| Pilg8 | ||
|---|---|---|
| TRUSTEE'S REPORT | 1-7 | |
| AUDITORS' REPORT | 8-9 | |
| STATEMENT OF FINANCIAL | ACTIVITIES | 10 |
| BALANCE SHEET | ||
| STATEMENT OF CASHFLOWS | 12 | |
| NOTES TO THE FINAHGAL | STATEMENTS |
| Bankers | The Royal Bank ofScotland pic | ||||||||||
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| RBS Blshopsgate |
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| 49Blshopsgate | |||||||||||
| London EC2N 3AS |
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| Solicitors | Stone King | ||||||||||
| 3"Floor gateman House, 82-88 Hills Road |
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| Thirty Station Road | |||||||||||
| Cambridge CB2LLQ |
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| Stockbrokers | Charles Stanley &Co | ||||||||||
| 35Bishopsgate | |||||||||||
| London EC2N 3AS |
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| Investment | Powers | Unrestricted | |||||||||
| Tax | Under existing law the trust Isexempt from Income tax, inheritance | tax | and capital | ||||||||
| gains tax. | |||||||||||
| Reggious houses | No account has been taken ofthe assets | or Rabllltles of | the | Individual | houses | by | |||||
| agreement with the Charity Commission. |
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| Permitted | Destination ofFunds | Asto both capital (Expendable Endowment) |
and income: | ||||||||
| a) forthe support ofthe poor, sick and needy Including maintenance |
and support | ||||||||||
| of charitable Institutions for the poor |
and needy whether | at home or abroad, | |||||||||
| whether or not they are members of the Roman Catholic |
reBgion; | ||||||||||
| b) maintenance and support of charirtable Institutions for persons |
engaged | In or | |||||||||
| canying out the work ofthe support | and the visitation | ofthe | poor, sick | and | |||||||
| needy; and | |||||||||||
| c) genemgy for any such charitable purpose at the discretion |
of | the Trustee | |||||||||
| conducive to the advancement or maintenance ofthe Roman Cathogc religion |
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| whether In Great Britain orelsewhere. |
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| Structure, | Governance 8 Management | ||||||||||
| Governance | &Management | The Charity is an unincorporated trust |
constituted under |
a trust | deed dated 8 |
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| September 1949and isa registered charity, number 240786. | |||||||||||
| The management of the Charity is carried out by the |
Directors | of | the Trustee | ||||||||
| Company who also determine the overall | strategy ofthe | Charity. | |||||||||
| The Charity has adose working relationship vdth the General |
Council | in Paris which | |||||||||
| provides the Charity with advice and, when necessary, |
financial | assistance | to | ||||||||
| ensure that the Charity isable to continue | to meet its charitable objectives. | ||||||||||
| Objectives | & Activities | Ona ofthe aims ofthe Charity Isto provide support for |
the | poor, | sick and needy, | ||||||
| whether home or abroad regardless of whether they are members |
ofthe Roman | ||||||||||
| Cathogc Regglon. The Charity has made |
a commitment | in favour of human | rights | ||||||||
| and provides help for displaced persons and support for |
economic, | education | and | ||||||||
| health development projects. |
| Objectives | lk Activities - «ontlnued | The activity of the Charity with regard to this aim has been diverse. In the UK |
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| these include working in local parishes (this Includes working with the sick, local |
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| schools, homeless and elderly), with those who have severe and enduring mental |
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| glness, with survivors of torture, with refugees, chaplaincy work in schools and |
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| hospitals, education of children, working with adults with learning difficulties and |
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| those who suffer from AIDS. | ||
| The activities of the Chadty also have an international aspect and indude working |
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| with NGOs for example CAFOD, OXFAM and other justice and peace organlsatlons. |
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| This work has necessitated international visits to third world countries. The Charity |
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| is involved with the education of women in third world countries and in the |
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| prevention of human trafficking ofwomen and children. The Charity also supports |
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| the work of SIDI (International Sogdarlty for Development Investment) and CCDF |
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| (Catholic Committee against Hunger and for Development). |
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| The Charity oontinues to maintain its Institutions as well as supporting the ongoing |
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| care of the sick and elderly sisters. This constitutes a large part of the Charity's |
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| expenditure as the majority of the sisters of the congregation are elderly. The |
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| sisters do not receive any remuneration for the work they carry out for the Charity. |
