EDMiif*D RICE BIC.F.NTENPilAL TRUST LI11TED IA C.ompgn} lirniied by gu4r8titeel REPORT AND FINAYCIAL ST.4TEMENTS FOR THE YEAR EliDED 31 DF.CEMBER 2020 Company No. 4219228 IEngland and Wales} Chariiy No. 1098358
EDMUND RICE BICEYTENP4JIAL TRUST LIMITED REPORT AiYD FINANCIAL STATEMENTS YEAR ETr4DED 31 DECEMBER 2020 CONTENTS Page Reference and Adminisiraiive Inftsmi•ion Directors. Report Auditor's Report StateTnen¢ of Financial Activities 12 Balance Sheet 13 Statement of Ca5hllows 14 Noies to the Financial Sth¢ements 15
EDMUND RICE BICENTENNIAL TRUST LIMITED REFEREIYCE AND ADMIiYISTRATIN'E IiYFORMATIOiY YEAR ENDED 31 DECEMBER 2020 Charity Registration Number.. 1098358 Company Number. 4229228 Directors.. P. Griffiihs (Chair I J. McDonald (Australia) M. Holland G. Gordon C. Sindazi Mukuka IZamb5al K. Gordon J. Johnson Ilndial T. Oldham Address of Regisrered Offite- "Woodeaves" 'ickeT Lane Hale Barns Altrincharn Cheshire WA150HF Se¢retary'. L&P Trustee Ser%'i¢es Limited 75 St Stephen's Green Dublin 2 Ireland Independent AudilOT-. MaTars LLP 6 Sutton Pla7a Sullon Court Road Sutton Surrey SMI 4FS Principal Bankers.. Allitd Irish Bank HSBC Principal Investment Managers: Cantor Fitzgerald Ir¢land Ltd Unige5tion State stet Global Advisors Setanta Asset Management
EDMUND RICE BICENTEryNIAL TRUST LIMITED DIRECTORS, REPORT YEAR ENDED 31 DECEMBER 2020 The Directors present their Teport and financial statements for the year ended 31 Decemi)er 20?0 and ¢onfJmi that li complies with Current s¢oiutory requirements, and wilh the requirements of ihe ChJrLty'5 governing instrument. I1 RODUCTION Edmund Ri¢e Bicent¢nnial Trust Lrd I"The Chariry") was incorpordted on 5 June ?001 and registered as a Charity on 4 July 2003. lis PUTpose is to support and fund thr Edmund Rice mission in the developing world. Today, the Charity 5UPPOrts the a¢tivities of Chrilan Brother5 a¢ross two continents. namely Africa and Europe. MISSION The main objects ufthe Charity are io ad*ance the Christian faith, promote Christian ideals and provid¢ for the educaiion and training of¢hildT¢n and other persons according to the spirit and ideals of Blessed Edmund Rice. OWECTIVES, AIMS AP4D AcfiviTIES Objeetives The Charity intend5 to meet the Obl1Ve5 described above by.. Providing assistance to children or oiher persons especially ¢hose who are poor by the provision of accoTnmodation. training. instruction. or pastoral care in order to develop their physical, mental, emotional and spiriiual capacities. 2. Providing assistance as the c.harity Tnay froTn time LO time think fit for the provision of educational facilities. 3. Providing or ass1Sting in the provision of education of any child or person in keeping wsih the precepts of ChT15tian faith and Chr2Stian ideals. Providing assistance for the training or tea¢h¢rs. parents. you¢h leaders or other persons engaged or to be engag¢d in provision of dueation. l¢#dership. development, or instnjction of children and other persons. Providing wh¢r¢ needed, assisian¢e for the fllnherance or developmeni of edu¢aiion or youth leadership, religious and moral development especially of the )'oung and disadvantaged as well as for the relevant edu¢aiional T¢5earch. Providing for the reasonable needs and assistance of those who have Seed the mairh obj¢cis of the Charity and io provide them with the necessary resources Tcquired in the perfom)ance of their duty in keeping with the main obje¢is of the Charit>. prolded always thai no part of the capitol or income of the Charity may be distributed to any person by way of PTofii of dividend. Advancing the Christian faith in any part of the world. Assisting in the relief of poverty in anj part of the world. Providing assistance to other bodie5 involved in charitabl¢ works haviTrg main obje¢¢s similar to those of the Charity. Publi¢ Benefit The DirectOTS ¢onsid¢T thai the activities and achievements of the ChaThty illustrate that the aims of the charity are carried out for the public bencfii. The Directors confirm that the) hawe taken into account the besi practice guidan¢e on public benefit when deciding what activities. the Charity undertakes. REVIEW OF ACHIEVEMENTS ATriD PERFORMANCE FOR THE YEAR Review of Activities Applications were received from the Africa Province. th¢ Mission Capacity SupTK)rt Team and Edmund Rice Development Ltd. The Trustee5 rewiew¢d all applications and approved the payrneni of funds to the three applicants. D¢tai15 of ih¢ three ¢ntities thai Te¢eived fvnding and iheir activities are dis¢vssed in this section.
