## CATHOLIC CHARITABLE TRUST 

## REPORT AND FINANCIAL STATEMENTS 

for the year ended 31st December 2022 

Hunters Law LLP 9 New Square Lincoln’s Inn London WC2A 3QN 

WVM.35444-1 



## CATHOLIC CHARITABLE TRUST 

## ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 

## Contents a 

||Page|
|---|---|
|Independentexaminer's report|1|
|Trustees’ Report|2-5|
|Balance sheet|6|
|Statement of Financial Activities|t|
|Donations|8|
|Investments|9-10|
|NotestotheAccounts|11-12|





Independent Examiners Report to the Trustees of Catholic Charitable Trust 

| report on the accounts of the Trust for the year ended 31 December 2022 

## Respective responsibilities of trustees and examiner 

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

It is my responsibility to: 

- e examine the accounts under section 145 of the 2011 Act; 

- e to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and 

- e to state whether particular matters have come to my attention. 

## Basis of independent examiner's report 

My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. 

## Independent examiner's statement 

In connection with my examination, no matter has come to my attention: 

- e which gives me reasonable cause to believe that, in any material respect, the requirements: 

   - (a) to keep accounting records in accordance with section 130 of the 2011 Act; and (b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 

- e to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

Colin Reid FCA Burgess Hodgson LLP Chartered Accountants 27 New Dover Road Canterbury Kent CT1 3DN C3"AOctober 2023 

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; 

## CATHOLIC CHARITABLE TRUST 

) 

## Report of the Trustees for the year ended 31st December 2022 

The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2022. The financial statements have been prepared in accordance with the accounting policies set out in notes 1 and 2 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102)(Charities SORP (FRS 102)) 

## Objectives and Activities for the Public Benefit 

The purposes of the charity are the advancement of religion in any part or parts of the world by means of the sacraments, services, ceremonies, rituals and missionary and other work of all kinds of the Roman Catholic Church and for such other objects if any (being charitable in the legal sense of that word) in connection with the Roman Catholic Church. It is the general policy of the Trustees to support charities involved with the traditional teachings and practices of the Roman Catholic Church as these were taught and accepted by Catholics before the Second Vatican Council, including the preservation of the Latin Liturgy and Traditional Liturgical Services. The Trustees consider the charities’ activities are for the public benefit. The trustees confirm that they have complied with their duty under s17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission for England and Wales. 

## Method of appointing new trustees 

The power of appointing new trustees is vested in the trustees. Any new trustee appointed is informed as to the charity's activities and aims and provided with copies of the governing document, Minutes of recent meetings and the latest financial accounts. 

## Volunteers 

Aside from the trustees, the charity receives no assistance from volunteers. 

## Wider network 

The charity acts independently and is not part of a wider network. 

## Donations 

The charity is not involved in fund-raising or publicity and receives no donations. 

## Grant making policy 

The charity does not invite applications for grants but does consider unsolicited appeals. It supports several charities on an ongoing basis, subject to reports and appeals being received. Due to the high volume of unsolicited appeals received, the trustees regret they cannot acknowledge all applications and will only respond if the applicant is successful. 

During the year the Trust supported 18 Catholic charities with varying objectives. 4 organisations support the Latin Mass; 4 support missionary work; 2 charities are based in California and were previously supported by Claude, Countess of Kinnoull, a major benefactor of the charity. The largest grant was for £20,000 towards the traditional teachings of the Roman Catholic Church. 

2 



## Investment policy and performance 

The charity has professional investment advisers who manage the portfolio on a medium high-risk basis with a balanced investment objective. Their recommendations are subject to the review of the Trustees. 

During the year the charity disposed of investments for £315,288 realising a loss on their values at the start of the year of £46,212. The charity purchased two investments at a cost of £86,468.43. The annual revaluation of the investments saw a loss during the year of £193,908 and the total value of the charity decreased during the year by 7.9%. 

At 31st December 2022 the investments were held in the following classes. All investments were held at fair value:- 

|UK fixed interest|9.944%|11.969%|
|---|---|---|
|Foreign fixed interest|||
|UK listed equities|26.479%|21.725%|
|Overseas listed equities|55.784%|62.219%|
||7.793%|4.088%|



## Financial Review 

The charity's funds decreased from £3,560,093 to £3,278,353 in the year. All income is received from investment income which increased to £105,055 (2021: £94,710.20) including £3,000 re-credited to income being a donation unpaid in 2021. Expenditure increased to £147,000 (2021: £141,466). 

