THE VENERABLE ENGLISH COLLEGE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU 2024 CHARITY NUMBER 1142558 COMPANY NUMBER 07476683 H*rrbon Beth & Owen LiDdted Chartered Aeeountststs & Statstory Alldltor Hlgbdown H•llse 11 HlghdowD Ro IMmiDgton Spa W•rwick5hiTe CV31 Ixr
Contents Page Stsiement of reJponthTrilitie5 Audit r¢pLft Statement of fiti*Kial xtiviti¢s io Bkn sheet 12 13
THE VENERABLE ENGLISH COLLEGE TRUST Trustees. AnDllal report For the yur ended 31 August 21124 The trustees wbo #re s0 directors of the charity for the purposej of the Companies Act 21J06. present their r¢port gnd the financial 5tatwn¢nts for the year ¢Thled 31 August 2024. OWECTIVES AND ACTIVITLES Prlncipal a¢tlvl¢l¢s The PriD¢ipal activity of the charity is IO SUPPOrt the activities of the Venerable English College in Rome. This is achieved by making grdnts to th¢ Venerable English College. and the tntsiees consider that th¢ clwiry lJ&4 hieved its objective& Volulltsers The charity benefiis from voluntary doDa¢ed ¢itti¢ but the expected value of this ts coThsidered to be injmaterial. Gratyt nmklng pollcy Applications for lt8 aTe dealt with on a discretionary blS by the tte¢S and each application is wnsid¢r on its merits. G]ts are made in aOrdanCe with the ¢h4rity'8 ofy'e¢¢s &$ oUtIed below. PUBUC BENEFIT Objects and J¢tivities for the The objectsofthe tnt oreprincipally to apply theTnt Fund and the income publlc benefit ther¢of for such ch8ritsble pury)ose8 connected th¢ Venernble English College in Rome (he College.) as the tnutees shall from lime to time d¢t¢rnune, and prlnwily for the n]Aitttenance and sUPPOrt of the College. When planning th¢ activity of the Trnst, the USteeS have ci)nsid¢red the Chatity CoEtJrnissiott'$ guidan¢e on public benefit and in parficular the $pecific guidance on ¢haTities for the advJn¢¢m¢rti of religion. The¢hatiry assists peopk throughout the world by its support of th¢ College. The Students and ordain¢d prits of the College will go on to become valued members of society" building and strengtbening ¢onllnuniri¢S' SilPPOrting the dying and ber¢&ve4' ministering to the sick at home and in hospital. ¢arinB for the poor 8nd marginali8ed' and visiting those in prisoTJ and providing spiritual andmoral edutiC)n for children. in as much as its resources pemiit, the College. as the oldest Ertglish tnstinttion outside Englan4 continues the spirit of its foutidatÉon as a hospice ill w¢l¢omiti8 Visitors to Rome. Finally tbe College contribute5 to the physical alld mental health of wiests who tbemselves Ca out all the activities refeed to above.
THE VENEIL4BLE ENGLISH COLLEGE TRUST Trnsteej. annuAI report For th¢ year ended 31 Agll$t 21124 Grwllt DuklDg poll¢y The Tntst make5 grnnts to the College. TheColl¢8¢ giv¢8 its propo881$ ¢0 d>e Tntst and the Tnt co4sid¢rs these aDd makes an annual want io lh¢ College for the purposu of the Collele which it suppor Routinely &t8 mad¢ by the Trust used f0rVaTiO purpoges. includitig'.- The nwiu*n¥n¢e of the buildings of the College. which in addition to providing a¢¢ommodation for student and ordained priests are us¢d for spirit1 PUTPOSe5 including the provision of a r¢li8ious pl¢ of worship for genernl memb¢rs of ihe public. A contrib10 to the College to provid¢ for the cost of th¢ edwation of the students and ordained priests who are involved in tb¢ various a¢tiviti¢$ r¢fer(ed io above. A ¢¢)ntribution to the College to pro?Ide for th¢ maint¢nance of the students and ordained priests who stay at th¢ College, Auy 5tudeoi or ordained priest 18 able io attend ihe College Jubje¢t to the backng of his diocese. wlu'¢hMII depend on oplirnd¢ and merit. The Colle8e 19 open lo all student priests. as well as ordained priests, and trains vgrioug dOmitiOnS of the priesthood includinB the ChurGh of En8landhs well as ihe Rornan C8tholi¢ Church in v8rious countries. Di0¢e9 contribut¢ lo th¢ ¢091$ of the Students or ordained priests who attend the Colleg¢ by way of a donation ¢Ording ¢0 their m¢on$, and thus the Coll¢8¢ 1$ open io ill Jfudent pri¢$ts and ordained priests re8ardles$ of the m¢8ns of the diocese of whi¢h they gr¢ a m¢mb¢r. All trustees give of their time freely •thd no tru3le¢ remuneration was paid during th¢ yeor. TnL4te¢$ aTC required to disclose all relevant inleruis and withdraw from de¢isions where a ¢onfiict of inl¢rest ariye5. The trustees do not receive any privats benefit8. ACHIEVEMENTS AND PERFORMANCE Results Details of the financial posiiion of the ¢hgrity are let out in th¢ followin8 fu1¢101 Statements and show the Det movement in ffijnds for ihe year wos a $urplus 4mountin8 to £575,4131 primanly due io oll increds¢ in itivestri¢nt value. Rerfew of perfoTman¢e lor tbe year Thepu09¢ of the charity isto SuppOrtthe11V1IIeS ofthe Venerable English Coll¢8¢ in Rome in tr8iAing candidate5 forthe priesthood. This is a lon8 terni und¢t¢akiD8 and r4uires Ibat sub$tathio1 investments are held in order lo ensure 88$i$t8n¢e ¢an be provided forthe fore5e¢#bl¢ future. Whilstno targets are Set for p¢rfornwi¢¢ ¢riteri& responses are EDad¢ torequests for as5i51all¢e and ihese aT¢ dealt with on a discretionary basi$.
