O'LAVERTY TRUST
TRUSTEES, REPORT FOR THE FINANCIAL YEAR ENDING 05 APRIL 2023
The purpose of the Charity is to provide financial assistance to Catholic boy5 from ages 11 to 23, with a
particular surname as Set out In the Will of the late Monsignor James O'Laverty. This 15 directly achieved
through the advancement of education of the beneficiary by means of the payment of grants. The grants
are means tested to ensure that the most disadvantaged applicants receive the greatest benefit.
particularly If they come from a single parent family or the parents are unemployed or in lowly paid
employment. The grants usually help discharge university fee5, training course fees, accommodation or
transport costs or boarding fees.
The existence of the Charity is advertised in the Diocese of Down & Connorfs annual directory which
provides the general public with details of how, and to whom, to apply for grant aid. In addition, Parish
Priests frequently make families aware of the fund in order to entourage application5. The Trustees hold
an annual meeting (usually in November) to deliberate upon application5 received and recommend
distributions of any grant money. At the annual meeting in November 2022, the sum of Ell,450.50 was
distributed to 12 famllies comprising of 15 applicants.
The Trustees receive a detailed Investment Summary and horizon outlook from its Stockbrokers, Evelyn
Partners, on a quarterly basis. It provides a valuation of the securities with focus on performance summary
and reconciliatSon. The value of the portfollo as at 31 March 2023 wa5 £325,302 including £8,684 of cash.
The holding has remained relatively buoyant, given the global financizl p051tion. It is the accumulation of
cash dividends on a yearly basis that enable5 grant5 to be distributed to beneficlarles annually.
The Trustees are satisfied that the investment strategy of the Stockbrokers, which is intended to rnaxirnise
the predictability of returns to ensure a cash and fixed interest portfollo, is appropriate. The desired
outcome is achieved by pScklng stocks which provide strong gross income while maintaining a balance
between longer temi growth and current income.
The Charity does not have any debt. The portfolio is managed in such a manner as to ensure there are
sufficient cash reserves to distribute appropriate grants to beneficiaries and to discharge investment
management, accountancy, banklng and legal fees.

The Trustee5, at the annual meeting in November 2023, received a detailed report from its professional
advisor in relation to the investment portfolio as well as the individual applications from beneficiaries. The
application5 contain the financial and educètional information of Applicants and their family. This
information also includes details of an Applicant's academic recoid and performance.
The recommendations of the Charity'5 Stockbrokers in relation to the buying and Selling of shares on a
regular basi5 Wlthbn the portfolio are unanimously accepted by the Trustees and Implemented forthwith.
As the investment portfolio is actively managed, the income return is significantly higher that what would
be expected if the funds were banked on a dep051t basis.
The operation of the Charity is overseen by the Trustees who are appointed by the Bishop of Down &
Connor in accordance with the terms of the original Will of Monsignor James O'Laverty. Those Trustees
bring various skills and experiences which a55lSt in determining the nature of grant given to individual
beneficlaries.
One of the Trustees, Monsignor Joseph Glover, died on 29 October 2022 and a replacement Trustee wlll
need to be identifled.
The Trustees review the proces5 of awarding grants annually 2nd are provided with the quarterly reports
on the investment portfolio. The Trustees supervlse the professlonal advisors who, In turn, ensure
compliance with data protection legislation and risk management in relation to the holding of the Charity's
funds.
The Trustees conflrm that they have complied with the requirements of Section 4 subsection161 of the
Charitie5 Act (Northern Irelandl 2008 to have due regard to the public benefit guidance published by the
Charity Commission for Northern Ireland determining the activities undertaken by the Charity. Throughout
this annuèl report. the Trustee5 have sought to demonstrate that the Charity's aims and objectives are for
the public benefit. The Trustees are satlsfied that the public benefit test 15 met.
Dated this 22AJ day of January 2024
TRUSTEE