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2023-08-31-accounts

THE VENERABLE ENGLISH COLLEGE TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITY NUMBER 1142558 COMPANY NUMBER 07476683

Harrison Beale & Owen Limited Chartered Accountants & Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

THE VENERABLE ENGLISH COLLEGE TRUST

Contents

Page
Trustees’ annual report 1
Statement of trustees’ responsibilities 6
Audit report 7
Statement of financial activities 10
Balance sheet 12
Notes to the financial statements 13

THE VENERABLE ENGLISH COLLEGE TRUST

Trustees’ annual report For the year ended 31 August 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report and the financial statements for the year ended 31 August 2023.

OBJECTIVES AND ACTIVITIES

Principal activities The principal activity of the charity is to support the activities of the Venerable English College in Rome. This is achieved by making grants to the Venerable English College, and the trustees consider that the charity has achieved its objectives. Volunteers The charity benefits from voluntary donated time but the expected value of this is considered to be immaterial.

Grant making policy Applications for grants are dealt with on a discretionary basis by the trustees and each application is considered on its merits. Grants are made in accordance with the charity’s objects as outlined below.

PUBLIC BENEFIT Objects and activities for the The objects of the trust are principally to apply the Trust Fund and the income public benefit thereof for such charitable purposes connected with the Venerable English College in Rome (“the College”) as the trustees shall from time to time determine, and primarily for the maintenance and support of the College.

When planning the activity of the Trust, the trustees have considered the Charity Commission’s guidance on public benefit and in particular the specific guidance on charities for the advancement of religion.

The charity assists people throughout the world by its support of the College. The students and ordained priests of the College will go on to become valued members of society; building and strengthening communities; supporting the dying and bereaved; ministering to the sick at home and in hospital; caring for the poor and marginalised; and visiting those in prison and providing spiritual and moral education for children. In as much as its resources permit, the College, as the oldest English Institution outside England, continues the spirit of its foundation as a hospice in welcoming visitors to Rome. Finally, the College contributes to the physical and mental health of priests who themselves carry out all the activities referred to above.

1

THE VENERABLE ENGLISH COLLEGE TRUST

Trustees’ annual report For the year ended 31 August 2023

Grant making policy

The Trust makes grants to the College. The College gives its proposals to the Trust and the Trust considers these and makes an annual grant to the College for the purposes of the College which it supports.

Routinely grants made by the Trust are used for various purposes, including:-

The maintenance of the buildings of the College, which in addition to providing accommodation for student and ordained priests are used for spiritual purposes including the provision of a religious place of worship for general members of the public.

A contribution to the College to provide for the cost of the education of the students and ordained priests who are involved in the various activities referred to above.

A contribution to the College to provide for the maintenance of the students and ordained priests who stay at the College.

Any student or ordained priest is able to attend the College subject to the backing of his diocese, which will depend on aptitude and merit. The College is open to all student priests, as well as ordained priests, and trains various dominations of the priesthood including the Church of England as well as the Roman Catholic Church in various countries.

Dioceses contribute to the costs of the students or ordained priests who attend the College by way of a donation and according to their means, and thus the College is open to all student priests and ordained priests regardless of the means of the diocese of which they are a member.

All trustees give of their time freely and no trustee remuneration was paid during the year. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. The trustees do not receive any private benefits.

ACHIEVEMENTS AND PERFORMANCE

Results

Details of the financial position of the charity are set out in the following financial statements and show the net movement in funds for the year was a deficit amounting to £194,846, primarily as a result of a fall in investment value.

Review of performance for the year

The purpose of the charity is to support the activities of the Venerable English College in Rome in training candidates for the priesthood. This is a long term undertaking and requires that substantial investments are held in order to ensure assistance can be provided for the foreseeable future. Whilst no targets are set for performance criteria, responses are made to requests for assistance and these are dealt with on a discretionary basis.

2

THE VENERABLE ENGLISH COLLEGE TRUST

Trustees’ annual report For the year ended 31 August 2023

ACHIEVEMENTS AND PERFORMANCE

Review of performance for the year (continued)

The 5 year plan compiled by the Venerable English College shows that, in addition to the normal running costs, there will be further expenditure of a capital nature. This will be partly funded by grants from the Trust and also by donations from benefactors.

