THE VALLADOLID TRUST FufD (Regitre Cbrlty Number. 206957} TRUSTELS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE VALLADOLID TRUST FUTr4D TRUSTELS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAIiS OF THE CHARITY Chwiry, Commission Number.. 206957 The Tn1£¢5 8r¢ as folloiys... Th¢ Most Rev¢rend Bemard Longle) The Mosi Revered John Wilson The Reverend Gar). Brdssin8ton Dr James Whision Monsignor Nichol&s Rothon Mr Sieve M¢Co)' The Righi Revend Mark O'Toole Canon Paul F Mr Charles Neal Monsignor Michael Kuja¢z The Secretary to the Trustees and College Agent LS.. Mon$ignor Nichol&s Rothon Principal Offjrx is:. St Mary's 5 Cr¢wYell Park Blackh London SE3 9RD The Solicitors art... Hunler5 La LLP 9 Nem, Square Lincoln's Inn WC2A 3QN The Bankers are'.- HSBC 26 Clumber Street Nottingham NGI 3GA The Auditors are'.- Haysma¢intyre LLP 10 Queen Street Pla Londot) EC4R IAG The Stockbroker5 &rt'.. Inve5tec Wealth and Mana8cment Lid 30 Gresham Street London EC2V 7QN Canaccord Genuit) Wea]th MJagemeni 41 Loihbur). Lorhdon EC2R 7AE Invesim¢nt poiv¢rs and Social and Ethical Polic) Inve$th)ents The Tnjsttts i%'ill 00¢ ini es¢ in Companies ih41 rnanufacliiTe annamenis or wljose operdiions ar¢ contrary, to the ieachings of th¢ Roman CatlK)lic Chuh. The College Agent a¢ts as Chief Execuiive oificer for the Charity The TNS5 delegat¢ io the College Ageni the pouer io operdie the Trnst Bank ac¢ounL to attend EO the admini51raiion of the invested funds and 8enernll>' to allend 10 the administrioD of the Charity. Apan from a foTmal audit: the College report5 fornjall). to the mtttings of ihe Trustees and consults with a Finance and General Purpose5 sub.eommitttt established b). the TNsttts.
THE VALLADOLID TRUST FUTr4D TRUSTEFS, REPORT (CoptthNed) FOR THE YEAR ENDED 30 SEPTEMBER 2022 STRUCTURE. GOVERNANC[ MANAGEMENT. BACKGROUND AND OBJECTIVES. This seciion of the report explwfts the relationship between the and the College in Spain to give the context for the operations ofthe Trust. TheTnJstees are not. in their capacity &$ Trustee4 iespon5ible ftsrthe operation ofihe College per se. Imtroduetiott: Alm ATrd Beueficiarit5 The English College, Valladolid, Spain was founded in 1589 to tratn Catholic Priests to work in England and Wale5. The Foundation date5 back 10 penal times when it was not po&sible for Priesls io be trained in Er)gland and Wales. The College h&$ an unbroken tradition of 433 years: at present aboui 160 fonnersNdents are WOTkÉn8 as pri¢5ts in England and Wa]e5. The FKJildings of Ihe College date from I6 and contsin man). treasures associa1 with the history of the College and also of the Church. For many geneI0S of Studen the Colle8¢ b&$ provid¢d a iyonderful environment in where sdenTS can ndertake their course of studies. The Collc8e L5 one of the oldem links between England arwj Spain and lis imponan¢¢ is re¢ognized b) the Spanish and Uniied Kirigdom authorities. The Recwr of the College is normtil}' a priesi from England and his appoin(m¢ni require5 the approval of the King of Spain. The princip purpose of the Twu5t 15 to help mttt the coy of training sd¢n15 the College. The Colleg¢ provid¢s parn of ihe iraining ¢our5e for 51udents forthe Rom8n Catholic Priestho(Ki. After ordina¢ion, thei will nornially be appoinied to undertake dulie5 in En8land and Wales. These include ihe following.. Celebrating ihe Mass art4 other forrn5 of worship Ci>nduciin8 baptisms, marTiages and funerals Undertaking the adminisira¢ion and main*nance of Churthes and Chapels Undert2king and supervising religious education Visitin8 the Slck. Ihe housebound and others in rteed of p&storal care Support of schools and oiher education81 esthblishmenis The prime beneficiaries ofthe Tn are the swdents who undenake a rourse ofsiudies the Colle8¢. The) have the opp)rtunity to live in hisioric