## Reserves policy 

The Trustees have power under the governing document to apply income and capital for the charity's objectives. In practice the Trustees aim to distribute the income and to build up the capital content as unrestricted reserves. The reserves at the year-end were £3,278,353 (2021: £3,560,093). 

## Risk management 

The principal risk faced by the charity lies in the performance of investments. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. The Trustees have reviewed the risks to which the charity is exposed and consider that they have established sufficient systems and procedures to mitigate those risks. Where appropriate, risks are reported on and discussed in subsequent meetings. 

## Plans for the future 

The Trustees expect to be able to continue at approximately the same level of activity in 2023 as in previous years. 

## Structure, governance and management 

The charity is registered with the Charity Commission number 215553 and is constituted under a Declaration of Trust dated 15 March 1935. It received large gifts from Claude, Countess of Kinnoull on its inception and seeks to continue its charitable work through the careful stewardship of its existing resources. 

3 



The Trustees manage the charity and take all decisions jointly with regard to the review of the Trust's activities and achievement of objectives, Day to day administrative tasks are delegated to the charity's legal and investment advisers. The Trustees meet at least once a arise. year to agree grants and policies and deal with other matters by correspondence as they 

## Related Party transactions 

The charity has no subsidiaries and is not connected with any other charity. None of the Trustees were paid remuneration or expenses for the year. Mr WE Vernor-Miles is a Partner in the firm of Hunters Law LLP who prepared the Trust Accounts and act in the administration of the charity. Hunters received fees of £18,421 plus VAT for this work in the year (2021: £144 72). Mr Orr was a member of the firm Raymond James, who were the yearcharity's (2021:Investment£11,443), Managers and received management fees of £11,165 plus VAT in the 

No travel or other expenses were reimbursed to any of the Trustees during the year. 

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## Reference and Administrative Details 

## Charity registration number 

## 215553 

## Principal address 

9 New Square Lincoln’s Inn London WC2A 3QN 

## Trustees 

John Crosfield Vernor-Miles Wilfrid Edward Vernor-Miles David Peter Orr Jennifer Frances Vernor-Miles 

## Independent Examiner 

## Solicitors 

## Bankers 

Colin Reid FCA Burgess Hodgson LLP 27 New Dover Road Canterbury Kent CT1 3DN Hunters Law LLP 9 New Square Lincoln’s inn London WC2A 3QN CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ 

## Investment Managers 

Raymond James Investment Services Ltd 1 King William Street London ECA4N 7AF 

Approved by the trustees on ... 3| ve] re2... wanseee Bid yy on their behalf by: 

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## CATHOLIC CHARITABLE TRUST 

## BALANCE SHEET as at 31st December 2022 

|||Unrestricted|funds|
|---|---|---|---|
||Notes|2022|2021|
|||£|£|
|Fixed assets||||
|Investments|3|3,028,783.90|3,497,723.04|
|Current assets||||
|Raymond James combined income & dealing £<br>Raymond James combined income & dealing US$ CAF Bank||126,987.06<br>0.00<br>97,342.64|126,020.21<br>14,015.10<br>6,309.14|
|Hunters||31,664.93|2,719.58|
|Net Current assets||3,284,778.53|3,646,787.07|
|Creditors: amounts falling due within one year||||
|Accruals||(6,426.00)|(86,693.63)|
|Net assets||3,278,352.53|3,560,093.44|
|Represented by:||||
|Unrestrictedfunds||3,278,352.53|3,560,093.44|



