OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Page
TRUSTEE'S REPORT 1-7
AUDITORS'
REPORT		 8-9
STATEMENT OF FINANCIAL ACTIVITIES 1Q
BAlANCE SHEET
STATEMENT OF CASHFLOWS 12
NOTES TO THE FINANCIAL STATEMENTS 13-19

Bankers The Royal Bank ofScotland
pl«
RBS
Bishopagata
49Bishopsgate
London
EC2N 3AS
Solicitors Stone King
3"Floor gateman
House, 82-88 Hills Road
Thirty Station Road
Cambridge
C82 1U2
Stockbrokers Charles Stanley &Co
SSBlshopsgate
London
EC2N 3AS
Investment Powers Unrestricted
Tax Under existing law the trust
is exempt from		 income tax, Inheritance tax and capital
gains urx.
Religious houses No account has been taken of the assets or liabilities ofthe Individual houses by
agreement
with the Charity Commission.
Permitted Destination ofFunds As to 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 ofthe Roman		 Catholic religion;
b)
maintenance
and support of charitable		 institutions
for persons		 engaged ln or
carrying out the work ofthe support and the visitation of the poor, sick and
needy; and
c)
generally
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 or elsewhere.
Structure, Governance &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 a «Iose working
relationship		 with the General Council In Paris which
provides
the Charity
with
advice
and,
when
necessary,		 Rnancial assistance to
ensure that the Charity
is able to continue		 to meet its charitable objectives.
Objectives &Activities One ofthe aims ofthe Charity
is to provide support		 for the poor, sick and needy,
whether at home or abroad regardless of whether they are membem ofthe Roman
Catholic Religion.
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!k Activities - continued Objectives!k Activities - continued The activity of the Charity
with regard to this aim has been diverse.
In the
VK
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
illness,
with
survivors
of torture,
with
refugees,
chaplaincy
work
In schools and
hospitals,
education of children,
working
with adults
with learning
difhculties
and
those who suffer from AIDS.
The activities of the Charity also have an international
aspect and include working
with NGOs for example
CAFOD, OXFAM and other Justice and peace organisatlons.
This work has necessitated
international
visits tothird world countries.
The Charity
is Involved
with
the education
of women
in third
world
countries
and
in the
prevention
of human
trafffcking ofwomen
and children.
The Charity also supports
the work of SIDI (International
Solidarity for Development
Investment)
and
CCDF
(Catholic Committee
against Hunger and for Development j.
The Charity continues to maintain
Its institutions
as well as supporting
the ongoing
care of the sick and elderly sisters.
Ibis constitutes
a large part of the Charity's
expenditure
as the majodity
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
financial
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,
which
is made up of all the
budgets,
Islooked at and 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 responsibility
oftheir administration.
The end ofthe year accounts and
budgets
for the coming
year are also sent to the General
Bursar
in Padis
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
decision
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 thedecision.
Risk Management The Trustee
confirms
that the major
risks to which
the Charity
is exposed,
as
identified
by the Trustee,
have been reviewed
and systems
have been established
to mitigate those risks.
Investment Policy The investments
are managed
by Charles
Stanley
gr Co.
In exercising
discretion
over Its investment
polides, the Trustee aims 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 in harmony
with the
Charity's ethical and religious ethos.
Advice regarding
the portfolio of freehold
properties
held for the Charity's
use is
obtained
from
individual
surveyors
appropriate
to the locality of each property.
Maintenance
ofthe properties
is a priority.