building5 and share in iradiiions and a iya). of life thai has coniinued for 433 ) ears. Consequenily. further beneficLarLesare those who benefit frorn the Ministr). of Priesis who have been trained Ihe College. For many centuries, Spain iva5 remote and distsrtt fiom th0 who livd in England and Wales. In more receni time5. many people have had the opportunit). io trdvel io Spait). During each )"ear. the College receii'es man! visitors fro England and from oiher part50f the world. i¥ho share and enjoy ihe life ofan historic insiiiution and h3ve an opportuni lo se¢ the hisioric reli¢s oivned b). the College. Thus. the 8en¢rnl publi¢ ¢an share in the life of the College and li can be said that the), are also benefi¢i8Ties of thc Trusi. Candidates for the priesthood are sel¢aed by their Bishops. The Bithop5 Ihen dxid¢ iyhether a Student Should be seni to vlad011d or io another Colleg¢. Few 8re able to make a financial contribytion Co.ardS the Com of iheir Iraining. The Costs are mel in part from Income of the Trusi Fund and from monies coll¢c¢ed by the Bishops in their own Dioceses- Ivhi¢h are Charities in their oiyn ri8ht- and from Funds held in Spain which do noi fonn part of the English TrusL Thus the Trust does noi exclude benefjciaries on grounds of poverti. Th¢ pra¢ti¢al resuli from the operaiion ofthe is thai during the academic year 202(k21 sixi¢en 5wdet)ts received pgn of their uainin8 for the Catholic pricsThood ai the College and this %vas rjnanced in part frorn the income of Ihe Trust.
THE VALLAWLID TRUST FUND TRUSTEES, REPORT {Contlnued) FOR THE YEAR ENDED 30 SEPTEMBER2(J22 STRUCTURE, GOVERNANCE. MAf4ACEMEIYT. BACKCROUND AND OBJECTIVES IeoDt5Dtd) D¢taS1s oftht Trust The curreni Trust w&% eabli5hed in England. in rdance with English Charit). lai% in 1960 and the Tru Deed was l?si revised fOall). in 1992. The Deed ivas Tevittved in 2020 b). a Soli¢iior who is a Tnjsiee and he adi'i5ed ihat the Dttd remains fit for purpose. The Tru51¢¢s are r¢spon5ible for the admini1]0 of the capitsl and income of the TriLSt and for the application of these funds for ihe benefii of ihe College. The Trust Serves as means forcolleain8 fees from the Romancatholic Dioc£se5 Sending Udents to the Collegetogether with other in¢ome for Ihe benefit of the College. The Trusl also mttls expen5e5 on brhalf of the College w,hi¢h need 10 be mei from a sierling ac¢ount. A¢¢ording io ihe Trum Deed. the poiver ofappoiniing Trn51ees res15 I4'Lth the Roman Caiholi¢ Bishops of Ertgland and Wales, a¢tin8joinily through Iheir Conference. ThcTrust Deed requiTesaminimum of 7 and a maximum of10 Trustees. When there are vacancies. ntti. members are noMinad b). Ihe curreni Trustees and presented to the Bithops for )cceptantt and approval. New TeeS receive a copy of the Twsi D¢¢d and a notr on the operations of the Trust. In 7dttendin8 to ihe affaiTS of the TnJ& the Trn#ees are all of equal Decisions rel81ing ¢0 the operdtion of the Trum are tsken at fonnai methinEs ofthe Ttt$ with a sit)gl¢ vole for Trusiee. The Chair h&s a c&siin8 vole. The busine55 of ihe Tn is record¢d in a fomal minute. As for as possible, Tru51ees visit the College on 8 regular basis and meei wilh the staff and 51udenis. The). receiv¢ regular fmancial reports confirniing ihai the fu1$ of the Trust are us¢d for ¢h¢ purFM)ses of ihe College in accordance with the Trusi Deed. The Tru5tee5 have rcceived rtspies of thc guidante t)otes issued b). the ChaTÉi). Commission and have rcvi•ved the operntions of ihe Trnsi in ihe lighi of these t)otes. The day.io.day adminisiration of the Trum is deleged b). the Tntsrees to the College Agent. FiThnci41 Opergtlgxs The College a150 holds fund5 Ln Spain. Ivhith do not form part of the English Trnsi. The toia] pi¢iure of the fancial operdiioll5 of the College is folJow$ covtting ixth the Tws¢ fynds and finan¢ial opeTalions in Spain, which are not 5ubj¢ct lo the control of tht Trust. In¢om¢ Fecs frorn Dioreses Englith invemeni income Income genered in Spain English Tru English Trust non TN Expenditre Sterling expenses . paid from English Trust English TTUSt SpaDi$h txptn$¢s - paid from Spanish inLome English Tnjst iD¢ome sffli io Spain Non-Tn En81i5h Tn