EDMUiYD RICE BICENTENiYIAL TRUST LIMITED DIRECTORS, REPORT {continued) YEAR ENDED 31 DECEMBER2020 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE I'EAR {coniinued) The Christian Brothers. African Province The Charity pro%'ided £571,521 10 the Christian Brothers African Province during 2020. A further £578,864 met the recognition criteria lor a collsinjctive obligation ai 31 DeceTnber 20?0 was included in the grant expenditure in 2020 and will be paid in 2021. The mission of the ChTlStian Brothers in Africa continues to be aciing as ¢ffective agents in the liberation of oppressed and marginali5ed people fTOrn poverty, injustice. ignorance, and the effects of sickness, especially HIVIAIDS and COVID-19. To do this we ¢ollaiK)rate Closely wilh the PLN)r in the rninistTies of faith-based education and communily development. We prioriiis¢ the care of 0p]e. the transfomation of unjust Structures and ¢aTe for the whole of cr¢atio and endeavour to achieve these by advocacy, education and ¢omrnunity' partneT5hip. To achieve these aims, the African Province of the Christian Brother5 s¢eks the financial SUPTX)rt from external sources io supplement the iniernal contriblltions frorn some of ihe ministrie5 in which the brothe have participated and continue to provide inspiration from their following of Edmund Rice. The Charity is a significant ¢%temal SOUTre, also working under the inspiration of Edmund Rice. Internal income and other donations support initial and ongoing formation programmes, and further fomial educational COUTse5 for the Brothers. They also SlJPPOrt ihe administrdtion of the ¢ommunitie5 of the Province conlinent-wide and ils four eniiiie5 in the following countries.. South Afric4 Zambia and z.imbabwe Isouih Central Disirictl, Kenya. Tanzania and South Sudan (East AfTiGa Di5tri¢tl and Ghan& LIria,'fhe Gambia and Sierra Leone (West Africa Districil. The Chariry's funding enabled the Christian Brothers and their co-workers to live in and ntar their minisiries thus resulting in involvement directly or indirecily with tens of ihousand5 of beneficiaries. By the end of 2020. the Africa ProviThce of the Chrisiian BroiheTS ¢OilSlSted of 118 members. There were 42 annually professed African Broihers. 53 finally profes5¢d African broiheTS, 14 finally proftssed ¢xpatriat¢ brothers and 9 finally prof¢5s¢d broihers who weT¢ mernbeTS of other piovince5. In addition io the Profe55ed Brothers, there wer¢ ihirteen fiTSt- year novices in 'l"amal. Ghana and 8 youtJ8 men in the 51vIanCY programs at matabUk Zarnbia 161 and Sham51 ID Tanzania121. In 2020. the Christian Brothers and their co-workers wer¢ involved in a variety of minisrries and community en8agem¢nts including the following.. Pastoral caTe of all the brothers in ihe Provinee Encouraging and PToviding opportuniiics for th¢ brothers to participate in life-long formation thus enablin personal development of each brother in aaS of irttere5t. skill and activism in the service of others Seeking. preparing and training young men who are interested in becoming Christian Brothers Admini5traiion 3nd iea¢hing and lewning progr3mme5 in primary. seeonday) and vocational s¢hoo15 that provide educational opportunities for Childn, both girls and IK)ys, wilh a 5igDificani numb¢r of ihe children from disadvantaged ba¢kb7rounds Teaching in the informal education secior. running homework ClseS, running centr¢s that teach skills to those who have failed in the formal education se¢ior and by so doing &5slSI theTn 10 incre&se their chance of obtaining employTnen¢. Working with children wilh disabilities io assis( them in becoming confident in their abilities to participate in fulfillin8 relationships and roles.
EDMUND RICE BICENTENNIAL TRUST LIMITED DIRECTORS, REPORT leontinued) YEAR ENDED 31 DECEMBER 2D20 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR{eontinued) Awareness-raising on significant local and global issues and the trdining and supwrt of communities in the use of advo¢acy Direct involvemellt with local community development proje¢is in supporting the local communities to accept their role and participation in su¢h projects. Full time assistan¢¢ to people stigrnaiised by. and 5uITering from. IIIIIIAids. some through s¢h(K)l involvement and 5UPP)n in accessing treatment. medicalion and presence wi¢hin a supportive community. There w¢re also outreach programmes edu¢ating people on HIVIAids Prevention. Being direcily and aciively involved in distTibuiing on¥oing practi¢81 assis¢an¢e to viciim5 andlor families, particularly those orphaned, as & direci consequence of Ihe Ebola emergency. EncouraBirtg participation in forniation in Edmund Rice ¢hinking and acting which is then extended into practices such as visit5 to orphanages. h05piials and prisons by young people and our co-workers. The Brothers Communities coniribuied part of theiT Community income to purchase food which wa5 dis¢ributed to families atT¢cted by COVID-19. The Brothers facilsiated the distribuiion of fiN)d and sani¢izin8 materials using fund5 don*ed by various donors to support those affected by the COVID pandemic. Edmund Rice Development The Charity 15 ronnected to, but does not control, an Irish ¢haritv, Edmund Rice Developrneni IERDI which is a dtv¢lopmeni agency dedicated 10 the liberation of people and communities from povetry and injvsiicc ERD'S core piJrp05e Is to support the sustainability of Edmund Rice Mission by sourcing funding, building donor et]gagiement and working with our partners in mission to impTOV¢ development capacity and maximise impac¢. ERD is fully committed io transparenc). and a¢¢ountability IO its fund¢rs. In 2020, the chariiy donai¢d £169,589 irt support of ERD'S Core op¢ration5. A further £168,059 rnet the recognition criteria for a constructive obligation at 31 December 2020 has been included in the grant ¢xpenditure in 2020 and will be paid in ?021. D¢¢ply aware of th¢ levels of poverty, vuln¢r¥bility and ex¢lu5ion in OUT world, ERD Tesponds to th¢ lack of.. awarenes5 of human and envInMental Tights Consistent access io basic needs access ro quality primar). and secondary educaiion opportunities for livelihoods, employment and entrepreneurship Bcce5S to quality communir). healthcare opportunities for people with disabiliri¢s prot¢ctiOll 2nd respect for'the carth our home. ILaudato Sil by suprK>rting Edmund Rire Mission in ihe thre£ aTeas of ConiTDuniiy Developmeni. Education and Advo¢acy. During the year. total incoming r¢50urces for ERD amoupted to É1.0•5.765. Total olligoing Tesources amounted to 1.084,091 during 2020. AI 31 Decelllber 2020 the organi5ation had a dtficii of É58.326 which was attributed io by a restTlCted deficit of f132.471. The Charity in collaiK)raiion wilh an Edtnund Rice Mi5s10n launched the Capacity Asse5smeni and Response Plan project which was undertaken by ihe CotLgTegation Leadership Group in 2017. The objectLV¢ a$ to assess the ability tsf project teams in difference provin¢es, identify'ing areas ihat they needed to improve and offering training and sUPPOrt were necessary.