FINANCIAL REVIEW

Reserves

It is the policy of the charity to maintain unrestricted funds, (including designated) which are the free funds of the charity, at a level sufficient to cover its own management and administration costs and to respond to applications for grants which arise. The income of the charity is partly derived from the investment portfolio, which must be maintained at a sufficient level to enable it to generate investment returns. At 31 August 2023 general funds were £130,668, designated reserves were £4,701,636 and restricted funds were £3,105,150.

Investment policy and returns

The charity’s investments are held in accordance with trustees’ powers and the trustees have the authority to invest in such assets as they see fit. The portfolio is held in Sterling and Euro investments and the trustees consider that returns during the year have been satisfactory in a difficult market. External investment advisors are retained to advise on the selection of investments and investment strategy.

The trustees wish to invest in accordance with the teachings of the Catholic Church and the Charity Commission’s guidance on ethical and responsible investment. The trustees are aware that ethical restrictions limit the scope to invest and may affect the total return generated by investments, potentially reducing the income available to fulfil the Charity's objectives. The policy adopted seeks to balance the long-term needs of the investment portfolio performance with the wish to invest within ethical industries and avoid investment in organisations operating in conflict with Church teaching. The policy applies only to companies held directly within the portfolio but the policy includes the proviso that investment managers should seek to exclude from the portfolio funds with major investments in prohibited areas on a best endeavours basis. The trustees acknowledge the positive impact from investing in industries actively promoting responsible employment practices, good corporate governance, human rights awareness and sustainable energy. The Investment Advisers are asked to consider these practices when selecting investments.

Monies held on behalf of the Venerable English College

Monies held in bank accounts on behalf of the Venerable English College in Rome, but in the name of the charity are recorded as assets, with a corresponding liability in the charity's accounts.

3

THE VENERABLE ENGLISH COLLEGE TRUST

Trustees’ annual report

For the year ended 31 August 2023

EXISTING AND FUTURE PLANS AND ACTIVITIES

The charity will continue to support the activities of the Venerable English College in Rome which exists to train candidates for the priesthood for various denominations, principally Roman Catholic but also Church of England. Candidates are drawn from various parts of the world. The trustees expect the charity to continue to support the Venerable English College in Rome for the foreseeable future.

The trustees are aware of the possible short-term volatility of the investment portfolio and will work with the external investment advisors to ensure that the investment portfolio is robust enough to mitigate volatility over the longterm.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution The charity was incorporated on 22 December 2010 under a Memorandum
of Association and an Articles of Association. On 28 May 2021 the Articles
were amended by Special Resolution in order to clarify the composition of
the board of trustees. The amended Articles have been lodged with the
Charity Commission.
Organisation and structure The trustees who have served during the year and since the year end are
shown on page 5. The Bishops who are trustees are nominated by the Catholic
Bishops’ Conference of England and Wales to serve as trustees. Trustees
meet on a regular basis in order to discuss whether to approve or refuse
applications for grants.
Trustee induction and Potential trustees are identified by the existing board of trustees and
training approached if a majority believes that their appointment would be of benefit
to the charity. This may be the case, for instance, where an existing trustee
retires.
New trustees would generally be required to have a background to enable
them to understand the workings of the charity and to be sympathetic to its
cause. New trustees are able to consult existing trustees and are encouraged
to attend all meetings. New trustees are made aware of their responsibilities
under the constitution and charity law prior to their formal appointment.
Risk review The trustees have conducted their own review of the major risks to which the
charity is exposed and systems have been implemented to mitigate those
risks.
Internal risks are minimised by the implementation of internal control
procedures for authorisation of transactions and projects. These procedures
are reviewed periodically to ensure they still meet the needs of the charity.
Related parties The charity has no related party transactions. Despite the similar name, the
Venerable English College in Rome is controlled independently.
Special acknowledgements The trustees would like to express their thanks to Most Reverend Bernard
Longley for his many years of dedicated service as a trustee. The trustees
would also like to welcome Right Reverend John Sherrington as trustee of
the charity.