THE VENERABLE ENGLISH COLLEGE TRU Trnsteu. rert For the year ended 31 All£t 2024 ACIIIEVEMENfs AND PERFORMANCE Revlew (tyf performaDee for the yur (e•nthiu¢d) The 5 yar Pl Compiled by the Ven¥&ble English College $hows that. in a&litioD to tl nLYmal nming costs. there will be fiher expendinwe of a itsl Dature. This will be partly fund by from the TTUS¢ and also FINANCIAL REVIEW ReRr It is the policy of the clwity to wintslli unrestricd fimds. (including desiptrd) which are the free b)ndJ of the cljarity. at a level sufficient to ¢ovtt ity own mana8rnt and administraiion ¢osts and to respond to liutions for which arise. Th¢ income of the charity 18 Partly &riv¢d from the investment rtfOlIO, wlhi¢h must be maintained at 5uffi¢iellt level io ¢nabl¢ it w g¢nerat¢ invesimeDt reDJrn$. At 31 Au8USt 2024 general fiumls were £140,430. de$igDated reserves were £5.052,074 and restricwl funth wue £3J20.363. IDvestmeDt polley and rotur The ¢harity's investrnettts held in accOrdce with trust¢es' powers and the tnute49 have th¢ Amrity to invth in sh assets as they sce fit. The portfolio is held in Sierfin8 and Euro itivestynents the ttee8 consider rlw renw durin8 the ye4r have been $4ti8fa¢tory in a difficult market. Exrnil inv¢stsDeDt advisorn are retained to Advise ott th¢ $¢kction or investrnenty •nd invesknent strategy. The tntyte¢s wish kn invut in a¢cordontt with the tea¢hin8J of the Catholic Cburch and the Clwity Commisyion's guid¢¢ or¢ ethical and responsible investment. The truste¢5 aware thai ethic restrictions limit the 0p¢ to invest and may Affect the total return 8¢Dated by iuve$tm¢nts. p)t¢ntially redu¢iD8 the iti¢ available w fvlfil the Cbariry's objectives. The poitcy adopied seeks w balan¢¢ the lon8.1¢rn1 needs of the investmeDt portfolio performance with the wish to inv¢s¢ within dh1¢ industries and avoid inveseThI in w8¥nisations opera¢in8 in ¢onfli¢t with Chur¢h tea¢hin& The policy w>lies ODly to eomp)nie8 held directly within the porrfolio bui the poli in¢ludes the proviso that inveslrnt mana8er3 sbouId seek io ex¢lude from the porrfolio fvots with major invesollents inFwlJibited aTea5 OD a best endeavours buis. Tr trUee3 ackDowlvJ¥e the w111¥¢ imp8d from inveyiin8 in in1¢$ actively promoting responsible employmeni practices. d ¢OTpor8 govern, human rights aWareDe and sustainable energy. The Investmeot Advisets art asked ¢0 w)sid¢r thes¢prn¢ti¢es wiml $ele¢iing MTrnSd held OD behalf of the Monies heid in bJDk &¢ounts on behalf ofthe VC[¥ble English Coll¢ge in VeTr¢rble EW Colley Rom¢. bul io the of the ¢lwity are reeorded s &ssety vith a cp0 liability in the charl3 ¢0llts.