EDMUND RICE BICENTENYIAL TRUST LIMITED DIRECTORS, REPORT Icontinuedl YEAR ENDED 31 DECEMBER 2020 REVIEW OF ACHIEVEMETr*TS AND PERFORMANCE FOR THK I'EAR Icontinued) ML5sion Capacity Development Project The Charity Provided £62,449 to Mission Capacity Development Project during 2020. A further £61.917 which met the re¢ogniiion ¢riteTia for a constructive obligation 8t 31 December 2020, ha5 been included in th¢ grant expenditure in 2020 and will be paid in 2021. Th¢ Mission c.apacity Suppori team IMCST) was established to conduct a Congregation-wide Capacity AssessTn¢nt for all developmeni projects in Edtnund Riee Mission IERMI. The MC.ST was also required to establish and implement a plan for trdining and capacity building at all leve15 of project managemeni from fjeld managers through owners and governors of PTOj¢¢ts. The long-terni goal of the capacity development project is to build capacity of development Projects to aihieve greater impa¢t in local ¢omtnunities. Illtimately this Mi55ion Capacity Dev¢lopmeni Project IMCDPI would ensure that ERM Projects are compliant in all besi practice International Developtntnt principles and pn)iocols. During 2020, Ihe third year of the 3-y¢ar sirategTiC plan executed. building on the pn)gre5s in 20?0. MCDP has provided documentatloll to dernon5tTaie thai the work s¢heduled under the three strategic ouicom¢s of the projeci have been successfully advanced during 20?0. Key achievements in 2070 include.. Strategic Outcome l.. Increase the Effeciiveness of Edmund Ri¢e Mission DeveloprneDI Office5 IMDOI & Developmeni projecis to achieve bet¢er results. L'jllder thi5 Outcome are& the project increased capacity in Result5 Based planning and Monitoring and Evalu81ion ihrough three online training cour5e$ 131 participants) and an in-counlry training Izambial benefitting 22 participants. The Governance Training PTograrnme planning began with the research phase, which included 24 int¢rview5 Wlth 29 stakeholders. Additionally. capa¢ity was buili in ihe Africa Province through collaboTaiion with the Afri¢an Province Mission Dev¢lopment Office, with a foclls on ihe Africa Province Strategic planning process. Strategic Outcome 2.. Hurnan alld Financial ResouTces are efYe¢ll%'ely managed enabling local project implementation. Under this outcome area, the 2016 Mission Finance Manual was comprehensively reviewed. and an updated 20?0 version was produced. Finance Trainings were delivered in-counlry (Edmund Rice International. Swiizerlandl and online (Africa Provinc¢l 10 in¢rease the financial managT¢ment capacity of local teams. Further support wa5 given ihrough financial mentorship to the Latin Ameriran Mission Development Office. Sirategic Outcome 3.. Improved Leaming and Sharing across ERD Proje¢15. Under ihis Outcome ¥Je& collaboraiion continued thrtsugh Tegular MCST peeT-group meetings and an annual online meeting of the full MCST in August. Two MCST newsletters were produced and distributed to stakeholders in addition a MCST discussion paper, which was submitted 10 the CLT. The grant used to supp)rt Operaiional and Adrninistrative work of the MCST through its Executive Officer and executive council. PLANS FOR THE FUTiiRE The Charity iniends to manage it5 existing assets &8 efficiently as possible in order to generaie the income necessary to achieve rhe charity aims and to ¢ontinue to give support io fuiuTe projeLls. The Charitv plans to continue to provid¢ 5UPPOrt to the Edmund Rice Mi55ion in the D¢weloping Il'orld. The Charily uses income froTn its inveslJll¢nt wrtfolio to make grants ond donations in support of the above projects. Alihough no fundTaising has been conducted during the year and the prior year the Charity is aware of the Charities (Proieciion and Social Invesimentl Act 2016. FINANCIAL REVIEW During the year. ¢he charity e1Ved income of £58?,943, consisting of donat10115 lotalling £13.257 and inv¢5tment income of £569,686. Expenditure tot311ed £960,588 consisting of ihariiable acliwitie5 of £841,686 and ¢ost5 associated with generating funds and supporting the charity of £l18.902. Net surplu5 for the year tOLqlled £353,010 afier tIng into a¢couni invesirneni gains and losses. At 31 De¢emlKr 2020 Ihe charitj had funds of £?8 ?31,162 12019.. £27.878,152) which, apart from Tesiricted reserves of £135,318 were unre51tiCted.