4

THE VENERABLE ENGLISH COLLEGE TRUST

Trustees’ annual report For the year ended 31 August 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees/Directors

Most Reverend Mark O’Toole Archbishop of Cardiff Most Reverend John Wilson Archbishop of Southwark Most Reverend Bernard Longley Archbishop of Birmingham (resigned 31 December 2022) Right Reverend John Sherrington Auxiliary Bishop of Westminster (appointed 31 December 2022) Mr Thomas Harrison Sister Jane Frances Mary Livesey Deacon David Palmer Mrs Mary Reynolds Professor Judith Champ Ex-officio trustee Fr Stephen Wang - Rector Secretary Deacon David Palmer (resigned 1 May 2023) Mr David Howell Evans (appointed 1 May 2023) Investment advisers Rathbones Port of Liverpool Building Pier Head Liverpool L3 1NW Bankers Lloyds TSB 73 Parade Leamington Spa CV32 4BB Auditors Harrison Beale & Owen Limited 11 Highdown Road Leamington Spa CV31 1XT Registered charity number 1142558 Registered company number 07476683 Registered office Archbishops House 41/43 Cathedral Road Cardiff Wales CF11 9HD

5

THE VENERABLE ENGLISH COLLEGE TRUST

Statement of trustees’ responsibilities

The trustees (who are also directors of the Venerable English College Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This report was approved by the board of trustees on 12 December 2023 and signed on its behalf by

Deacon David Palmer

6

THE VENERABLE ENGLISH COLLEGE TRUST

Independent auditor’s report to the trustees

Opinion

We have audited the financial statements of the Venerable English College Trust for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

7

THE VENERABLE ENGLISH COLLEGE TRUST

Independent auditor’s report to the trustees

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities set out on page six, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

8

THE VENERABLE ENGLISH COLLEGE TRUST

Independent auditor’s report to the trustees

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditors/audit-assurance/auditors-responsibilities-forthe-audit . This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gregg Olner MPhil BA(Hons) FCA (Senior Statutory Auditor) for and on behalf of Harrison Beale & Owen Limited Chartered Accountants and Statutory Auditor Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

12 December 2023

9

THE VENERABLE ENGLISH COLLEGE TRUST

Statement of financial activities (including income and expenditure account)

for the year ended 31 August 2023

Notes
Income and endowments
from:
Donations and legacies
Investments
Total
Expenditure on:
Raising funds
3
Charitable activities
4
Total
Net (expenditure)/income
Other gains and losses:
Exchange rate (losses)/gains
Losses on investments
Net movement in funds
Transfers between funds
Total funds at 1 September
Total funds at 31 August
8		 2023
Unrestricted
funds
£
10,494
115,272
125,766
27,976
144,268
172,244
(46,478)
(96)
(124,777)

(171,351)
-
5,003,655

4,832,304		 2023
Restricted
funds
£
27,500
72,077
99,577
17,492
27,500
44,992
54,585
(60)
(78,020)

(23,495)
-
3,128,645

3,105,150		 2023
Total
Funds
£
37,994
187,349
225,343
45,468
171,768
217,236
8,107
(156)
(202,797)

(194,846)
-
8,132,300

7,937,454		 2022
Total
Funds
£
268,326
170,291
438,617
51,582
312,221
363,803
74,814
1,185
(942,366)
(866,367)
-
8,998,667
8,132,300

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

10

THE VENERABLE ENGLISH COLLEGE TRUST

Statement of financial activities (including income and expenditure account)

for the year ended 31 August 2022

Income and endowments
from:
Donations and legacies
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net income
Other gains and losses:
Exchange rate gains/(losses)
(Losses)/gains on investments
Net movement in funds
Transfers between funds
Total funds at 1 September
Total funds at 31 August		 2022
Unrestricted
funds
£
43,890
105,008
148,898
31,807
72,675
104,482
44,416
731
(590,416)

(545,269)
-
5,548,924

5,003,655		 2022
Restricted
funds
£
224,436
65,283
289,719
19,775
239,546
259,321
30,398
454
(351,950)

(321,098)
-
3,449,743

3,128,645		 2022
Total
Funds
£
268,326
170,291
438,617
51,582
312,221
363,803
74,814
1,185
(942,366)

(866,367)
-
8,998,667

8,132,300		 2021
Total
Funds
£
6,263
140,210
146,473
59,578
70,850
130,428
16,045
(7,307)
1,706,135
1,714,873
-
7,283,794
8,998,667

11

THE VENERABLE ENGLISH COLLEGE TRUST

Balance sheet as at 31 August 2023

Notes
Fixed assets
Investments
6
Current assets
Cash at bank and in hand
Creditors: amounts falling
due within one year
7
Net current
assets/(liabilities)
Total assets less current
liabilities
Funds
8		 2023
Unrestricted
funds
£
4,772,959
897,716
897,716
(838,371)
59,345
4,832,304
4,832,304		 2023
Restricted
funds
£
3,108,170
-
-
(3,020)
(3,020)
3,105,150
3,105,150		 2023
Total
Funds
£
7,881,129
897,716
897,716
(841,391)