Plans for future periods The Trustees are satisfied with their grant making priorities and Investment
policy
and it istheir intention to continue
on this basis to achieve the objectives ofthe
Chafity in the future.
Going Concern The Coronavlrus
(COVID 19)pandemic
has impacted the charity. Market volatility
and weakness
due to the COVID 19 outbreak
and efforts to mntrol
its spread
affected investment
performance
throughout
2020 and this was reflected
in the
financial
statements
as at31December 2020.
The Trustees mnsider that there are no rnateiial
uncertainties
about the Charity's
ability to continue as a going concern.
The Trustees
have considered
the financlal
health of the chadty and with this in
mind the Trustees believe that the charity at the date ofsigning,
wgl continue
as a
going concern forthe foreseeable future.
Aeserves The
Endowment
Fund
represents
the
Charity's
reserves
which
are
used
to
supplement
the income as necessary to maintain
the grants.
The Trustee's
policy
is to at least maintain
reserves
at their
present
level, subject to the prevailing
investment
climate.
The General
Bursar
in
Parle has
requested
that
each
province ofthe
Institute
makes financial provision for the long-term
care ofthe sisters. Following
the annual
review and
in consideration
of changing
circumstances
we have calculated that, for
the British Province, E10 mlglon
will be required
over the next 30 years to secure
this provision.
It isto be held in reserve and will be known as 'Stable Patrimony'.

Unrestricted Funds
Expendable Total Total
Income Endearment 2021 2020
Note
INCOME AND ENDOWMENTS
Investments
Other		 2
8		 599,430
-		 52,00S 599,430
52,008		 390,313
TOTAL INCOME 599,430 52,008 651,438 390,313
EXPENDITURE
Cost ofraising funds 3 67,645 67,645 58,32S
Charitable
activities		 4 431,107 820 431,927 231,853
TOTAL EXPENDITURE 431,107 68,465 499,572 290,181
NET INCOME/(EXPENDITURE) BEFOREGAINS AND
LOSSESON INVESTMENTS 168,323 (16,457} 151,866 100,132
Net gains/(losses)
on investments		 3,208,790 3,208,790 (1,236,310)
NET INCOME/(EXPENDITURE)
lOSSES ON INVESTMENTS		 AFTER GAINS AND 168,323 3,192,333 3,360,656 (1,136,178)
TRANSFER BETWEEN FUNDS 17 (168,323) 168,323
NET MOVEINENT
IN FUNDS		 3,360,656 3,360,656 (1,136,178)
FUND BAIANCES BROUGHT FORWARD 20,044,969 20,044,969 21,181,147
FUND BALANCES CARRIED FORWARD 23,405,625 23,405,625 20,044,969

2021 2020
Note 6 6
Cash flows from operating activities:
Net cash provided by (used in}operating activities 16 (525,665) (562,625)
Cash Rows from Investing acthltlesr
investment
income		 599,430 390,313
Sale ofproperty 184,719
Proceeds from sale ofInvestments 3,757,359 981,946
Purchase ofinvestments (3,682,029) (934,775)
Net cash provided by (used In) Investing actMtles 859,479 437,4&4
Change In cash and cash equivalents Inthe year 333,814 (125.141)
Cash and cash equivalents atthe beginning
ofthe year		 230,426 355,567
Cash and cash equhmlents atthe end ofthe year 564,240 230,426
2021 2020
Note f. 6
Represented
by:
Cash held within the investment portfolio 9 37,736 12,949
Cash st bank 10 526,504 217,477
564,240 230,426

INCOME AND ENDOWMENTS INCOME AND ENDOWMENTS 2021 2020
Investment Income
Investment income - UK Rated 546,612 330,763
Investment income - Overseas listed 63,444 72,600
610,056 403,363
Less: Non recoverable
and overseas tax		 (10,659) (13,372)
Interest on cash deposits 33 322
599,430 390,313

3. COSTOF RAISING FUNDS 2021 2020
E 6
Investment
management		 charges 67,645 58,32&
4. ANALY5IS OF CHARITABLE ACTIVITIES
The Charity undertakes its charitable activities through grant making and awarded grants to a number of institutions
In furtherance
ofits charitable objectives.
Tote I Total
2021 2020
E E
Grant funded activity 388,000 185,381
Support and governance costs —Charitable Activities - Income 23,078 26,078
- Governance -expendable endowment 820 2,127
- Governance - income 20,029 18,267
431,927 231,853
Grants in furtherance
ofcharitable		 objectives
2021 2020
Annual
grants
used for		 the maintenance and support of religious houses, and to E E
fund the Old Schoolhouse
Community		 project's operations
13North Gyle Park, Edinburgh 14,400 23,585
91Queen Victoria Dnve, Ghsgow
Flat 20,Southworth House, Larmenier Retirement Village 18,000 18,000
13Uncoln Avenue, Glasgow 6,000 6,MO
81StMan/s
Road,		 Uverpool 8,400 13,690
10/4 Mount Alvernia,
Edinburgh		 10,800 10,800
470Anniesland
Road, Glasgow		 12,000 12,000
168Tarbock Road, Liverpool 24,000 39,000
5 Harmony
Crescent, Edinburgh		 29,400 32,250
StVincent nursing home, Pinner 2,556
Province a/c 115,000 90,000
The Old Schoolhouse
Community		 project (grant returned) 150,000 (62,500)
388,000 185,381