EDMUND RICE BIcETElYN1AL TRI.'ST LIMITED DIRECTORS. REPORT Icontinuedl YEAR ENDED31 DEcEIBER2020 REVIEW OF ACHIEVLMENTS AND PERFORMANCE FOR THE YEAR (continued} Reserves polity The Chariry's financial reserves aim to generate a level of income to mat¢h its taTget for donations and cost of raisin8 funds. In 2020 charity expenditure totalled £960.588. .4t 31 Decemb¢r 2020 ¢he Charity. had iotal funds of £28,231.162. Of these funds £135,318 was in TestTiCted funds and £28.095.844 was in unrestrict¢d funds. Of ihese unreslTlCted fvnds. £25,433.213 is represented by invesiments. The directors of ihe charity T¢gularly Teview the 8mount of funds that the ch1¢Y requir¢$ 10 ensure they ar¢ adequate to fvlfil tlie charity's coniinuing oblibyatlOll5. Imp•ct of COVID-19 During 2020, the World Health Organization (WHO) declared COVID-19 a pandemic. While this is a constantly changing situation, the Tnjstees are rnOniiOTing and folloIng the advice from the Govemment 3rtd the Health Setvice. Thi5 would include for exatnpl¢ the n¢¢d for 50¢ial distancing. meetings are taking place by conference or vidw calls. However. the largest financial impact to date has been 10 the Charily's investment Portfolio. Financial rllarkets. and stock markets in particular. have fallen significanily in the year-tO-dai¢ 2021. I'he Charity has low fixed overhead ¢osis and the finanLial impa¢¢ may ntst necessaril). affect our going roncern. The Dire¢¢ors and the Principal Investment Manager5 continue 10 monitor the situation. Brexit The Directors, a5sessnJent of the impact of the Brexit on th¢ Charity is tha¢ ihis will have minitnal to no effect on ILS operations. STRucfi5RE. GOVERNANCE AND MAlYAGEmET Governing Document Edmund Rice Bicentennial TnJ5t Ltd is a Charity limiied by guordntee and not having share capital. The Cotnpany number 1$ 4229228. The Charity is governed by its Memorandum and Arii¢les of Association a5 amended by spccial resolution dated 7 June 2012. The Charity 15 a r¢gistered charity with the UK Chariiy Commissioner undcr charitable nurnber 1098358. Reeruitmettt and Trainirtg of Directors In accordance with the Memorandum and Articles of A550¢1alion, the Directors are aptK)ini¢d by the members of the Charity. The directors shall be noi less than 5 and shall never be more than 12 in number. The Directors during the year, who ar¢ also the Trustees of the Charity, are shown on page one. The Directors are chosen on the basis of their willingness io serve. abslity. govemance, experience and support of the ethos, mission and philosophy of the Charity. The DireLiofs are well infomed about the Mission. governing do¢umellt and history of the charity. The dire¢¢ors are encourag¢d to attend appropriaie external training courses and events to fa¢ilitate the undertaking of their role. Organlsation*l Structure The Directors are responsible for the policies, activiiies and assets ofihe Charity. The affair5 of the Chariiy are managed by the Board of Directors h0 are accouniable to ihe Members. The Board of Directors meet regularl} 10 revie all aspe¢ts octhe Charity's activities. When neLessary, thev seek advice from the Charity'5 professional advisors. In DeceTnb¢r 2019, the Charity apw)inted Mazars Finan¢ial Planning as independeni financial advisers to provide advice to the board including on the perfortnartce of the invtstment Thana8er5. A service that was also availed in 2020.
EDMUND RICE BICENTENNIAL TRIIST LIMITED DIRECTORS, REPORT Irontinued) YEAR ENDED 31 DEcE]BER 2020 STRUCTURE, GOVERNANCE AND MANAGEMENT (eontinuedl Risk Man•gement The DiT¢Ctors have considered the ri5k5 that are material to the Charity and have ensured ihat there are suitable procedures in plac¢ 10 mitigate these. The Directors believe that by monitoring reserve leve15, by ensuring the existence of controls over key fjnancial systems, by taking regular professional advice. they have established TOUtinelJ effective systems and procedures to mitigate those risks. The principal risks affecting the Charity and the PTo¢eduTes in place to mitigate these risks are.. Govemance and management-. Considers the efficiency of the iard. Risks considered include a lack of plannin¥i, a Trustee body which lacked sutyicient skills or 2ppropriat¢ decision making procedures. Such risks Could include a la¢k oftraining l induction or stewardship of resource5- human, financial and property. The director5 have addre5s¢d thesc risks by operating both annual and longer temi plan5. holding regular bL)ard tneetingws which include the monitoring of actual perforniance against th¢5e plans. having meaningful indu¢tion I handow¢r for incoming directors, attending trairting days, seeking ihird party advice as r¢quirtd. etc. Finan¢ial'. considers the financial Capacity of the Charitj and ensuring it has the available financial resouTces to continue to carry out its activities both now and in the years ahead. This incorporat¢5 the manageTh¢Dt of the operating Iday-t dayl position, capital or building requiremenis and the reiurns eaTned on the Charity's investment ponfoli05. These risks are mitigated in a v2ri¢ty of ways. including budgeting, the setting of an investment strategy l inN'esim¢nt objectives that eon5id¢T diversity, pruden¢¢ and liquidity criteria, regular financial and invesirnent reporting agwainst budget. cash-flow plannin& and the aprK)intrnent ofstewardship advisors where necessary. Investment poli¢y Thc C.harity's fLnan¢ial reseTVeS have been pla¢ed in long ierni investm¢Dts, Ihe PUTptsge of which is io provid¢ investment income io prornole the objective5 of the Charity and io Provide capital wowih over the long tertn. A eonservative investrnent strategy has been adopted. Inestment income and gains will be used in future to fund donation5 to furtheT ihe Charlble objectives of the Chari. The5¢ Mnds have an eihical inv¢5tmeni screen.. they exclude COTnpanies that ¢oniravene certain ethieal criteria and in m05t cases favour stocks that Provide wsitiwe benefits to the communiry. These funds are likely to hold investments that Compatible with ihe Charity's erhos. In this regard. the investment portfolio is screened according to the following criteria.. Dama8e to the environtnent Infringement of human right5 Manufa¢illre of amiamenis and supplies to the military Manufacture of anii-life pr(xlu¢is Irteswnsible markeiiDg of breast milk sub5tLtutes Stem cell research CosTnetics t¢stin8 on animals Gambling Pornogrdphy Tobacco At 31 D¢cember 2020, £25.433,213 w&s held in investment funds. These fund5 aTr managed by Setanta Ass¢t Mana¥emeni, Llnigesiion SA and Stale Street Global Advisors. In addiiion. funds lotallingy £3.648.864 were held on investment deposit. The Direciors are satisfied with the investment perfomiance in the year. AUDITORS Mazars LLP were retained as ihe auditors for 2020.