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| Method of | Donation | The trust supplies flnandal assistance to religious houses and this Is expected to |
| continue in the foreseeable future. At the end of each year the community/sister |
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| has to account for the money spent during the year and has to submit a budget for | ||
| the coming year. These are sent to the Province Leadership Team. Each budget Is |
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| considered then the overall budget of the Province, whkh ls made up of ag the |
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| budgets, is looked atand decisions made regarding amendments tothe budgets and |
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| the grants to be made to each house. The Trustee approves the grants and then |
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| takes on the responslbigty oftheir administration. The end ofthe year accounts and |
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| budgets for the coming year are also sent to the General Bursar In Paris who |
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| presents them to the General Leadership Team. | ||
| For Important matters, such as the sale of one of the houses, authorlsation is |
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| required by the board of Directors of The Holy Rood Trustee Company Ltd and |
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| signed by any three ofthe Directors. Any Important derssjon is made only after a |
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| process of discernment is carried out Involving the Sisters concerned and the |
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| Province Leadership Team and others who may be affected by the decision. | ||
| Risk Management | The Trustee confirms that the major risks to which the Charity Is exposed, as |
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| Identlged by the Trustee, have been reviewed and systems have been established |
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| to mitigate those risks. | ||
| Investment | Policy | The Investments are managed by Charles Stanley & Co. In exercising discretion |
| over its investment policies, the Trustee alms to maintain a balance, exposing the |
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| portfolio to no more than a moderate risk with a view to providing income for |
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| today without forgetting the long-term need to protect the real value of capital. |
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| Selecting appropriate Investments, the Investment manager is also mindful that |
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| investments should not give exposure to areas which are not ln harmony with the |
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| Charity's ethical and religious ethos. | ||
| Advice regarding the portfogo of freehold properties held for the Charity's use Is |
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| obtained from individual surveyors appropriate to the locahty of each property. |
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| Maintenance ofthe properties Isa priority. |
| Plans l»r future periods | The Trustees are satlsffed with their grant making priorities and Investment polky |
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| and lt Is their Intention to continue on this basis to achieve the obiectivas ofthe |
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| Charity in the future. | |
| Going Concern | The Cnronavlrus (COVID 19)pandemic has impacted the charity. |
| Due tothe drop in Income in the year asaresult ofthe Coronsvlrus pandemic, two |
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| grants for 2020 had to be reduced. Please refer to page 4 above for more |
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| Information about these grants. |
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| Market volatglty and weakness duetothe COVID 19outbreak and efforts tocontrol |
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| its spread aifected investment performance throughout 2020 and this is reflected |
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| Inthe flnnndal statements asat 31December 2020. |
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| Since31Demmher 2020,the fair value ofthe Charity's Investments held atthe year |
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| end and still in the portfogo, has increased as markets continued to rally. At 31 |
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| March 2021the capital value ofthe porffolio stood atE19,025,609. | |
| The Trustees consider that there are no material uncertainties about the Charity's |
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| ablgty tocontinue asagomg concern. | |
| The Trustees have considered the flnandal health ofthe charity and with this in |
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| mind the Trustees begeve that the charity atthe data ofsigning, wgl continue asa |
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| going concern forthe foreseeable future. | |
| Reserves | The Endowment Fund represents the Charity's reserves which are used to |
| supplement the income as necessary to maintain the grants. The Trustee's pogcy |
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| is to at least maintain reserves at their present level, subJect to the prevaging |