THE VEI¥ERABLE ENGLISH COLLEGE TRUST Trustees, annual report For the ye¥Jr ¢llded 31 Augu$¢ 2024 EXISTING AND FUTURE PLANS AND ACTIVITIES The charity will continue to Support th¢ aciivitie$ of the Vellerable English College in iiome whicb exi$ts 10 tr4in ¢anth'dat¢s for the prie8thoLxl for vorious deoominations, principally Roman Catholie but also Church of Etsgland. c]dateS are dtawn from various parts of the world. The trustees ¢xpe¢t the charity to continue to SUPPOff the V¢nerabl¢ English Colle8e ID Rome for the foreseeable futyre. The M1¢¢8 are awBr¢ of the possible shon-terni volatiliry of the investtnent portfolio and will work with the externol Investn¢ ViSorS to ensure t1 the illvesmwnt portfolio is robugt enou8lk to miti8at¢ vo1111ry overthe long- STRUCTURE, GOVERNALYCE AND MANAGEME Conitltudon The charity was iworN)rat¢d on 22 December 2010 under a Memorandurn of A$soci&tion an Artiele9 of Association. On 28 May 2021 the Article5 were amended by Special Resolution in order to claTify the comp08ition of the board of trust¢os. The amended Arti¢les have been lodged with the Ch8rity Commi88ion. Org*nts#don ind itrurtur• The ¢¢1 who hAYe Rrved durin8 rhe ye8r ond $ince the year end are shown on page 5. The Bishops who are trustees are nominated by the Catholic Bishops. Conference of Ellgland and Wlles io serve as trusiees. Tree5 meet on a regular blS in order to dIv5S whether lo ipprove or refijse •ppli¢aiion8 for Wlts. Trn$tee llldM¢don Ind Pot•nlial trte¢S Ke ideDtifi¢d by th¢ ¢xistin8 bomrd of knwtees ppro8ched if 4 majority believes that their appointment would be of benefit to the clwity. This may be the cas4 for illstan¢e. where 8D existing tDJs¢ee retires. New tn1¢¢3 would generally be r¢quir¢d to have a backwd to en8bl¢ them io understand the workin88 of ihe ¢hariry and to be syTrpathetic to its ¢#use. New trustees #re Able to ¢onsuli exi$iing knJstee$ and ue en¢ournged to attend all meetings. New trustees are made aware of their responsibilities under the ron8tiwtion 8nd ch8rity law prior to tbeii forniil appoittMeoL Rlsk r¢vlew The tnute¢5 have conducted their review of the m8jorri3kJ to wbi¢h the charity is exp08ed oftd Systems have been implernented to Mill¢¢ those risks. Int¢rnal risks are minirtused by tbe implemeDtsliOn of irLternat Control procedures for auth0ri5ati(m of tranwtions and proje£ts. These proeedw¢s Are reyiewed periodi¢ally to eosure they still meet the needs of the charity. Re14ted p8rtleJ The charity has no r¢lated party Irwisaeti¢)iu. Despite the similar name, the Venerable Enilish Colleg¢ irt Rome is controlled indepeDd¢ntly.
THE VENERABLE ENGLISH COLLEGE TRU Tnule¢s' ul1 report For the year eDded 31 August 21124 TrusteeslDlreetors Most ReVern MAtk O'T1¢ Most Revttend John Wilson Right Reverettd Joljn sI1n8t014 Mr Thom&s H8rri%)n Sist¢r Jane Fr8llces Mary Livcsey Deacon David PAIO Mrs Mary Reynolds Professor Judith Champ Awhbishop of Cardiff knhbishop of Southvrn Auxiliary Bishop of WestiDins Exryoffi¢io tn Fr St4iheD Wang- R¢rts)r Secretary Mr David Howell Evans Inve8tnKfit dvtseTS Port of Liv¢wl Builthn8 Livewl L3 INW Lloyd8 TSB 73 PaTrde L<amingtort S CV32 4BB Barclays Leicester LE87 2BB Audhors H4Triwn Beale & (Trweo Limitol I l Higbthwn Ro&1 CV31 IXT Rwstered charlty 1142558 Rytered company 07476683 Retered office Archbisbop5 House 41143 Cathedral Road Wales CFI19HD
THE VENERABLE ENGLISH COLLEGE TRUST Ststsment of tru$tses' reJponJlbllltle$ The trn8tee5 (who are also directors of the Vetyerable English Coll¢B¢ Tn( for the purposes of compaoy law) are respollsible for preparing the Tnt¢¢$' ADnual Report arLd the fmancial 81atem¢nts in accordance with Elpplicable law 8nd United Kingdom A¢¢ountin8 Standards (United Kingdom Genernlly Aepted Accountln8 Practi¢e). Compony law r¢quir¢s ih¢ ts$1¢¢$ to prepare financial ststementy forea¢h fJnan¢ial year. which give a ttue and fair view of the *1¢ of affairs of the Clwitable company and of the incoming resources and application of re$our¢¢s, including the ItOrne and expenditure, of the charitsble company for that period. In preparing these rin8n¢ial 8tstenwnty th¢ trwle¢s e required to.. select Suitable a¢¢ountin8 policiu and then apply th¢m ¢onsisterttly' observe the m¢thod$ and principl¢8 in the Chitte1 SORP 2019 (FRS 102),. make judgements ¢Slim&tes tb aTe reasonable and prudeni,. 81at¢ whether applicable a¢counting gtand8rds have been followed. subje¢t to kny materi41 d¢partw¢$ disclosed and explained in the financial swements. and prepare the fuwwiai $tst¢mettts on ihe going concern bgsis unles8 it is inappropriate lo presume thot the charity will ¢oniinue in operation. The trustee5 are re5ponsibl¢ for k¢¢pin8 odequate accounting records that diBclose with rnonable a¢¢ura¢y it any time the fJnanci&l position of the charitable company and enBble them to ensure tha¢ the fill¢11 giat¢men¢s comply with the Companies Act 2006. They are atso r¢Jponsible for 5afeguardin8 the as8¢18 of the charitable compony and hence for takin8 reasonable 5tepB for the prevention and d¢tectiorb of frnud and other irre8ulariti¢$. In so far as the ttwt¢u are aware: there 18 no relevpnt audit iftfomation of which the chwitsble cornpany'$ auditor is Utlaw¢. Ind the trustee5 have taken all steps thai they ought w h8v¢ tsk¢D to moke themselves aware of Y relevant &udit information and ¢0 ejtsblish tbat the 4udiior is aware of that informillon. This report W85 approved by the board of trustees on S Nov¢mber 2024 And 8i8ned on its behalf by Deacon Davld Palmer