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INDEPENDENT AUDITOR'S RF.POR1' TO THE MEMBERS OF EDMIIND RICE BIC.ENTEYNIAL TRUST LIMITED OpTrnlon We have audii¢d the financial sthteTnents of Edmund Rice Bicentennial Trust Lirnited (the 'charity'l for the year ended 31 December ?020 which Comprise Stat¢meni of Financial Activities, Balance Sheet, Statement ofcashfloM5 and notes to the financia] staiement5. including a surnmary of significant accounting wlicies. The financial rew)ning frarnewoTk that has been applied in their preparation is applicable law and Llnited Kingdom Accounting StandaTd5, including FRS 102 'The Financial Reporting Standard applicable in ihe UK and Republic of Ireland- ILnited Kingdom GenerJll}' A¢c¢pled Accounting Practice}. In ouropit)ion. the flnancial stateTnenis'. give a ¢rue and fair view of the state of ¢he ¢harity'S affairs as at 30 December 2020 and of its income and expenditUTe for the year then ended; have been properly prepared in o¢cordance with United Kingdom Generally Accepted A¢¢ouniing Practic¢: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinio We conducted our audit in accordan¢e with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibiliiies under ih05e standards are lurther described in the Auditor's responsibilities for the audit of the financial statements section of our retM)rt. W'e are independent of the Charity in accordance with the eihi¢al requirements that are relevant to our audit of the financial ststern¢nts in (he UK, In¢luding the FRC'S Ethical Siandard and we have fuifill¢d our other ¢thi¢al responsibilities in accordance with ih¢se requirements. We believe that the audit eviden¢e we have obtained is s1¢1¢Al and appropriaie to provide a bosis for OUT opinion. Conclusions relthting io going concern In auditinil the financial statements, we have concluded that the irusiees, use of ihe going concern basis of accounring in the preparation of the financial statemenis is appropriate. Based on the work we have TfOed. we have not identified any material uncertainties relating lo events or conditions that, individually or eolleciively, may ct significant doubt on the charilj's ability to con¢inlle as a going ¢on¢ern for a period of ai least twelve months frotn when the rtnancial statettLertts are authoris¢d for is5UC. Our responsibilities and the Tesponsibilities of the irustees with Tespeci io going con¢em are de5crib¢d in ihe relevant seeiions of thi5 report. Other informltio The other infom)ation comprises the inforniation included in the Directors, Repon, other than ihe financial statements 2nd our audiioT'S T¢POrt ihereon. The trnsiees are responsible for the oth¢T infomiaiion. Our opinion on the finan¢ial staiemenls doe5 not cover ihe other infomation and, except to ihe exieni otherwise explicitly staled in report. we do not express any forni of assuran¢e conclusion thereon. In coDne¢iion with our audi¢ of the fin8CIal si*ements, our r¢5ponsibility is to read the othcr inforrnation and. in doing so, consider whether the oiher illformatitsn is materially inmnsisieni with the financial siatements or our knowledge obtained in ihe Course of the audit, or otherwise appear5 to be maicrially misstaied. If we ideniify such tnaterial inconsistencies or apparent material missiatement5. we are required to de¢emine wheiher there is a material misstatement in ihe financial statement5 or a material Tllisstatemcnl of the oiher tnformation. If, based on the work we have perfornied. we conclude ihat there is a material mi55tatement of this otheT infomiation. we are reqllired io rert ihai faci. We have noihing to retK)rt in this regard. Opinions on other matters prestribed by the Cornpanies Act 2006 ln our opinion. based on the work undertaken in the ¢ollrse of the audit.. th¢ information given in the Direeiors, RekK)n which includes the TTUStee5 Report prepaTed for the purposes of company law, foT the financial yrar for which the financial staiements are prepared is consistent with the financial staiement5,' and the Dire¢tors' Report has been prepared in accordan¢e with wpli¢able legal requir¢Tnents.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDMUND RICE BICENTENNIAL TRUST LIMITED Icontlnued) Matters on which we are required to report by exeeption In light of the knowledg7e and undersianding of the ¢harity and its ¢nvironmeni obtsined in the course of the audii, w¢ have not identified material misstatements in the Sirdiegic Rewrt or the Directors, Report included wi¢hin the Trustees. Report. We have nothing to report in r¢spect of the followtng Tnaners in relaiion io which the Companies Act 2006 requires us 10 report to you if, in our opinion.. adequaie and proper accounting records have not been kept, Or reiuTll5 adequate for our audit have not been received from brartches noi vi511ed by us.. or the financial statements a noi In agreement with the accouniing Tecords and retm5., or cenain disclosures of trustees, remuneration specified by law are noi made,. OT we have not received all the inforniation and explanations we require for OUT audit. the trustees were not eniitltd to prepare the financial statements in a¢cordance with the small eompantes regime and lake advantage of the stRall companies. exemption preparing the TTUSte¢s Report Responsibilitie5 ofTrn5tees As explained rnore full) in the trllstees. responsibilities stal¢ment set out on pag¢ 8, the Injsiees Iwho are also the directors of the charitable company for the putposes ofcompany lawl are responsible for the preparation of the finan¢ial statements and for being salisfjed that they give a true and fair view. and for such internal conirol as the rrusiees d¢ternine is necessary to enable the preparation of finan¢ial staiernents that are fe from rnaterial misstatement, whether due to fraud or error. In preparing the financial statements. the trustces are respot15ible for &sse5sing the chariry's ability to continue as a going concem, disclosing, as applicable, matters Telaied lo going