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| Investment cgmate. |
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| The General Bursar in Paris has requested that each province ofthe Imtltute |
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| makes financial provision forthe long-tenn cern ofthe sIsters, Following the annual |
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| review and In consideration ofchanging drcumstances we have calculated that, for |
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| the British Province, 610mggon wgl be required over the next 30years to sacwe |
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| this provision. ItIstobe held In reserve and wgl be known as'Stable Patrirnony'. |
| Unrestricted | Unrestricted | Funds | |||||
|---|---|---|---|---|---|---|---|
| ExPendable | Total | Total | |||||
| Income | Endmvnmnt | 2020 | 2019 | ||||
| Note | 6 | 6 | E | E | |||
| INCOME AND ENDOWMENTS | |||||||
| Investments | 2 | 390,313 | 390,313 | 709,661 | |||
| OBmr | 8 | 90,954 | |||||
| TOTAL INCOME | 390,313 | 800,615 | |||||
| EXPENDITURE | |||||||
| Cost ofralslnE funds | 3 | 58,328 | 58,328 | 61,600 | |||
| charitable aabntles | 4 | 229,726 | 2,127 | 2322153 | 551,457 | ||
| TOTAL EXINNDITURE | 229,726 | 60,455 | 290,181 | 613,057 | |||
| NET INCOME/(EXPENDITURE) | BEFOREGAINS AND | ||||||
| LOSSESON NWESTMENTS | 160,587 | (60,455) | 100,132 | 187,558 | |||
| Net Ealnsl((oases) on investments | (1,236,310) | (1,236.310) | 2,896,499 | ||||
| NET INCOME/(EXPENDITURE) | AFIER GAINS AND | 160,587 | (1,296,765) | (1,136,178) | 3,084,057 | ||
| LOSSESON WIIEETMENTS | |||||||
| TRANSMR BETWEEN FUNDS | 17 | (160,58i9 | 160,587 | ||||
| NET MOVEMENT IN FUNDS | (1,136,178) | (LA36,178) | 3,084557 | ||||
| FUND BALANCES BROUGHT FORWARD | 21,181,147 | 21,181,147 | 18,097.090 | ||||
| FUND BALANCES CARRIED FORWARD | 20,044'69 | 20,044,969 | 21,181,147 |
| 2020 | 2020 | 2019 | 2019 | ||||
|---|---|---|---|---|---|---|---|
| Charitable | Charitable | ||||||
| Actlvides | Governance | Activities | Gmremance | ||||
| 6 | E | E | 8 | ||||
| UNRESlNICTED IalCOME FUND | |||||||
| Depredation | oftangible assets | 7,145 | 7,145 | ||||
| Property | expenditure | 6,371 | 28,923 | ||||
| Auditors' | remunemtlan | 3.960 | 3,900 | ||||
| Accountancy | and tax compgance | services | 14,307 | 14,076 | |||
| Bankchargesandsundry | 639 | 678 | |||||
| lrlsurarlce | st 923 | 12235 | |||||
| 26,078 | 18,267 | 48,981 | 17,976 | ||||
| EXPENDA&tg | ENDOWMENT | ||||||
| Solkltors' | fees | 2.127 |
| Fmahold | Static | ||
|---|---|---|---|
| properNes | caravans | Total | |
| E | 6 | E | |
| Cost | |||
| At 1lanusry 2020 | 2,&60,832 | 92+52 | 2,953,684 |
| Additions | |||
| Dlspossls | |||
| At31December 2020 | 2,860432 | 92,852 | 2,953,684 |
| OeprecbUon | |||
| At 1lanuary 2020 | 226,188 | 40,730 | 266,918 |
| Depreciation on sale | |||
| Provided ln year |
7,145 | 7,145 | |
| At31December 2020 | 226,188 | 47~5 | 274,063 |
| Net book vsWe at31December 2020 | 2,634,644 | 44„rt77 | 2,679,621 |
| Net book value st31December 2019 | 2,634,644 | 52,122 | 2,686,766 |
| 2020 | 2019 | ||
|---|---|---|---|
| 6 | |||
| Market value at31December 2019 | 18,800,770 | 15,633,379 | |
| Sale proceeds of dlsposals | (981,946) | (2470,695) | |
| Add: acqulsltlons atcost | 934,775 | 2,841,587 | |
| Net gains/{losses) on revaluation | and disposal | (1,236,310) | 22I96,499 |
| Market value at31December 2020 | 17,517,289 | 18,800,770 | |
| Cash held within the Inveshnent | portfogo | 12,949 | 24,MS |
| 17,530,238 | 182I24,876 | ||
| Hlstorkal costat31December 2020 | 14,481042 | 14807,332 | |
| Investments | |||
| UK Sated | 152I93.998 | 16.'772.914 | |
| Overseas Bated | 1,623,296 | 2,027,856 | |
| 17417~ | 18,800,770 |
| Invokrad are asfollow | s: | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| E | |||||
| 0'6rady Dayne |
54.000 5~ |
54~ 5,000 |
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| Minards | 22,000 | ||||
| Paterson | 8,00D | 8,000 | |||
| 89.000 | 89,000 | ||||
| c) Grants | 2020 | 2019 | |||
| E | E | ||||
| The Old Sdmolhouse | Cornmunny | Pro)ect | 125,000 | 250,000 | |
| SHARE Knowshy | 60,000 | ||||
| 185,000 | 310,000 | ||||
| 12. | UADIUTIES: amounts | fnglng due | after one year | ||
| 2020 | 2019 | ||||
| E | 6 | ||||
| Grants | |||||
| The Old Schoolhouse | Community | Project | 125,000 | ||
| SHARE Knowsley | 90,000 | 120,000 | |||
| 9D,DDD | 245,000 |
| UNRESTRICI | ED FUNDS | |||
|---|---|---|---|---|
| Total | ||||
| Capital | Income | 2020 | ||
| 2020 | E | 6 | E | |
| Unrestrkted | funds comprise the fogowlngr | |||
| -Tangible assets | 2,679.621 | 2,679,621 | ||
| -Investments | 17,530,238 | 17,53D,238 | ||
| -Cash | (75,790) | 293,267 | 217,477 | |
| -creditors | {89,100) | (293,267) | (382,367) | |
| 20444,969 |
| 2020 | 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 6 | |||||||||
| Net movement | in | funds (as par the | Statement | ofFlnsndal | Activities) | (1,136,178) | 3,0842I57 | ||
| Depreciation charges | 7,145 | 7,145 | |||||||
| (Gains))fosses | on Investments | shown In | Investing acuvltles | 1,236,310 | (2,896,499) | ||||
| (Gains)/losses | on properties | (90,954) | |||||||
| Deduct! nvestm | ant | Income shown | In investing | activities | (390p313) | (709,661) | |||
| (Increase)/decrease | In debtors | 2,420 | |||||||
| Increase/(decrease) | In credltom | (279,589) | (69,760) | ||||||
| Net cash prmsded | by (used In) | opemgng | activities | ||||||
| {562,625) | (673,252) |