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2022-12-31-accounts

Page
TRUSTEE'S REPORT 1-7
AUDITORS'
REPORT		 8-9
STATEMENT OF FINANCIAL ACFIVlTIES 10
RRuLNCE SHEET
STATEMENT OF CASHFLOWS 12
NOTES TO THE FINANCIAL STATEMENTS 13-19

Bankers The Royal BankofScotland pic
RBSBishopsgate
49Blshopsgate
Landon
EC2N SAS
Sogdtors Stone King
SuFloor Batsman House, 82-88 Hgls Road
Thirty Station Road
Cambridge
CB2LLQ
Stockbrokers Charles Stanley 8 Co
SSBlshopsgate
London
EC2N 3AS
Investment Powers Unrestricted
Tax Under existing law the tmst Isexempt from Income twc mheritance tax and capital
gains 'tax.
Regglous houses No account has been taken ofthe assets or Rabgitles ofthe individual
houses by
agreement
with the Char ty Commission.
Permitted Destination of Funds Astoboth capital (Expendable Endowment)
and income:
a)
forthe support ofthe poor, sickand needy Indudingmaintenance		 and support
of charitable
institutions
for the poor and needy whether at home or abroad,
whether ornotthey are members ofthe Roman Catholic religion;
b)
maintenance
and support ofcharitable
instltugons
for persons
carrying out the wnrk ofthe support and the visitation ofthe		 engaged
In or
poor, sick and
needy; and
c)
generally
for any such charitable
purpose
at the discretion		 of the Tr'ustee
condudve tothe advancement
or maintenance
ofthe Roman Cathogc religion
whether
InGreat Britain or elsewhere.
Structure, Governance gr Management
Governance ILManagement The Charity
is an unincorporated
trust consdtuted
under a trust
September 1949and Isa registered charity, number 240786.		 deed dated 8
The management
of the Charity
is carried
out by the Directors		 of the Trustee
Company
who also determine the overall stmtegy ofthe Charity.
The Charity has adose working relationship
with the General Council		 in Paris which
provides
the Charity
with advke and, when
necessary,
linandal		 assistance
to
ensure that the Charity is able tocontinue tomeet ils charitable objecdves.
Objectives gr Actlviries One ofthe alms ofthe Charity Isto provide support for the poor, sick and
whether at home or abroadregardless
ofwhether they are members ofthe		 needy,
Roman
Cathogc Reradon.
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 - continued The activity of the Charity
wNh regard to this aim has been diverse. In the
DK
these Include working
in local parishes (this Indudes
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
dggcuities and
those who suffer from AIDS.
The activities ofthe Charity also have an International
aspect and Include working
with HGOs for example
CAFOD, OXFAM and other justice and peace organisatlons.
This work has necessitated
International
visits to third world countrie. The charity
Is Involved
with the education
of women
in third
workl
countries
and
in the
prevention
of human
trafg ding ofwomen
and children. The Chargy also supports
the work of SIDI (Intemagonal
Sogdarity for Development
Imiestmentj
and CCDF
(Cathogc Committee against Hunger and for Development).
The Charity continues to maintain
its institutions
as well as supporting
the ongoing
care of the skk and elderly disters. This constitutes
a large part of the Charity's
expenditure
as the majority ef the sistms of the congregation
are elderly. The
sisters do not receive any remuneration
forthe work they carry out for the Charity.
Method of Donation The trust supplies
financial
aedstance to religious
houses and this Is expected to
continue
in the foreseeable
future. At the end ofeach year the communhy/stater
has to account for the money spent during the year and has to submit a budget for
the mmlng year. These are sent to the Province Leadership
Team. Each budget is
considered
then the overall budget ofthe Province,
which
Is made up of ag the
budgets, islooked atand dedslons 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 paris who
presents them tn the General Leadership Team.
For Important
matters,
such as the sale of one of the houses,
authorlsatlon
Is
required
by the board of Directors ofThe Holy Rood Trustee Company
Ltd and
signed by any three ofthe Directors. Any important
dedslon
Is made only affer a
process ofdiscernment
is ceiled out Involving
the
Sisters
concerned
and
the
Province Leadership Team and others who may beaffected bythe decision.
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
Ik Co. In exercising
discretion
over its investment
policies, the Trustee alms to maintain
a balance, exposing the
portfogo to no more than a moderate
risk with a view to pmvidlng
income for
today without
forgetting the long-term
need to protad the real value of capital.
Selecting appropriate
investments,
the investmant
manager
is also mindful
that
investments
should not gare exposure to areas which are not In harmony
with the
Charity's
ethical and regglous ethos.
Advice regarding
the portfolio of freehold
properties
held for the Charity's
use is
obtained
from individual
surveyors
appropriate
to the locagty of each property.
Maintenance ofthe properties
isa priority.