THE VENERABLE ENGLISH COLLEGE TRUST llldtpelldent andltor'$ report to the truste We bave audit>J the financial statem¢nts of th¢ V¢nerable English College Twst for the year ended 31 August 2024 which comprise the Ststement of Fitiancial ArtiTrities, tbe BalaD¢e Sh¢et and notes to the financial 5tatem¢nty includill8 a summary rjf significant accouttting policies. The financkal repoTting framework that has been applied in their pr¢parntiou is 4)plicable lawaDdUtiit¢dKiti8dom Accoullting Standardy (United Kingdom Generally Accepted Accounting Pwtice) incluthng FRS 102'Th¢ Fiti¥ti¢ial Reporting Stanilard applicable i the UK and Republic of Jrel3nd" In our opinion the financial stalements: give a tn and fair view of the ststs of the ¢haritable compaDy'S affairs as at 31 August 2024 and of its incorning resources and application of resources. including its income and expenditur< for the year then ended: have been properly pr¢pared in accordance with United Ktngdom Generally Accepted Ac¢outtting Practice. have been prepared in ac¢ordan¢e wlth th¢ requirements of the Companies 21JO6. Basis for oplnlon We conducted our audit in a¢rordw¢e with International Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those s*¥nd2rds are further described in the Auditors responsibilities for th¢ •udit of the financial stst¢ments section of out report. We are ind¢p¢ndent of the charitable company itt accordance with th¢ ¢thi¢al reqUeMents that gr¢ relevant to our audit of ihe financial ststements in the UK including the FRC'5 Ethical StandarC and we have Ifflled our other etbical responsibilities in a¢¢ordance with these requiTements. We lIeVe that the audit eYiden¢¢ we h4v¢ obtained is sufficient and appropriate to provide a bASiS for our opinion. Con¢luslonJ relating to Boing ¢OD¢ern In auditing the finatt¢iAI ststemenis. we have concluded that the truste¢s' us¢ of the going concern basis of a¢counting in the preparation of th¢ fiT)8la1 stat¢m¢nts is appropriat¢. Based on the work we have perf¢)rnied, we have not identified any material un¢¢rtainti¢s relating to events or Conditiot ilJaL ittdividually or collectively. may cas¢ SIlfiCallt doubt on the charitsble ¢ompony's abitiry to ¢ODtiuue as a going con¢ern for a period of at leost tw¢lve months fron) when ihe financial ststements are authorised for issue. Our re5poAsibilities and th¢ rwnsibilities of the tntee5 With respect to going concern deseribed in the relevant Sectio of this repoff.
THE VENERABLE ENGLISH COLLEGE TRusr Other iDfonDatlon The other infoTrnatiOn ¢onyiw the inforTnattoll inclth ID the trust¢¢s' annual report other thall the financial tements 8nd our 4wJiior's ffp)rt ther•)n. The thfftees ar¢ T¢SEKm5ible for the other infonDion contsined within th¢ tte¢s. reEK)rt. (hr opinion on the fiD•Dcial statetllents doe5 not cover the other iDforn)ation (L ¢xc¢pt lo th¢ ¢xt¢nt otherwise explicktty stated in OUT Teixrt we do exptess any forni of a&surance conclusion thereon. Our resp)DslI11ty is to Md the o¢ber infotrnation doing so. consider whether the other itifonnation is rnattiialty inwn5i51ent with the fitjancial ststements or our knowledg¢ obtsin¢d in the¢outse of th¢audit or otherwi%¢ appeaTr to t merially misstyt¢d. If w¢ iderttify such m¥t¢ri41 in¢orLsisl¢nci¢s or 8PPaT¢nt MissrateI& we aTr requirryl to det¢Tmill¢ wh¢th¢r this gives rise to a material misstatenwit in th¢ financial statemenLS thans¢lv¢5. If. bas&1 on the work we have perfoTme(L we collc1 that there is a It1 misseMent of this other lof[104 we are rewitryj to r¢port tb4t facL OplnloD on other matters prwrlbed by th¢ CompDle8 Ad 21106 lrt ouropinion. b&8ed ott the work Underten in the course of the audit: the infomwion given in the trustees. annw31 r¢EKYt for the financial yw fry whicb tF£ financial statements are prepared is consistent with the finacial sutennts: and . the tt¥Jstees' annwal r¢port has been w¢paTed in accordattce with 4yli¢able le8al ttsluirements. Matters oll which we aft required ts report by exeeptlon In the lighi of the knowledge and of & drItable company aDd its ¢nvironmettt 14Mitied In the course of the audiL we have not idemified misstatements in the trustee5' allnual Telkn. We bave nothing to report ID respxt of the following nwters whet¢ the c(panieS kn 2Crf)6 requires us to report io you if. in our opinio 2deque accowiting re&)rds have rtot been kerrt W thjrns qu8t¢ for our atsth"t have not been rtteiv from bran¢hes uot visited by us: or ¢ertaiD di105urrs of trte£s, remunttation wificd by law are not made. or we have not receiv all the inforntiOll and explanations we require for our auth4. or the IN5te¢s were not ¢ntiti¢d to pr¢Ethtt th¢ financial st4t¢m¢nts in a¢¢Ord8 Wlth the small CoMpe$ regime and tske advantage of the Small COM exemptions in ETrreparing the Ryrt of th¢ TnL8tees and ftthll the r¢quirement w epare a Strat¢gi¢ Re RpOl5b1Mt1eS of trnste¢s s explftitied more fully ID the StstemeM of TceS Respmsibilities set out on pw si& the ttust¢es (who are 4lso the diT¢¢tOTS of the chaTitsble cotnparty forthe of Company law) aTe respoDsible forth¢ preporntioD of the financial sw¢mellts and forbewgsatisfied they giv¢ a ttue and fair view. and forswh iDt¢tnai control as tbe tnJ5tees deterniitie is ne¢es$8ry to enablethepr4wotion of fill1 $thtemeDts that are free from terIal In prepwing the fingncial strMents. the trusttes are responsible for assessing the ¢hariubl¢ ¢ompAnys ability to continue a5 2 going cottcery disclosi as applieable. matters related to going concern and using th¢ goin8 CODcern basis of a¢¢ounting unless the tswtees eithtr inte1 to iiqwdate the chatitable company or w Cease operation5, or h4v¢ no realisti¢ alternive lytt to do $0.