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## CATHOLIC CHARITABLE TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 DECEMBER 2022 

||Unrestricted|funds|
|---|---|---|
||2022|2021|
|INCOME|£|=|
|UK Fixed Interest|19,654.96|17,413.43|
|Foreign Bond Interest<br>UK Dividends|0.00<br>50,869.03|0.00<br>47,820.82|
|Foreign Dividends|31,464.13|29,475.95|
|Bank interest received|66.59|0.00|
|2021 donation re-credited|3,000.00|0.00|
|Total income|105,054.71|94,710.20|
|EXPENDITURE|2022|2021|
||£|ea|
|Charitable donations|110,494.02|109,859.23|
|Hunters costs to December 2022|22,105.20|17,006.40|
|Raymond James management costs<br>Raymond James valuation fees<br>Raymond James negative interest<br>LE! Application fee<br>Burgess Hodgson Independent Examiners fee<br>Bank fees|13,397.49<br>15.00<br>11.95<br>0.00<br>726.00<br>250.50|13,731.77<br>30.00<br>25.05<br>0.00<br>696.13<br>117.60|
|Total expenditure|147,000.16|141,466.18|
|Net income/(expenditure) and net movement in funds|(41,945.45)|(46,755.98)|
|Realisedgains/(losses)oninvestments|(46,211.99)|4,433.74|
|Unrealised gains/(losses) on investments<br>Net gain / (loss) on currency conversions|(193,907.93)<br>324.46|399,315.72<br>119.16|
|Net movement in funds|(281,740.91)|357,112.64|
|Total funds broughtforward|3,560,093.44|3,202,980.80|
|Totalfundscarriedforward|3,278,352.53|3,560,093.44|



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## CATHOLIC CHARITABLE TRUST 

## DONATIONS made in the year ended 31st December 2022 

||2022|2021|
|---|---|---|
||=|3|
|AcademyofSacredMusic<br>CAFOD|0.00|2,000.00|
|California<br>Friends ofthe SocietyofStPiusX($5,000)<br>CardinalHumeCentre<br>Carmelite MonasteryCarmel! California ($5,000)<br>CatholicTrustforEnglandandWales<br>Chavagnes International College<br>EVCUganda<br>HospiceofStJohn&Elizabeth<br>LatinMassSociety<br>LittleSistersofthe Poor<br>OratoryofMonterey California<br>Religious ofMaryImmaculate<br>Roman Catholic DioceseofPortsmouth<br>StElizabeth Centre<br>St Francis LeprosyGuild<br>StJamesChurchSpanish Place<br>St Peters Winchester|15,000.00<br>4,247.01<br>4,000.00<br>4,247.01<br>5,000.00<br>0.00<br>3,000.00<br>4,000.00<br>2,000.00<br>8,000.00<br>0.00<br>10,000.00<br>5,000.00<br>2,000.00<br>3,000.00<br>3,000.00|0.00<br>3,794.49<br>3,500.00<br>3,032.37<br>5,000.00<br>5,000.00<br>0.00<br>3,000.00<br>2,000.00<br>8,000.00<br>3,032.37<br>20,000.00<br>5,000.00<br>0.00<br>3,000.00<br>3,000.00|
|Society<br>ofSaintPius xX -England<br>Society<br>ofSaint PiusX -Switzerland<br>White<br>Fathers<br>White Sisters|0.00<br>20,000.00<br>8,000.00<br>5,000.00|2,500.00<br>20,000.00<br>8,000.00<br>5,000.00|
||5,000.00|5,000.00|
||110,494.02|109,859.23|



