## ## |||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||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| ||||RBS
Blshopsgate||||||||| ||||49Blshopsgate||||||||| ||||London
EC2N 3AS||||||||| |Solicitors|||Stone King||||||||| ||||3"Floor gateman
House, 82-88 Hills Road||||||||| ||||Thirty Station Road||||||||| ||||Cambridge
CB2LLQ||||||||| |Stockbrokers|||Charles Stanley &Co||||||||| ||||35Bishopsgate||||||||| ||||London
EC2N 3AS||||||||| |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.||||||||| |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||||||||| ||||whether
In Great Britain orelsewhere.||||||||| |Structure,|Governance 8 Management||||||||||| |Governance||&Management|The Charity
is an unincorporated
trust|constituted
under||a trust||deed dated
8|||| ||||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| |---|---|---| |||these include
working
in local parishes
(this Includes
working
with the sick, local| |||schools, homeless
and elderly),
with those who have severe and enduring
mental| |||glness,
with
survivors
of torture,
with refugees,
chaplaincy
work
in schools and| |||hospitals,
education of children,
working
with adults
with learning
difficulties
and| |||those who suffer from AIDS.| |||The activities of the Chadty also have an international
aspect and indude working| |||with NGOs for example
CAFOD, OXFAM and other justice and peace organlsatlons.| |||This work has necessitated
international
visits to third world countries.
The Charity| |||is involved
with
the education
of women
in third
world
countries
and
in the| |||prevention of human
trafficking ofwomen
and children.
The Charity also supports| |||the work of SIDI (International
Sogdarlty for Development
Investment)
and CCDF| |||(Catholic Committee
against Hunger and for Development).| |||The Charity oontinues to maintain
its Institutions
as well as supporting
the ongoing| |||care of the sick and elderly sisters.
This constitutes
a large part of the Charity's| |||expenditure
as the majority
of the sisters of the congregation
are elderly.
The| |||sisters do not receive any remuneration
for the work they carry out for the Charity.| |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| |||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| |||considered
then the overall budget of the Province,
whkh
ls made up of ag the| |||budgets, is looked atand decisions made regarding amendments
tothe budgets and| |||the grants to be made to each house.
The Trustee approves
the grants
and then| |||takes on the responslbigty
oftheir administration.
The end ofthe year accounts and| |||budgets
for the coming
year are also sent to the General
Bursar
In Paris who| |||presents them to the General Leadership Team.| |||For Important
matters,
such as the sale of one of the houses,
authorlsation
is| |||required
by the board of Directors of The Holy Rood Trustee
Company
Ltd and| |||signed by any three ofthe Directors.
Any Important
derssjon
is made only after a| |||process of discernment
is carried out Involving
the
Sisters
concerned
and
the| |||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| |||Identlged
by the Trustee, have been reviewed
and systems
have been established| |||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| |||portfolio to no more than a moderate
risk with a view to providing
income for| |||today without
forgetting
the long-term
need to protect the real value of capital.| |||Selecting
appropriate
Investments,
the Investment
manager
is also mindful
that| |||investments
should not give exposure to areas which are not ln harmony
with the| |||Charity's ethical and religious ethos.| |||Advice regarding
the portfogo of freehold
properties
held for the Charity's
use Is| |||obtained
from
individual
surveyors
appropriate
to the locahty of each property.| |||Maintenance
ofthe properties
Isa priority.| ## ## ## ## ## ## |Plans l»r future periods|The Trustees are satlsffed with their grant making
priorities and Investment
polky| |---|---| ||and lt Is their Intention to continue
on this basis to achieve the obiectivas ofthe| ||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| ||grants for 2020 had to be reduced.
Please refer to page 4 above for more| ||Information
about these grants.| ||Market volatglty and weakness duetothe COVID 19outbreak
and efforts tocontrol| ||its spread aifected investment
performance
throughout
2020 and this is reflected| ||Inthe flnnndal
statements
asat 31December 2020.| ||Since31Demmher 2020,the fair value ofthe Charity's Investments
held atthe year| ||end and still in the portfogo, has increased as markets
continued to rally. At 31| ||March 2021the capital value ofthe porffolio stood atE19,025,609.| ||The Trustees consider that there are no material uncertainties
about the Charity's| ||ablgty tocontinue asagomg concern.| ||The Trustees have considered
the flnandal
health ofthe charity and with this in| ||mind the Trustees begeve that the charity atthe data ofsigning,
wgl continue asa| ||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| ||is to at least maintain
reserves at their present
level, subJect to the prevaging| ||Investment
cgmate.| ||The General
Bursar
in
Paris has requested
that
each
province ofthe
Imtltute| ||makes financial provision forthe long-tenn
cern ofthe sIsters,
Following the annual| ||review and In consideration
ofchanging drcumstances
we have calculated that, for| ||the British Province, 610mggon
wgl be required
over the next 30years to sacwe| ||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| ||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)| ##