THE VENERABLE ENGLISH COLLEGE TRusr Audlton resp(InbIllI1ts for the of the thtemetsts OUT obj¢¢tives are to obtsin Te&qonable a53u[w a1 wlth the fillcIal stst¢ments 85 Y4 whole are free from material missiatemenl wbether th% to fraud OT m. and issue 0 Report of the bthpenth Auditors that includes our OPitiiOD. Reasonable assuranc¢ is a high lev¢1 of 8ranCe. but is not a guarnntee tlwt an audit conducted in ¢orde with ISA5 (UK) will alway5 d¢t¢et a materiAI mi8StstenMt when it exists. Misstatemellts ¢2n arise from fraud or error #nd oreconsidered material ic individually or ID the a88repte, tl could rea50blY be ¢xpecttd to th¢ ecc¢ decisions of users tskell on th¢ basi$ of thde finaD¢ial ststanen ITfe8ulaTiti¢s. includin8 frau4 are inJtsn¢es Orn•complIanceWIthlAWS and legpjlIolll. We desi8n procedures in line with our respotisibilities. outlined abov< to detect rnaterial mi5JtstrJnents in T¢spe¢t of irreguknties, iti¢ludin8 fraud. The specifi¢ prcth for thi¥ eng4emeni and the exlent to whi¢h thexe are CApable of detecting iwlariti¢s. InchIng hud li detyiled below. Auditin8the risk of li1•n override of ¢(ffjtrols. includiti8thrnu8h testin8jowTral entties andother adjusllnents for wropriaieness" R¢viewiti8 minutH of ratttinp of tlmme ch•ryAI with governw¢. Enquiry of nw)agem•tt to identify any inStyn of nm4ompliance with laws •nd re8ulationi. Be¢aus¢ of the inber¢M limiwioN of &wliL theR is • risk that will detect all irreariti4 iti¢luditi8 th¢ leadin8 a material miut•m¢nt in th¢ finan¢ial sta¢¢ments or Thon<ompliance with r¢8ularion. Thi$ risk incre&8es the more that eomplion¢e with a law re8ulAtion ts [ellVed from events and transa¢tions r¢fl¢¢ted in th¢ financial 8tat¢ments, as we will be lesj likely ¢0 b¢come aware of instsD¢e$ of non4ompliance. The risk 1$ dso ter rwrdins irrebwlarities (Krurrin8 due kn fraud rnther than error, u fratyj involvey inntional fffrn. ¢ollusi(M4 (Mnigsion or miNepTesents¢io A description of our r¢spwibilitiO fty th¢ a11 of tk fin]81 5tstements is lornted on th¢ FinoD¢ial Reportin8 Coun¢il's website at IMips.'1/www.frc.org.uVfJudirorS/audli-ofsurance/a¥dliorJSpOA$lbI1Il1tS-fv Ihe-¢wdli. This degcriptioa fomu part of our Report of the tod¢dent Audiiors. Use ofour report This report is Made solely to the ¢haritable ¢oMpJnS m¢mkn. as a bodyp in accordance with Chapter 3 of Pon 16 of the Companieg Art 2006. Our audtt work bas Ixen undert•ken so w¢ mitht srate to the charitable company's members thmatterS weore requtrfdtostate them in •uditory' rewrtand fornootherputpose. To the filllest ¢xteni p¢rniitte4J by law, w¢ do accqlt or assume responsibility io yone other than the eharithble company and the ¢h•Titsbl¢ ¢OmpY'l memkn IKyly. for ow for this repo¢ or for the opiniolls we have forme Gr¢g8 Olner MPbil BA(Hony) FCA (Senity SthMttyyAuditor) for and on behr of HaTtiYOD B¢ale & Owen Lizniwl Chartered A¢¢ountsnts and StsbJtrAy Auditor Hi8hdown House I l Highdovrn Rogd LeaminwoD Spft Warnicksbite CV31 IXT 5 November 2024
VENERABLE ENGUSH COLLEGE TRUST St•temellt ctMdes (IBdlldlng •Dd expendlture a¢¢OUDt) for the yer eDded 31 August 2024 2024 2024 2024 Totsl Fwids 2023 Total Fwid8 No¢eg In¢om¢ and endovmettts from: DonatioLs and le8aci&s 598 9.422 37,994 123.096 79.1(K) 202,196 187,349 Totsl 131.920 211618 Eipen(Uthre OD: 30J58 19J07 49,865 45,468 CIMritable ac¢ivities 120.489 88.598 21)9,087 171.768 150.847 108.105 25 952 217 36 Net (eipendlthreyIDeome (18.927) (28.407) (47J34) 8,107 Exehange rate g91no05S¢s) 470 302 772 (156) CAinlIa$s¢s) on investsn¢nts 378.657 243J18 621.975 (202.797) N¢t moYemeBt In funds 360,200 215213 575.413 (194,846) Transferg befveen fvndg Total at I Swember 4.832J04 3.105.150 7.937.454 8.132.3Tr) Tot hnds 1¢ 31 5.192 504 3J20 363 8512 867 7 937 454 The styt¢m¢nt of fiDaneiai al¥ltieS inclth all gal aiNJ Ios*s yStil$•I io the year. All income and expeDditure d¢riw frDm ¢ontinuin8 activitie& Jo
