O'LAVERfi TRUST
TRUSTEES, REPORT FOR THE FINANCIAL YEAR ENDING 05 APRIL 2023
The purpose of the Charity 15 to provide financial assistance to Catholic boys from ages 11 to 23, with a
pa rticular Surname as set out in the Will of the late Monsignor James O'Laverty. This is 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 3pplicants receive the greatest benefit,
particularly if they come from ? single parent family or the parents are unemployed or in lowly paid
employment. The grants usually help discharge university fees, training course fees, accommodation or
transport costs or boarding fees.
The existence of the Charity is advertised in the Diocese of Down & Connor's 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 encourage applications. The Trustees hold
an annual meeting (usually in November) to deliberate upon applications received and recommend
distributions of any grant money. At the annual meeting in November 2022, the sum of £11,450.50 was
distributed to 12 fam Ille5 comprising of 15 appli¢3 nts,
The Trustees receive a detailed Investment Summary and horlzon outlook from its Stockbrokers, Evelyn
Partners, on a quarterly basis. It provides a valuation of the securities wlth focus on performance summary
and reconciliation. The value of the portfolio as at 31 March 2023 was £325,302 including £8,684 of cash.
The holding has remained relatively buoyant, given the global financial position. It is the accumulation of
cash dividend5 on a yearly basis that enable5 gra nts to be distributed to beneficlarles an nually.
The Trustees are satisfied that the investment strategy of the Stockbrokers, which is intended to maximise
the predictability of returns to ensure a cash and fixed interest portfolio, is appropriate. The desired
outcome is achieved by picking stocks which provide strong gross income while maintaining a balance
between longer term 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, banking and legal fee5.

The Trustees, at the annual meeting in November 2023, received a detailed report from its professional
advi50r in relation to the investment portfolio a5 well as the individual application5 from beneficiarie5. The
applications contain the financial and educational information of Applicants and their family. This
information a Iso includes detai15 of an Applicant'5 academ ic record and perforrnance.
The recommendations of the Charity's Stockbrokers in relation to the buying and selling of shares on
regular basis within 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 deposit basis.
The operation of the Charlty 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 a5515t in determining the nature of grant given to individual
beneficiaries.
One of the Trustees, Monsignor Joseph Glover, died on 29 October 2022 and a replacement Trustee will
need to be identified.
The Trustees review the process of awarding grants annually and are provided with the quarterly reports
on the investment portfolio. The Trustees supervise the professional advisor5 who, in turn, ensure
compliance wlth data protection legislation and risk management in relation to the holding of the Charity's
funds.
The Trustees confirm that they have complied with the requirements of Section 4 subsection161 of the
Charities Act (Northern Ireland) 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 annual report, the Trustees have sought to demonstrate that the Charity'5 aims and objectives are for
the public benef it. The Trustees are satisfied that the public benefit test 15 met.
nd
Dated thi5 22 day of January 2024
TRUSTEE