56,325
7,937,454
7,937,454		 2022
Total
Funds
£
8,073,047
1,065,079
1,065,079
(1,005,826)
59,253
8,132,300
8,132,300

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the trustees on 12 December 2023 and signed on their behalf by:

Archbishop Mark O' Toole

The notes starting on page 13 form an integral part of these financial statements

12

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

1 General information

The Venerable English College Trust is a company limited by guarantee and is incorporated in England. It is also a registered charity as regulated by the Charity Commission for England and Wales. The address of the registered office is given in the administrative information on page 5 of these financial statements.

2 Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements of the charitable company are prepared in accordance with The Companies Act 2006, the Statement of Recommended Practice Accounting by Charities (SORP FRS 102), the Financial Reporting Standard (FRS 102) and with applicable accounting standards.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The charitable company satisfies the requirements of a public benefit entity as set out in FRS 102.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes, namely the investment funds. The income from the investment fund is expendable at the trustees’ discretion.

Restricted funds can only be used for a particular restricted purpose within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

Incoming resources

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

13

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

2 Principal accounting policies (continued)

Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.

Irrecoverable VAT

Irrecoverable VAT is charged to the expense heading to which the invoice, on which the VAT is charged, is allocated.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transaction. All differences are taken to the statement of financial activities.

Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which comprise all costs involving the public accountability of the charity and its compliance with constitutional and statutory requirements.

Investment assets

Investments are shown at market value at the balance sheet date. The historical cost of investment assets is also given by way of a note. The Statement of Financial Activities (SOFA) includes the net gains and losses, both realised and unrealised, arising on revaluation and disposal throughout the period. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Going concern

The charitable company shows net current assets of £56,325 (2022: net current assets £59,253) at the balance sheet date. Given the ready liquidity of the items held within fixed asset investments the trustees believe that the company can meet its liabilities as they fall due and the charity shall remain a going concern. As such the financial statements have been prepared on this basis.

14

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

3 Raising funds
2023 2023 2023 2022
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Investment management fees 27,976 17,492 45,468 51,582
4 Charitable activities
Donations to The
Venerable English College 137,696 27,500 165,196 303,436
Support and governance costs 6,572 - 6,572 8,785
144,268 27,500 171,768 312,221
Support and governance costs included in the above:
Accountancy fees - - - 1,028
Audit fees 3,810 - 3,810 3,810
Bank charges 336 - 336 322
Trustees’ expenses 2,209 - 2,209 2,940
Other expenses 217 - 217 685
6,572 - 6,572 8,785

The average weekly number of employees during the period calculated on a full-time equivalent basis, excluding trustees, was nil. No employee received remuneration amounting to more than £60,000 in the period. Trustees received no remuneration or any other benefit. Trustees’ expenses represent the payment or reimbursement of travel and subsistence costs totalling £2,209, incurred by 6 trustees (2022: £2,940), relating to attendance at meetings of the trustees.

15

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

6 Investments (Rathbones Quoted Investments)

Market value at 1 September
Additions
Disposals
Unrealised investment losses
Market value at 31 August
Unlisted investments: Cash balances
Total investments at 31 August
Historical cost of quoted investments at 31 August
Material items over 5% of the portfolio:
Findlay Park PLC – American Fund Unhedged
(USD)
7
Creditors: amounts falling due within one year
2023
Unrestricted
funds
2023
Restricted
funds
£
£
Accruals and deferred income
8,854
3,020
Other creditors
829,517
-
838,371
3,020
Deferred income movement
Deferred income at 1 September
Deferred in the current year
Amounts released from previous years
Deferred income at 31 August		 Market value at 1 September
Additions
Disposals
Unrealised investment losses
Market value at 31 August
Unlisted investments: Cash balances
Total investments at 31 August
Historical cost of quoted investments at 31 August
Material items over 5% of the portfolio:
Findlay Park PLC – American Fund Unhedged
(USD)
7
Creditors: amounts falling due within one year
2023
Unrestricted
funds
2023
Restricted
funds
£
£
Accruals and deferred income
8,854
3,020
Other creditors
829,517
-
838,371
3,020
Deferred income movement
Deferred income at 1 September
Deferred in the current year
Amounts released from previous years
Deferred income at 31 August		 2023
£
7,824,580
255,359
(285,775)
(183,594)
7,610,570
270,559
7,881,129
5,379,479
661,756
2023
Total
Funds
£
11,874
829,517		 2022
£
8,617,520
702,050
(507,897)
(987,093)
7,824,580
248,467
8,073,047
5,342,750
633,147
2022
Total
funds
£
12,828
992,998
1,005,826
2022
£
84,280
-
(84,280)
-
838,371
3,020		 841,391
2023
£
-
-
-
-