THE VENERABLE ENGLISH COLLEGE TRUST Statement of fmaDd41 actlvllles (iodudthg IDeome aod expeDdltsre 4¢CQUDt) for the yeir ended 31 Aueust 2023 2023 Unrestrirled funds 2023 Regtrlcted nd$ 2023 Totsl FMnd$ 2022 Tot41 Funds Ineome and eDdowment9 from: tknations and legdcies 10,494 27.500 37.994 208.320 Investmcllts 115,272 72.077 187,349 170.291 Total 125,766 99.577 225,343 438,617 Expenditsre olb: Raising funds 27.976 17.492 45.468 51,582 Chatitabl¢ a¢ttvities 144,268 27.500 171.768 312.221 Total 172.244 44,992 2J7.236 363,803 Net (expeDdltsre)IIDeome (46.478) 54.585 8.107 74.814 Other galnj #lld louex: Exchange rnie 00$8e$ygatns {96J (00) (150) 1.185 Losses on iDve$tments (124. 777) (78,020) (202. 797) (942,360) s tt movement In fuods {17J.351J (23,49J) (194.846) (806,307) Transfers betw¢¢ fundg Total fimd5 at I September 5,003.055 3. 128.045 8,132,300 8,998.007 Totsl funds at 31 August 4 532.3(14 J.105. 150 7.937,454 8 132,300
THE VEI¥ERABLE ENGLLSH COLLEGE TRUST Bkn 5heot u •t31 A•gt 2024 2024 2024 unre[et¢d kntrleted 2024 Totsl FUD 2023 Totsl Fundl Not Flxed 5 165 177 8 488 865 7 881 129 Current Debtors C bAnk and in Iwbd 175 175 897 716 945.784 945,784 897.716 Creditors.. amounts hllin8 due within one year 841391 Ne¢ curren¢ e01*bUll1) 27.327 (3.3251 24.IX)2 56.325 Tothi ossets leu ¢unent 5.192.504 JJ20.363 8,512.867 7,937,454 Funds 5 192 504 63 8512 867 7 937 454 The finaD¢iai Jt•t¢ments have bm prepared in cOrd with the provisi¢)ns of P 15 of the Conyni¢s Act 2Crf)6 r¢lotin8 to smill ¢ompaN¢s. Approved by the trustees on 5 November 2024 Ind SI] on their b¢baif ty: Arcbblybop Mark O, T•)ok The nixes stsrting on p4Y 13 forni w int¢v part of fil¢]#1 $tstem¢nts 12
THE VENERA ENGLISH COLLEGE TRUST Notes formlng partof Ihe find¥ll thl¢ments f•r the year eDd¢d 31 August 21n4 l Gener thfonDatiti# The Venerable Englisb College TnL8t isa•y lllnitedby guwte¢ and is Incorpornl7D England. It is also 8 regiered ¢h8rity as Tegulated by the cTity Commission ts England W&les. The addres8 of the r¢wtered office is giveu in the althniriVC infomtion on page 5 of these financial stst¢ments. 2 PrIn¢1p •¢etyllndDg polcl Basts of atcollnthig The finaneial ststements of the dwitable cOmY aye in acwrth¢e with The Companies Act 2006, the Statwn¢ni of Re¢(Hnn Prartice Accounting by Chwiti¢S (sol FRS 102). the Financial Re&tIng Stalldatd IFRS 102) aDd with appli1¢ a¢u)unting stsnduds. ststed in the relev9nt aCCOUDtiDg 11¢Y no¢. The chartthble company satisfies the r4uIreM of a pthlic benefit entity as se¢ out in FRS 102. Fund •¢¢owitiDg Gen¢rnl fimds ale utirestri¢ted fimds vknich are available for use at th¢ disclOn of the te5 in fvrth¢rJo¢¢ of the 8¢nernl obje¥ve8 of the and lch hay¢ not be¢n desigDated foi other trustees. diyKretion. R&stricted fiuKts only b¢ wed fLY a wictslar restricted within the obixts of the charity. In¢oJuing reyources All income 1$ recwised once the charity Ims etrtidement to the iDCOllK there is suffiei¢nt cettsinry of rttetpt and so it is probAble that the incoll will be receiveiL a1 the of income ff¢eivable can be n]e8¥Uted reliably. tnterest on fimds b¢ld on dwit is included UPLM ootificatim of the ittrest paid or payable by the bank. Dividends are recognised once the dividend has been declaTed and notification has beeft reeeiveA ofthe dividend due. This is nornully up)n arfifilo by our inv¢5kn¢nt th50r of the dividend yield of the inv¢5tment wrtfolio. 13