2021 2021 2020 2020
Charitable Charitable
Activities Governance Activities Governance
6 E E E
UNRESTRICTED INCOME FUND
Depreciation oftangible assets 7,145 7,145
Property expenditure 772 6,371
Auditors' remuneration 5,160 3,960
Accountancy and tax compgance sendices 14,869 14,307
Bank charges and sundry 726 639
Insurance 14,435 11,923
23,078 20,029 26,078 18,267
EXPENDABLE ENDOWMENT
Solicitors' fees 820 2,127

Freehold Static
properties caravans Total
6 E
Cost
At 1January 2021 2,860,832 92,852 2,953,684
Additions
Dlsposals (132,711) (132,711)
At 31December 2021 2,728,121 92,852 2,820,973
Depreciation
At 1January 2021 226,188 47,875 274,063
Depreciation on sale
Provided
In year		 7,145 7,145
At 31December 2021 226,188 55,020 281,208
Net book value at31 December 2021 2,501,933 37,832 2,539,765
Net book value at31 December 2020 2,634,644 44,977 2,679,621

2021 2020
6 f
Market value at 31December 2020 17,517,289 18,800,770
Sale proceeds ofdisposais {3,757,359) {9S1,946l
Add: acquisitions at cost 3,682,029 934,775
Net gains/{losses) on revaluation and disposal 3,208,790 (1,236,310I
Market value at 31December 2021
Cash held within the investment
portfolio		 20,650,749
37,736		 17,517,289
12,949
20,688,485 17,530,238
Historical cost at 31December 2021 16,171,118 14,481,042
Investments
UK Bated
Overseas listed		 18,898.975
1,751,774		 15,893.993
1,623,296
20,650,749 17,517,289
Stockbrokers income account
Bank account

2021 2020
O'Grady 54,000
&syne 5,000 5,000
Minards 22,000 22,000
Paterson 8,000 8,000
&9,000 89,000
c) Grants 2021 2020
E 6
The Old Schoolhouse Community Project 150,000 125,000
SHARE Knowsley 60.000 60,000
210,000 185,000
LIABILmgsr amounts faglng due after one year
2021 2020
Grants
SHARE Knowsley 30,000 90,000
30,000 90,000

Total
Capital Income 2021
2021 E E E
Unrestricted funds comprise the following;
-Tangible assets 2,539,765 2,539,765
- Investments 20,688,485 20,688,485
-Cash 266,375 260,129 526,504
- Creditors (89,000) (260,129) (349,129)
23,405,625 23,405,625

2071 2020
6 E
Net movement
in		 funds (as per the Statement of Financial Activities) 3,360,656 (1,136,178)
Depreciation
charges		 7,145 7,145
(Gains)/losses
on		 investments shown in investing activities (3,208,790) 1,236,310
(Gains)/losses
on		 properties (52,008)
Deduct investment income shown in Investing activities (599,430) (390,313)
(Increase)/decrease in debtors
Increase/(decrease) in creditors (33,238) (279,589}
Net cash provided by (used in) operating activities
(525,665) (562,625)

Fund Fund
balances balances
brought Gains and carried
Fund Name forward Income Expenditure Transfers losses forward
E
Expendable
endowment 20,044,969 52,008 (68,465) 168,323 3,208,790 23,405,625
Income 599,430 (431,107) (168,323)
Total Funds 20,044,969 651,438 (499,572) 3,208,790 23,405,625