concern and using the going concern basis of a¢couniing unless the irusiees either intend to liquidate the charity or to ¢ea5e Operat0$, or have no realistic altemative but to do so. Auditor'$ respoD5ibilities for the gudit of ihe financig15t3temtntS Our objectiwe5 are to obtain reasonable assllrance about whether the financial statements as a whole are free frotn material misstatenienr. whether due to fraud or erroT. and to issue an auditOT'S report th21 includes our opinion. Reasonable assurance is a hiBh level of assurance bur is not a guarantee thai an audit condurted in dccordance with ISAS IUKI will always detect a material misstatement when it exists. Misstaiements can arise from fraud thr em)r and afe ¢onsid¢T¢d material if. individually or in the a&gregaie, they could asonablY be expeCd ro influence the ¢¢onomic decisions of users takell on the basi5 of the financial siaiemenis. Irregularities, including fralld, are in5tan¢es of non-compliance with laws and regulaiions. W'e design pro¢edures in line with our respon5ibilitie5. outlined above, io dete¢1 material misstatements in Tespect of irreuulariiies. including fraud. Based on our understanding of the charity and it5 a¢¢ivilies, we idetJtifJed that the principal risks of non-compliance with law5 and regulations Telaled to the Chariries Aci 201 I, the Charities Statement of Recomrnended Practice. UK tax legislaiion, anti-bribery. comiption and fraud. and tnoney laundering and we consid¢Ted the extent to which non- compliance might have a material effect ort the fjnancial statement5. We also con5idere(I those laws and reglatiOnS ihat have a direct impacr on the prepardtion of the financial siaietnents. such as the Companies Act 2006. We evaluated the trusi¢e5 and Thana¥emeni's inceniivcs and oprM)rtuniiies for fraudulent manipulation of the financial ststetnenis lincludin8 th¢ risk of override of wntrolsl and deteTmined thai the principal risks were related to management bias through judgernenis and as5umplion5 in significant accounting e5ttmaies. in particular in relatjoti to Use ofr¢stri¢ted fund5, and significant one-OtTor unusual traftsaciions. Our audit procedllres were designed to Tespond lo ihose identified risks, including7 non-compllance with law5 and Tegulaiions (le8laTItle5} and fraud that are mat¢Tial 10 the tinancial statem¢n15. Our audit procedllre5 included bui were not limited to.. Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations; Communi¢atirig identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughollt our audit.. and Considering the risk of acts by the charity which were contrary to applicable laws and regulations. including fraud. 10
INDEPENDENT AIIDITOR'S REPORT TO THE lE]BERs OF EDMblD RICL BICENTENNIAL TRIIST LIMITED Icontinuedl Our audit prwedures in relation to fraud included but were noi limited to.. Making enquiries of the tnJste¢5 and management on whether they had knowledge of any actual. suspected or alleged fraud,. Gaining an understanding of the intemal controls established 10 mitigate risk5 related to frdud: Discussing amongst the engagement team the risks of fraud: and Addressing the risks of fraud through managemeni overrid¢ of controls by performing joumal entry iesiing. There are inherent limitaiion5 in th¢ audit pro¢edure5 described aFM)ve and the primary reswnsibility, for the prevention and detection of irregularittes in¢luding fraud rests with management. A5 Iiiih any audiL there remained a risk of non- detection of irregularities, as these may involv¢ collusion. forgery. intentional omissions, misrepresentations or the oveIde of internal controls. A further description of our respxjnsibilities for the audit of the financial stAtements is located on the Financial Reporting Couttcil's websiie at www. or .uklauditor%res nsibilities. This description forms part of our audiioT'5 report. 115e ofthe audit report This report is made solely to the charity's members as a body in accordance with Chaptcr i of Part 16 of the Compat)ies Act 2006. OUT audii work has been undertaken so that we might state to the ¢harity'5 members those matters we 3re required to state to them tn an auditor's rewrt and for no other purpose. To the fullest extent pemiiied by law. we do not accept or assume resrK)nsibility to an)one oiher than the Charity. arkd the charity's members as a body for our audit work, for this rew)rt, or for the opinions we have forn>. Signed.. Name.. Nicola Wakefjeld (Senior Statutory Auditor) for and on behalf of Mazars LLP Chartered Accountants and Ststlltory Audi¢or 2nd Floor 6 Sutton Plaza Sution Court Road Sutton SMI 4FS IS spÈ1202l
IYDEPENDEliT AI'DITOR'S REPORTTO THE MEMBERS OF EDMI uf4D RICE BICEf*TENNIAL TRliST LIMITED (continued) EDMUYD RICE BICENTENNIAL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020 Restricted 2020 Unrestricted 2020 Tot91 2020 Toi#l 2019 Note5 Income and endowments from: DonatÉon5 Inyesiments 10,275 2,982 569.686 13.257 569,686 14.055 564,442 Totsl 10.275 72.668 582,943 578 497 Expenditur¢ on: Raising funds Charitable activities 118,902 827,866 118,902 841,686 147.295 2,034.840 13.820 TotHI: 13.820 960 588 ? 18? 135 Net expenditure before gaiN5 011 IDvestrnents 13,5451 1374.1001 1377,6451 11,603.6381 Net gains on investments 730,655 730,655 1480,898 Net {expenditureyintome 13.5451 356,555 353.010 1122.7401 Trnn$fer5 between fund5 49.535 149,5351 llet movements in fund$ 45,990 307.020 353.010 112? 740} Reconciliation of funds: Balance brought forward 27 788 824 27 878,152 28 000.892 Balance earried forward £135,318 £18,095.844 £?8,231,16• £27,878.152 All activities ar¢ Continuing. Th¢re are no recognised gains or losses other than as disclosed above. The Siat¢m¢n¢ ofFinan¢ia] Aciiviii¢s in¢orporaies an income and expenditure account. The notes on pages 15 20 fom part of these financial stateTn¢nts. 12
