## ## |||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|