THE VENEKIBLE ENGLISH COLLEGE TRUST Notes formlng part of the rtntoments for th¢ y¢ar ettded 31 August 2024 2 Prlndp81 ccouDtlng plldej {eonltslled) RewDrees txpended Liabilities are reco8DIsal&8¢x ts xwjft asthcre isa leyl or¢otistruthve obligation Mmmitliti8 th¢ charity to that expndin li 1$ pwthble th8t settlement will be wuir¢d and tbe al)ullt of the obli8ation can be Teliabty. 80vernance costs. are allated (Y apFwtiOD¢d to the appli¢•ble exp¢Dditure headm88 in the sr4iem¢llt of fman¢ial a¢tiviiies. GTnts payable are plynty Dde kn third p4rtia in the further8% of the clwitable (knie¢ts of the Tnul. In the Cue of An offer this is acCnd once the recipient has been notified of the wt iwud. Irr•¢ov¢rbl¢ VAT Irrocoverable VAT is to the expcD b¢th8 to whith the iDVOiC¢. OD wbich the VAT is r8¢(L i¥ allo¢ato For¢l8D ¢urreD¢ks Mooetary assets and liabiiities denomifftad in forei currenam ue trnnslated into Jterfing ai the rnt of exchan8e pre17]n¥ 41 the M¢¢ounkn8 da. T[th10$ itt forei8n ¢un¢n¢ies I¢rd at the date of the trnnjxtiott. All dIffW¢tt I tsk¢n to the swem¢n¢ of financial Icrivities. Support ¢osts Support ¢05ts tre those thai •ssi# the wot of the cban'ry but do not direcdy UDder cbarttsble activities. Support Costs iti¢lu& ¥overnwKe costs Twhich compns¢ all cost$ involvin¥ the public aOUntabl11ty of the charity Ind its compliance with cOnltiOl And sthwtory Tequirements. lffjvegtm¢nt uaets Investment$ are $bowD at uwket value at thebalanc¢ sbeet date. The hioriuI cost of investment aysctl is also 'vert by way of a nok. The Ststernent of Financial Activities (SOFA) includes the net 8ainJ god losse4 both r¢&lised lod uweaiirf llIng on revalu10 aDd disp1 IOUboUt the perio(L Realised openinB carryitig value or their v•lue if acqwrtd sthequent to tb¢ firsi day of the fiDancilll year. Ullrealised Bains and losKs are calculated th¢ d¢[¢¢¢ betwe¢0 the fair value 1¢ the year end gnd their urrying value. GolTh8 coiicerD The cbariuble ¢OnbParty slM)ws cutrem Sets of £24,IX12 (2023: £56.325) at the baiKe theet date. Given the ready liquidiry of the iTDS beld withitk fl1 asyet itivestnmts the trustees believe that the comFany can meet its liabilities fall due and the cbATity S17 remain a going concern. As Ju¢h 14
THE VENEIL4BLE ENGLISH COLLEGE TRUST Ntstm fonnlnz prt of the rAnud thtements for lkn ended 31 Algwt 2024 3 Ra151ng 2024 2024 2024 Total funds 2023 Tot•1 fimds 4 Charltsble •¢dvlll¢• Donation5 to The Venerable En81ish Coll¢8¢ Support wJ 8ov¢rnan¢¢ ¢osts 112.035 8.454 88J98 200.6J3 8.454 165,196 6,572 120 489 171768 Support 8overnance costs in¢luded iti tbe ab)v¢: AccounlAn¢y f Audit ftts char8eJ Tnte¢s. eApenses 4.080 319 2224 1,351 4,080 319 2,224 1.351 3,810 336 2209 217 S Staff ¢oJts trwteM' mDuoer#llo• Th¢av¢rw weekly numberof¢mployeudwin8 theperiod¢thulated rn a fuu.timeequlv*n1 basis ¢x¢ludin8 tnMtee8. waj nil. No employee Twel] remunerntion amounting to rn0 th•n £60.000 ID the period TnLSt¢es re¢eived no reMutIon or any o¢b¢r ben¢fit. TnL#' ¢xpen8es ryesent th¢ p4ym¢ni or reimbunement of tsJveI and JubgTS¢¢llC¢ Costs tc44llill8 £2224. incurred by 8 (2023.. £2209), relatin8 to •rtelldall¢e at meetings of th¢ tnwees. 15
THE VENERABLE ENGLISH COLLEGE TRUST N•t¢s for prt ofthe fi•l4t sttemeDts for the yer ¢Dded 31 2024 6 lttvtstmetsts IRathlJonos Qllot¢d Invejtments) 21n4 2023 Morket value •t I Sep*mber Additio Disposa Unreaiised iDVCSlmeDt 8o(Se8} Market vilue at 31 Au8USt 7.610,570 833.613 (1.010.636) 7.824.580 255.359 (285.7751 8,064.392 7.610,570 Unliitsd investDKnts: Caslt bthnc 424.473 270.559 Totsl investments At 31 Au8USt 8 488 865 7881129 His¢ortc41 cost of qlled investsnents at 31 August 5 425 482 5 379 479 Moterial iiell over 5% of the portfolio.. 687 Findlay P•rk FuTrlJ ICAV- Ameriwi In¢ (USD) 88 7 Debto 2024 2024 2024 Totsl 2023 Totsl fun 175 175 8 Credlt•r4: •m•Mnts f•lll4 due wlthln yur 2024 2024 U•mtrleted Restrlcted nds funda 2024 Totsl FuDds 2023 Total nds Ac¢nJais and deferred iOll Other rdI10 9.735 9x18,722 918.457 3.325 13.060 yY18.722 921.782 11.874 829J17 841,391 3.325 16