1019 25.443213 3¥ 25,993,056 1733. 29,081077 28,72&950 1.8YP 10291 CAth a¢ 13J45 13J45 11178 ALwiats (s64,4) (S(rfI.9761 1850.91 {848.m) T(yfAL ASSI75 LESSCURRENT LIABIUTIES 27878 IJ2 135Jl¥ 2&(¥15,8M 89.328 27.78&824 i• £28 £27 87¥ 152 Ad #[[[ to 8wII w¢r¢aNxovrd by the Fkrd of on 12 Awil 1121 on fvir Id¥lf lry." ICI(knd 13
EDluND RICE BICEiYTENNIAL TRUST LIMI ITED STATEMENT OF CASHFLOWS YEAR EYDEDJI DECEMBER2020 2020 Cash Flow$ from operating activities". 2019 Net movement in funds Investment income D¢crea5&11increa5el in debtors Increase in creditors Gain on investments -15.1.010 1569,6861 1.887 3.484 730,655 11 ?2,7401 1564.44? 11.8871 691.796 1480,898 941,960 1.478,172 Cash Flow5 from inlesting ietivities Dividend5 and interest from invesnnents Purchase of investments Proceeds of sale of investments 569.686 1287.8161 1 .$7¥.314 564,44? 1468,3171 5?4,619 Net tosh provided by investing activitie5 1.860,184 620.745 Ch4nge5 IR ¢ash and ¢4sh equival¢nt5 in the year 918,224 1857.4271 Cash and cash ¢quival¢nts at l January 2020 2.744,185 3,601,612 Cash and Cash ¢quivileDts 4t 31 December 2020 £3.662,409 £2.744,185 AP4ALI'SIS OF CASH AND CASH At l January EQUIV.4LEYI TS 2020 Exehinge MOveentS Ai 31 Decernb¢r 2020 Cashfloiv Investm¢n¢ deposit5 Cash at Bank 2,733,894 10,291 960.877 145,4)71 3.648,864 £2 744,185 £964.131 £145.9071 £3.662.409 14
EDMUND RICE BICENTENNIAL TRLIST LIMITED NOTES TO THE FINANCIAL STATEMEf¥TS YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES (a) B1515 of i¢counting The financial statements have been pr¢pared tn accordance with .4c¢ounting and Reporting by ChaTlties'. Statement of Recornmended Practice applicable io charitie5 preparing their accounts in accordance with ihe Financial Reporting Standard applicable to the LIK and Republic of Ireland IFRS I O?) leffevtive l January 20191- (Charities SORP IFRS 10211, the Financial Reponing Standard appli¢able in th¢ UK and Republic of Ireland IFRS 1021. the Charities Act 2011 and Companies Act ?006. Edtnund Rice Bicentenni TtW5t Limited Tneets the deflnilion of a publi¢ benefli entity undeT FRS 102. A55ets and liabilities are initially r¢cognised at histori¢al cost or transaciion value unless otherwise ststed in the relevant accounting policy notelsl. (b) Prepar4tion of the *ccount$ 011 g going contern ba515 Having considcred future budgeis and c&sh flows, the iru5tees confirR] that they have no material un¢ertainti¢s about the entity-s ability ts) continue as a going conceTn for th¢ foreseeable future. With respect ¢0 the next reporting period, the most significant areas of unceriainty that affect the carryin8 value of assets held by Ihe charity are the level of investment reium and the perfomiance of investment maTkeis. In making this asses5rneni the Trusiees have considered thc l¢vel of reserves held and ihe low level ofnon-discretionary expenditure. Icl Income reeognitio This COTnprises donation5 and investment income. All income 15 recognised once the charity h85 entitlement to Ihe incorne, it is probable that the income will be received and the amouni of income can be measured reliably. Lk)nations are recognised when the Charity ha5 been notified in writing of both ihe amount and settlement date. In ihe event that a donation is subject to conditions Ihal require a level of performan¢e before the ¢harity is entitled io ihe funds, the in¢ome is deferred and not recognised until those Conditions are fully mei, or the fuifilmeni of thos¢ conditions is wholl). within the control of the charity and il is probable thai thos¢ conditio[15 will be fulfilled in the rep)rting period. Investment incom¢ Is credited to income when it is receivable and the amouni can be measllred Teliably by the ¢harity' this is nomially upon noiifi¢ation of the inieresi paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been reeeiied of the dividend dll¢. (d) E¥penditure recogniiiort Liabilities are recognised &s expenditure as soon as the 15 legal or consiructive obligation committing the charity io thai expenditure. il is probable that settlement will be required and the amouni of obligation can be measured reliably. Expenditure is recognised on an accruals basis a5 a liability is incurred, inclustv¢ of VA T, which cannoi be recovered. Chariiable activities comprise mainly of donations given and support costs. Support costs have been allocated lo chariiabl¢ a¢tivitie5. Governance activities comprise or¥anisational administraiion and compliance with constiiulional and 51alulory requiremertt5. Costs incllld¢ direct C05t5 of external audit. legal fees and other professional advice (e) Foreign Currenoy Assets and liabilities denominated in forei8n eurren¢i¢s are translaied ai the ¢5 of exchange rnling at the end of the financial year. I'ransactions in tor¢ign curTencies are converi¢d into Sterling ai the rate of exchange ruling on the dat¢ ofthe transactions. All profits and losses on exchan¥e are dealt with in ihe Stat¢tnent of Financial A¢tivitle5. 15
EDMUND RICE BICEYTENNIAL TRL'sf LIMITED NOTESTO THE FINANCIAL STATEMENTS (tolllinued) I'EAR ENDED 31 DECEMBER 2020 (fj Signifieant judgments and 50urees es¢imstion uncertiinty In the view of the trustees in appl}Ing the a¢counting policie5 adopted, no judgements were required that have a significant effe¢t on the amounts recogni5ed in the financial siatcmenis nor do any ¢stima*s or assumption5 made Cary a significant risk of material adjustTnenl in the n¢xi financial year. Inveslrnents (g) Investments are a forni of basic financial instrument. They are initially recognis¢d al their traSaCtion value and subsequently valued al their fair value at the balance sheet date using the Llosing quoted maTket price. The Staiemeni of Financial Activities in¢ludes th¢ net gains and losses arising on revaluation and disp05a15 throughout the year. (h) Investment gains losses All gains and losses are tsken to the Sraiernent of Financial Activities as the>, arise. Realised gains and losses on invesiments are Lalculaied as the diffe¢¢ beNeen sales pr(K¢¢ds and opening markei value Ipurcha5e date if later). Unrealised gains and losses are calculated as the difference between