Unrestrkaad Funds
Eanemlable Total Total
Income Endowment 2022 2021
Note E E 6
INCOME AND ENDOWMENIS
investments
Other		 2
8		 755,220 110,873 755,220
110,873		 599,430
52,008
TOTAL INCOME 755220 110,873 866,093 651,438
EXPENDITURE
Cost ofraising funds 3 69/64 69,464 67,645
Charitable acbvMes 4 533/29 533,429 431,927
TOTAL EXPENDITURE 533,429 69864 602,893 499,572
NET INCOME/(EXPENDfTURE) BEFOREGAINS AND
LOSSESON INVESTMENTS 221,791 41,409 263,200 151,866
Nst (losses)/gains
on Investments		 (3,180684) (3,180,684} 3.208790
NET INCOME/(EXPENDITURE) AFTER GAINS AND 221,791 (3,139,275) (2,917,484) 3,360,656
LOSSESON INVESNEENTS
TRANSFER BEIWEEN FUNDS 17 (221,791) 221,791
NET MOVEMENT m FUNDS (2,917,484) (2,917,484) 3.360,656
FUND BALANCES BROUGNT FORWARD 23,405,625 23,405,625 20,044,969
FUND BAIANCES CARRIED FORWARD 20,488,141 20,488,141 23,405,625

2022 2021
Note 6 6
Cash Rows fram operating ecdvtdest
Net cash provided by(used in) operating acdviges 16 (623,747} (525,665)
Cash flows from tevesung acuvhiesr
Investment
income		 755,220 599,430
Saleofproperty 864545 184,719
purchase ofproperty
Proceeds from saleof Investments		 (326,360)
2598,202		 3,757,359
Purchase of Investments (2,037,046) (3,682,029)
Net cash provided
by (used In) Investing acthdges		 854461 859,479
Change ln cash and cash equivalents
Inthe year
cash and cash equivalents
atthe beignnlng ofthe year		 230,814
564240		 333,814
230,426
Cash and cash equivalents at the end ofthe year 795.054 564240
2022 2021
Note 6
Represented
by:
Cash held within the invesbnent		 portfolio 9 18997 37,736
Cash at bank 10 776,557 526,504
795,054 564,240

ALLOCATION OF GOVERNANCE
AND OTN		 ERSUPPO RT COSTS
2022 2021
Charitable Charitable
AcGvtties
Governance		 Activities Governance
6 E E f
UNRESTRICTED
INCOME FUND
Depredadon
oftangible assets
Preparty expenditure
Auditors'
remuneration
Accountancy
and tax compgance services
Bank charges and sundry
Insurance		 7,145
4,950
663
25cntt		 7,145
772
5,700
16330
726
14,435		 5,160
14,869
28,699 22,030
23,078		 20,029
EXPENDABLE ENDOWNIENT 820
Sogcltors' fees
TRUSTEE EXPENSES AND REMUIeERATION
The Trustee reaelved
no remuneration
in respect ofthe financial
year none of the Directors ofthe Trustee Company were reimbursed		 year ended
expenses		 31December 2022(2021FNil). In th
(2021 ENB).
FIXED ASSETSr TANGIBLE ASSEIS
Freehold Static
praperdes canivaris Total
E E E
At 1lanuary 2022 2,728,121 92,852 2,820,973
Addmons 326,360 326,360
Disposals (802,906) (802,906)
At31 December 2022 2,251,575 92,852 2,344,427
Depredation
At 1lanusry 2022 226,188 55,020 281,208
Depreciation
on sale		 (49,234) (49,234)
Provided
in year		 7,145 7,145
At 31December 2022 176,954 62,165 239,119
Net book value at31December 2022 2,074,621 30,687 2,105,308
Net beak vakie at 31Deoember 2021 2,501,933 37,832 2,539,765

Total
2022 Capital
E		 Income
5		 2022
5
Unrestricted
funds comprise the		 following:
-Tangible assets 2,105,30S 2,105,308
-investments
-Cash		 27827,406
544,527		 232,030 17,927,406
776,557
-Creditors (89,100) (232,030) (321,130)
20,488,141 20,488,141
RECONCIUATION OFISETMOVEMENTS IN FUNDS TO NET CASH FIOW FROM OPERATING ACIIVITIES
2021
f
Net movement
In		 funds (as perthe Statement of Financial Activities) (2,917W4) 3,360,656
Depredation
charges		 7,145 7,145
(Gains)/losses
on Investments		 shown In investing activities 3,180,684 (3,208,790)
(Gains)/losses
on properties		 (110,873) (52/mg)
Deduct Investment Income shown In Investing activides (755,220) (599,430)
(Increase)/decrease in debtors
Increase/{decrease)ln
creditors		 (27,999) (33,238)
Net cash provided by (used In) operaung activities (623,747) (525,665)

Fund fund
batsnces balances
brought Gains and carried
Fund Name forward Income Expenditure Transfers losses forward
6
Expendable
endowment 23,405,625 110,873 (69,464) 221,791 (3,180,684) 20,488,141
Income 755,220 (533,429) (221,791)
TotaiFunds 23,405,625 866,093 (602/I93) (3,180,684) 20,488,141