THE VENERABLE ENGLISH COLLEGE TRUST Notts form1 p•rt orth¢ st#t¢ments lor the yw aded 31 Augw¢ 2024 9 F¥dI General fund accordan¢e with the charitable objts. Deslzut¢d fund wmprise UDTestricted ffiJn&s Issied for the opetation of the itive9ttn¢nt fiwd. Income from the designated is exp•thle at the trste£S. dis¢retion. Th¢ investmeni is desi8nated in orderw pro( the future income slream. Rejtricted fund comwiJ¢those fiuvjs thateffj LY beused forapArticulorre5trictedpuryw withiu th¢ objttts of the Chlty. Restrictions arise when wified by the donor or when The analysis of tljnd movements is as ft)Ilos'. At31 Auguit 2024 September 2023 lttcome Ezp¢Ddltsr¢ Oeneral 130.668 4.701.636 3.105.150 12,152 119,768 79.698 (12,6411 (138,206) (108,105) 10251 368,876 243.620 140.430 5.052.074 3,320.363 7.937.454 211618 258 952 622 747 8 512867 The an•lyJi$ of ¢VIOuS year fiuKI moveDnts is u follows: Atl September 2022 At31 AMlli$t 2023 Incojne Expendlture Tr*+ 140.302 4.803,293 3. 128,045 JJ. 728 JJ2.038 99,577 119,919J (152,32JJ (44.992J (3.503) (121,370) (78,080) 130.608 4, 701.030 J.10S, 150 Desiwt Restrict 8.132.300 225.343 02.953) 7.937.454 17
THE VENERABLE ENGLISH COLLEGE TRUST Notes formkng prt of the finan¢hl statements for the yr ended 31 Augwt 2024 9 Fundj (¢ODtIDued) Unr¢strl¢¢ed Uttr¢Str1d DeslgD•ted trlrted Rutslrted Geotr D¢slED•ttd Venerable Th¢Nlek Arthlve Invejtmettt Ellgllsh •Dd Pa F¥Ad Fund College C•ots Fytsd Totsl lnvestllllts Ikbto Cash at blk Creditors 108.068 175 36.887 5,057.109 3.323.688 8.488,865 175 945.609 6.722 (4,700) (5,035) (908.722) {3J25) {921.782) 140,430 5,052.074 3.320.363 8 512.867 The breakdown of premu year fimds ij u ftill0.. Uttregtrl¢ted Unrutrleted De•l8n•¢¢d GeDer•l DeJlpted VeDer*b lttvertment Enclljh Fu College R¢strl¢ted Ruttleted alld Pl C••ts FllDd Fund Investtrtents Cash at bank Creditor5 60.029 68.199 4.706.330 3. 108.170 7,881, 129 897. 710 829,517 (4.100) {4.094) 029.517) f3,Q20) 1841.391) 130.068 4. 701.030 3.105.liO 7,937,454 Venerable English College: Monies held in bgnk x¢ots on behalf of the VeTrtle En81ish College in Rome. but in the name of the charity gre recorded as 855ets. with • u)rrewdin8 liability in the ChlS accouDIg. The Ni¢k Pam Coote FunsL. tn 2021 the N.H.N.C Fund renam The Nick and Pam Coote Fund. This fimd repte5ents dou4tiow re¢¢ived to assist tbB work of the TrusL The dOn•tiS are avail&ble for any pwPO (Mher the ryyment of dth. Arthive F. This relates to donatioD5 receiv to fimd the deYelopmeDt of the Axchives of the Venerable Englisb College in Rom& DutiD8 tbe ye•r th¢ moDies held in this fund were paid the Venerable EDglish Colle8e.
THE VENERABLE ENGLISH COLLEGE TRUST Notes formJn8 part of the IlnADelal JtatemeDts for the year ended 31 2014 10 Controllkn8 Intere$ts The clwity is controlled by the tsN8te¢s wlw ate also guarantors ofthe limited company. In the event of a windin8 up the liability of the 8ugratttor8 i¥ limited to £1 each. 11 Related partlei Aside from those transactions entered into with tntstees noted above. ther¢ Ire no addition41 related p8ty transactions durin8 the yeST (2023: £nil). Th¢ miste¢8 gre ¢oNidered to be key M8¢ent. as outlilled iti the ooie9 Above, they receive no remuneration. 12 Golnl wD¢ern The In¢e¢S COD5ider thai the nature of th¢ fimdj held enable the ¢hrity to Benerale sufficieftt income to meet fijture obli8ations a5 they fail due. 19