the rnark value at the year end and ihe opening market value lor purchased date if laierl. Fund5 The Gene funds of the Charity (both &sws and Tevenuel Comprise unrestricted income which the Trustee is free to use in accordance with the Charitable objects. Restricted fijnds are donations which the donor has specified ar¢ io be solely used for particular are&s of the charity's work or specific proje¢ts undertaken by the ¢harity. IJ) Creditors and provisions Creditors and provisions are recognised wh¢re the Charity has a pr¢sent obligation resulting from A past event that will probably sU11 irt the transfer of funits t() a third partv and the amount due 10 settle the obligation can be Tneasured or estimated reliably. Creditors and provisions a nomially recognised their 5¢tt1ement amount after allowing for any thad¢ discounts due. (k) Financial in$trnments The charity only has finan¢ial assets and fin&ncial liabilitle5 of a kind Ihat qualif) as basic financial insirum¢nt5. Basic financial instruments are initially re¢ognised at transaction value and subsequently measured at their settlement value. Cash At b9nk Ind in hand Cash at bank and in hand includes bank accounis. cash artd short terni highly liqllid inv¢5tm¢nts with a shon maturity of three months or less frorn the date of acqllistiion or opening of the de$1¢ or similar account. 16
EDMLIND RICE BICENTEYNIAL TRUST LIMITED NOTES TO THE FINA T+lCIAL STATEMENTS leontinuedl YEAR ENDED31 DECEMBER 2020 INCOME During the y*dr, the ¢harity received donations from various provin¢es of the C.ongregarion of Christian Brothe Province and other sources of £13,257 12019.. £14.0551. Inve51tnent incorne compHses income from investments of £569,686 1?019.. £564,442). split between dividend income of £552.765 12019.. £498,672) and iniere5t of £16,92212019.. £65.7701. EXPENDITURE 2020 2019 Raisiftg funds Ini'e5tment advisory fees Advisory servi¢e5 Investment Managers Fees 82,299 i 0,000 76,603 98.044 10.069 39,182 £118.902 £147,295 CharitAble activities Donations Support costs Governance costs- auditor's remuneration for audit 5¢r%'ices Governance costs- auditor's remuneration for other services 817,372 247 9,570 14,497 2.017.785 3,597 6,108 7.350 841,686 2.034.840 £960.558 £2 182.135 Details of donatkons made are disclosed in the Trustees Repon. srAFF COSTS During the year. no staff were emploj'ed by the charity. 12019.. Nill. The charity's key management personnel are its trusiee5 who re¢eived no remuneration during Ihe year. Trusiees travel expenses for the year ?020 were nil 12019.. £3.412}. NET IlnSSES)/GAINS ON INVESTMENTS 202fl 2019 Realised & unrealised Ilossesygains Exchange gain51{lossesl on inve5ttnents 1564.411} 1,295.066 1,797.282 316,384 £ 730.655 £ 1480.898 17
EDMUP4D RICE BICET+lTENNIAL TRLisf LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2020 FIXED ASSET INVESTMEIYTS 202 2019 MaTket Value Market value at l January Additions during ihe year Disposal 25.W3.056 ?87.816 1,618,551 24,568,460 468,317 524.619 24,662,320 24.51? 158 R¢altsed & unrealised gains 770,893 1.480,898 Market value al 31 December £25,433,213 £25,993,056 P¢r¢¢ntage of Funds The investments consist of the following listed snvestments.. Funds held by Nomintt. L&P Alternatives Lid Setanta F.thical Global Equity Fund Unigestion SRI Global Equity Fund 12,991 ?97 6,411.9?9 6,029,987 51.080/4 25.21010 23.7 lQ/o £25,433.213 100.oo/o DEBTORS 20211 2019 Prepayment5 and accrued income £1,887 CREDITORS: Amounts falling due within one yeAr 2020 2019 Accruals £864,460 £860,976 18
EDMUND RICE BICENTENNIAL TRusf LIMITED NOTES TO THE FINANCIAL STATEMENTS {continued I'EAR ENDED 31 DECEMBER 2020 RESTRicfED FUNDS At31 De¢embeT 2020 Janu8ry 2020 Ineome Expenditure Transfers Latin American pr(>jects African projects Capital expenditur¢ fund 8.55? 28,960 51.816 285 9.990 14,9?21 18,8981 49,535 53.450 30.052 51,816 £89.328 £10275 13.8?0 £135,318 The Latin American projeet5. Oceania Projects and AfriLan projects resiricied funds represent donations for a variety of specifjc projects in the above geographic regions. Capital expenditur¢ fund is an amount se¢ aside for donations requests of a capital nature- no such request was received durin8 the current yw. Ii). UNRESTRICTED FIINDS 2020 Balance brought fotward Net expenditure before investment gains Transfer io restricted funds Unrealised Ios5 on investment assets Unrealised gain on foreign currency investments 27,788.824 1374,1001 149.5351 1564,4111 1.295 066 £28.09.5,844 NET ASSETS BY FUND et current Assetsl 2020 Investrnents Total Restricted Fund5 Unrestri¢t¢d Funds 135,318 986.233 £8$0.915 135,318 28,095.844 £28.231.16? 29.082.077 £29.08?,077 2019 ei eurrent Assttsl Investments Total Resiricied Funds Unrestricted Funds 89,328 938.126 £848.798 89,328 27,788.8?4 £27,878,152 28.7?6.950 £28.726.950 12. LIMITED LIABILITY The ¢OTnpany is limited by guaraniee and has no shar¢ capital. Ev¢ry member of the company, of whorn there are currently fiwe* guaraTh(ees io Contribute a maximum of £1 on winding up. 13. TAXATION The company is a registered Charity and 15 not subje¢¢ to ¢OTPOrntion t&x or in¢ome tax on its charitsble activitles.
EDMUND RICE BIC.ENTENNIAL TRUST I.IMITED NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2020 14. RELATED PARTY TRANSACTIONS There have been no lated party transactions in either the current year or prior year. The nature of the ¢haTity. some of whose dir¢ctOTS are Christian Brothers, 15 that li is funded by various Christian Brothers provinces and donaiions are made to various Christian Brothers initia12ves in other parts of th¢ world. Is. FINANCIAL INSTRUMENTS Total 2020 Total 2019 FianCIal assets me&sured by fair value £29.082.077 £28,726.950 16. POST BALANCE SHEET EVEPITS There have be¢n no significant events affecting th¢ Charity since the year-end. However. the holding in the global equity. fund rnanaged by Unigesiion have since been sold, and a new holding in the MSCI SRI Global Equity ETF has been established. 20