income
Dividends		 2021
2020
£
£
2,816
5,926
-
-
2,816
5,926

13

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Charitable Activities
Training
Insurance
Maintenance
Nursery School Maintenance
Mass fees
Candles and Alter requisites
Funeral Costs
Depreciation
Governance Costs (see note 8)
Support Costs (see note 8)
Total
8. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Support Costs
Sister Expenses
Sister’s Household
Sister Travel and Visa
Sister Heating, Light and Council Tax
Office and Admin
Governance Costs
Independent Examiners Fee
Accountancy
Legal Costs
Audit fee accrual reversal 2018
Miscellaneous Expenses
Total
9. OTHER EXPENDITURE
Independent Examiners Fees		 2021
2020
£
£
-
70
8,939
9,284
9,562
16,032
-
1,319
2,410
1,265
143
301
-
4,293
62,463
63,286
4,564
492
51,730
38,669
139,811
135,011
2021
2020
£
£
1,919
347
10,295
9,158
4,152
402
28,775
25,080
6,589
3,682
51,730
38,669
2,064
1,992
500
500
-
-
2,000
(2,000)
-
4564
492
2021
2020
£
£
2,064
1,992

14

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

10. EMPLOYEE COSTS

The Institute does not employ any staff and all the work of the Charity is performed by the Sisters of the Institute. The Trustees did not receive any remuneration during the year (2020: £nil). They are also members of the Institute, and their living costs are met by the Charity.

11 GRANT MAKING

The Charity did not at any time during the year collect or donate any funds for the purposes of making any grants to missions or to individuals.

12. TANGIBLE FIXED ASSETS

Cost or Valuation

Freehold Improvement Plant Fixtures Total
Land & to Buildings Machinery and Fittings and
Buildings Motor Vehicles Equipment
£ £ £ £ £
At 1 January 2021 2,150,000 378,469 66,120 87,949 2,682,538
Additions - - - - -
At 31 December 2021 2,150,000 378,469 66,120 87,949 2,682,538
Accumulated Depreciation and Impairment Provisions
1 January 2021 - 223,438 61,510 67,292 352,240
Charge for Year - 59,015 1,383 2,065 62,463
At 31 December 2021 - 282,453 62,893 69,357 414,703
Net Book Value
At 1 January 2021 2,150,000 155,031 4,610 20,657 2,330,298
At 31 December 2021 2,150,000 96,016 3,227 18,592 2,267,835

Original figures for Estate and Buildings at Medstead are taken from assessments made in October 1995 for insurance purposes.

Original figures for furniture and equipment are taken from estimated values at end of 1995.

13. INVESTMENT ASSETS

13.1 Fixed Asset Investments
Market Value 1 January 2021
Net Gain/(Loss) on revaluation
Market Value 31 December 2021		 2021
2020
£
£
271
359
85
(88)
356
**271 **

15

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

All investments (other than cash) are quoted on a recognised UK Stock Exchange or are valued by reference to investments listed on a recognised Stock Exchange.

13.2 Breakdown of Investments
Listed investments
13.3 Material Investment Holdings –Current Assets
Market value at year end
Charities Aid Foundation deposit
National Savings Investment
Skipton Building Society 583
Skipton Building Society 571
Total Short Term investments		 2021
2020
£
£
356
271
2021
2020
£
£
305,860
305,830
194,640
194,621
165,836
163,870
146,331
145,530
812,667
**809,851 **

14. DEBTORS AND PREPAYMENTS

Analysis of Debtors
Prepayments
Total
15. CREDITORS
Analysis of Creditors
Accruals and Deferred Income
Total		 2021
2020
£
£
7,548
7,043
7,548
7,043
2021
2020
£
£
6,455
5,803
6,455
5,803

16. STATEMENT OF FUNDS

The Charity has no endowment funds.

Restricted funds are limited to money which is raised by or donated to the Charity for specific purposes, with the full knowledge and approval of the trustees.

Summary of Funds

Unrestricted Funds
Restricted
At 31 December 2021		 Balance at
1 January
2021
Income
Expenditure
Gains/(Losses)
on Investment
Assets
Balance at
31 December
2021
£
£
£
£
£
3,205,724
66,139
(139,811)
85
3,132,137
1,578
-
-
-
1,578
3,207,302
66,139
(139,811)
85
3,133,715

16

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

16. STATEMENT OF FUNDS - continued

Restricted Funds
Chapel Funds
Missions Fund
At 31 December 2020		 Balance at
1 January
2021
Income
Expenditure
Gains/(Losses)
on Investment
Assets
Balance at
31 December
2021
£
£
£
£
£
358
-
-
-
358
1,220
1,220
1,578
-
-
-
1,578

Chapel fund. This fund is for the purposes of paying towards the cost of heating and consumables used in the Chapel. Mission fund. Donations and funds raised through appeals and events held, solely for the Missions of the Institute.

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Investments
Current Assets
Current Liabilities		 Unrestricted
Funds
Restricted
Funds
2021
2020
£
£
£
£
2,267,835
-
2,267,835
2,330,298
356
-
356
271
870,401
1,578
871,979
882,536
(6,455)
-
(6,455)
(5,803)
3,132,137
1,578
3,133,715
3,207,302

18. RELATED PARTY TRANSACTION

There were, no related party transaction during the year or in the prior year.

19. CORPORATIONS TAX

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation on Chargeable gains Act 1992 to the extent that they are applicable to its charitable objects.

17

THE PONTIFICAL INSTITUTE OF THE RELIGIOUS TEACHERS FILIPPINI

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

20. FINANCIAL INSTRUMENTS

Financial assets at fair value
Cash
Short Term deposits
Fixed term Bonds
Investments
Financial liabilities at fair value
Short term Liabilities
Financial asset/liabilities at amortised cost
Financial assets measured at fair value comprise
investments		 2021
£
51,584
312,167
500,500
356
(6,455)		 2020
£
65,642
305,830
504,021
271
(5,803)
858,152 869,961
858,067 870,049

18