## ## |||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|