Deferred income comprises donations received for the Archive fund.

16

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

8 Funds

General fund

comprise those unrestricted funds which the trustees are free to use in accordance with the charitable objects.

Designated fund

comprise unrestricted funds assigned for the operation of the investment fund. Income from the designated fund is expendable at the trustees’ discretion. The investment fund is designated in order to protect the future income stream.

Restricted fund

comprise those funds that can only be used for a particular restricted purpose within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

The analysis of fund movements is as follows:

General
Designated
Restricted		 At 1
September
2022
Income
£
£
140,362
13,728
4,863,293
112,038
3,128,645
99,577		 Expenditure
£
(19,919)
(152,325)
(44,992)		 Transfers
£
-
-
-		 Gains/(losses)
At 31
August
2023
£
£
(3,503)
130,668
(121,370)
4,701,636
(78,080)
3,105,150
8,132,300
225,343		 (217,236) - (202,953)
7,937,454

The analysis of previous year fund movements is as follows:

General
Designated
Restricted		 At 1
September
2021
Income
£
£
112,195
46,013
5,436,729
102,885
3,449,743
289,719		 Expenditure
£
(5,924)
(98,558)
(259,321)		 Transfers
£
-
-
-		 Gains/(losses)
At 31
August
2022
£
£
(11,922)
140,362
(577,763)
4,863,293
(351,496)
3,128,645
8,998,667
438,617		 (363,803) - (941,181)
8,132,300

17

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

8 Funds (continued)

The breakdown of funds is as follows:

Unrestricted Unrestricted Designated Restricted Restricted Total
General Designated Venerable The Nick
Archive
Investment English and Pam Fund
Fund College Coote Fund
£ £ £ £ £ £
Investments 66,629 4,706,330 - 3,108,170 - 7,881,129
Cash at 68,199 - 829,517 - - 897,716
bank
Creditors (4,160) (4,694) (829,517) (3,020) - (841,391)
130,668 4,701,636 - 3,105,150 - 7,937,454
The breakdown of previous year funds is as follows:
Unrestricted Unrestricted Designated Restricted Restricted Total
General Designated Venerable The Nick
Archive
Investment English and Pam Fund
Fund College Coote Fund
£ £ £ £ £ £
Investments 72,567 4,868,519 - 3,131,961 - 8,073,047
Cash at 72,035 - 992,998 - 46 1,065,079
bank
Creditors (4,240) (5,226) (992,998)
 (3,316) (46) (1,005,826)
140,362 4,863,293 - 3,128,645 - 8,132,300

Designated funds

Venerable English College: Monies held in bank accounts on behalf of the Venerable English College in Rome, but in the name of the charity are recorded as assets, with a corresponding liability in the charity's accounts.

Restricted funds

The Nick and Pam Coote Fund: In 2021 the N.H.N.C Fund was renamed The Nick and Pam Coote Fund. This fund represents donations received to assist the work of the Trust. The donations are available for any purpose other than the repayment of debt.

Archive Fund: This relates to donations received to fund the development of the Archives of the Venerable English College in Rome. During the year the monies held in this fund were paid to the Venerable English College.

18

THE VENERABLE ENGLISH COLLEGE TRUST

Notes forming part of the financial statements for the year ended 31 August 2023

9 Controlling interests

The charity is controlled by the trustees who are also the guarantors of the limited company. In the event of a winding up the liability of the guarantors is limited to £1 each.

10 Related parties

Aside from those transactions entered into with trustees noted above, there are no additional related party transactions during the year (2022: £nil).

The trustees are considered to be key management; as outlined in the notes above, they receive no remuneration.

11 Going concern

The trustees consider that the nature of the funds held enable the charity to generate sufficient income to meet future obligations as they fall due.

19