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CATHOLIC CHARITABLE TRUST INVESTMENTS held at 31st December 2022 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|UK|Income|31/12/2022Value at|31/12/2021Value at|
|BONDS|£|£|£|
|£25,000|accTreasuryinterest 4.125%|i/L SNR NTS 22/7/2030|2,351.77|84,037.50|96,244.31|
|£25,000|453.95|453.95|
|accNationalinterestGrid Gas|/L Snr Bds|14/12/2022|2,048.75|48,468.75|
|$300,000|Tesco 6.15%|Snr Nts|15/11/37|15,254.44|240,236.54|289,577.3248.88|
|FOREIGN|BONDS|1,914.01|1,f03'21|
|None|at|year end|
|UK|SHARES|
|6,000|Aviva 8.75% Cum|Irre Pref|£1|262.50|7,590.00|9,270.00|
|3,200|BHP|Billiton US$0.50|8,442.97|82,240.00|70,384.00|
|8,000|BP Ord US$0.25|1,489.88|37,992.00|26,440.00|
|3,450|British American Tobacco Ord 25p|7,495.11|113,211.75|94,305.75|
|4,369|GSK Pic Ord 25p|3,014.57|50,244.12|70,192.35|
|13,981|Haleon Ord|ip|60,068.73|
|100,000|Lloyds Banking Ord|10p|2,130.00|45,410.00|47,800.00|
|21,500|M&G Ord 5p|3,956.00|40,387.75|42,892.50|
|9,000|Prudential Ord 5p|849.60|114,705.00|
|2,000|Rio Tinto Ord|10p|11,479.00|115,960.00|97,840.00|
|4,100|Shell|Pic Ord €0.07|3,299.27|95,366.00|66,518.40|
|3,850|Unilever Ord|.0311 1p|5,600.59|161,007.00|151,901.75|
|2,452|Woodside|Energy Ord|2,849.54|60,297.00|
|FOREIGN|SHARES|
|80|Adobe Com|0.00|22,345.02|33,505.03|
|60|Alphabet|Inc Cap Stock "C" Class|0.00|88,372.83|128,226.92|
|1,440|Apple|Inc Com NPV|884.87|155,288.38|230,819.89|
|3,000|Australia and New Zealand Bank NPV|1,693.38|40,015.79|44,300.71|
|350|Becton Dickinson Com|819.37|73,872.27|65,007.35|
|1,400|Emerson|Electric Com US$0.50|1,982.00|111,618.87|96,130.64|
|300|Equifax|Inc Com Stock US$1,25|322.11|48,394.41|64,873.67|
|1,632|Jardine Matheson|US$0.25|2,849.06|68,945.35|66,305.99|
|20,000|JP Morgan Asian|Investment|Trust Ord 0.25|3,300.00|72,800.00|90,100.00|
|1,100|Microsoft Com|1,904.03|218,950.08|347,753.64|
|1,050|Philip|Morris Com|4,204.91|88,202.27|73,672.24|
|1,000|Pinterest Com|0.00|20,151.89|26,846.98|
|2,500|Nestle SA CHFO.10|3,710.99|240,677.51|258,163.84|
|2,050|Novartis AG CHFO0.50|3,357.84|153,975.65|133,355.48|
|10,000|Polar Capital Technology Trust Ord 25p|0.00|172,400.00|354,640.00|
|1,700|Procter & Gamble Com NPV|4,165.65|213,845.71|205,385.64|
|1,300|Verizon|Communications|US$0.10|2,269.92|42,511.52|49,888.85|
|es101,988.12|ees~3,028,783.90|3,497, 723.04|
|Market Value at 31/12/21|of investments sold|in the year|(361,499.64)|
|Cost of investments purchased|in the year|86,468.43|
|MarketAdjustedValue Market Valueat|31/12/22at 31/12/21|3,222,691.83|
|3,028, 783.90|
|UNREALISED GAIN/LOSS|IN 2022|(193,907.93)|

**----- End of picture text -----**<br>


#9 



## CATHOLIC CHARITABLE TRUST 

## INVESTMENT CHANGES during the year ended 31st December 2022 

||||Value at||
|---|---|---|---|---|
||||31/12/21||
||||(or cost if||
||||bought in||
|Disposals||Proceeds<br>£|the year)<br>£|Gain/Loss<br>z|
|03/02/22 3,000|PolarCapitalTechnologyTrustOrd25¢|68,561.70|81,840.00|(13,278.30)|
|03/02/22 300<br>03/02/22 320|MicrosoftCom<br>Apple IncComNPV|67,176.57<br>40,322.58|74,518.64<br>41,967.25|(7,342.07)<br>(1,644.67)|
|22/04/22 70|Embecta<br>(demerged from Becton Dickinson)|1,558.42|0.00|1,558.42|
|05/08/22 9,000|PrudentialOrd5p|87,032.88|114,705.00|(27,672.12)|
|15/12/22 £25,000|National GridGas W/LSnrBds 14/12/22<br>(redemption)|50,635.50|48,468.75|2,166.75|
|||315,287.65|361,499.64|(46,211.99)|
|Acquisitions||Cost|||
|05/09/22 13,981|Haleon Ord 1p|43,092.57|||
|05/08/22 2,452|Woodside EnergyOrd|43,375.86|||
|||86,468.43|||



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