THE VALLADOLID TRUST FUND TRUSTEES, REPORT (C•alityu¢d) FOR THE YEAR ENDED JO SEPTEMBER 2022 REVIEW OF OPERATIONS The quajili. of the course is reco8nized by the Bi5hi)p5 of England and Wale5 and also other wuntries many of them send students io the College )'ear by year. In the year $llents have come fr¢)m C8nJa, Norw&y And the Republic of Ireland. At preseni the College provides a prepardiQry ¢outse and 5tudeThis proceed io orher Colleges for more specialisi training. A proof of the quality of the course is th41 many ofthe students i%ho ¢om¢ io the College compleie their udies and are ordned prieas. With lh¢ help of expert fvice from Spain, from England and from the Uniied Stales ihe treasures of the College have been carefvlly examined and document¢d and appropriaie work is und¢naken fortheir preservation and securit).. Thes¢ treasure5 include a lIe¢ll0 of historical book5. paintingi s¢atue5 and an ornat¢ baroque Chapel. The College is a living xadernic insiiiution and is noi a museum or an gallery. Those who live and WOTk in the College as ivell as visitors ¢an appreciate these trUTeS Th¢ treasures of the College are noi held by the English Trum bui funds for the English Trust are used for their preServlon and mall1]8n£e irt accordance with the tem)s of the Tru# tk¢d. Thc College currenili. has a r¢sid¢ni staff of 4 English priests. They ar¢ nim emploj'ees of the English Twsi. Their stipends and expenses are paid from the English Trust. The Tru51 aJ50 pays an honorarium to the College Ag¢nL Specialist lecturers visit ihe College on a regular b&si5 during the )'ear and theÉr fe£s are paid from thr Tru51. The ivages of domesiic and other staff are paid from Spanish fund& The College does nol use the scrvice of volunte¢T5. The Truses are noi remUr1erad bui their travel expeTW are met from the fundk The Rector and the College agcnt are remunerated from College funds for work they undenake on behajf of the College apart from their responsibilities as Trustees. PUBLIC BENEFIT The Trustees ¢onfimi thai they have complied with the duN of Seuion 17 of the Charities Act 2011 io have due re8ard Ihe Charity Commissions gtncral guidance on Public Benefii. INVESTMENT AND RESERVLS POLICY The Trusi funds in England are invested and managed on a Ioiv tisk basis by profe55ional managers. The TroanCe of the managers 15 k[ under review by the Trusiees and L$ 8ood when COTnpared iviih estsblished benchmark5. Investments art held in the norninee accourtt of Inve5tec and Canac¢ord ore managed on a discretionary basis. From time io time ihe Trnsitts transfer fid5 io Spain to the lo1 ¢xperJses of the College in aceordart¢e iyiih ihe tenns of the Tru#. In some year5, the Trusi a¢cumuiaies surplus income in Erkgland. and this is added to the investment capiial of the Trnst. The College ha5 a long hiMory and there have been periods in the past when few lludenis aitended the Colle8e, resuliing in a ladc of fee incorne and lh¢ need io cover the expenses from other sources. The policy of ¢he Trustees 15 10 rain Surplus income in En8land and add li TO the capiial iTrv¢stmeni so th sufficieni fvnds ivill be ava21able io me¢1 ihe outgoings if in the fvDJre. there i5 only a mall number of 5mdenis and limited income. The effeci of Infl70, changing rdies of ex¢h8nge and the perfornance of Ihe sio¢k markei in recent years m¢atts thai the management of the funds or the College is a ¢ontinuing ¢Ask and li is noi possible io set wcifjc fi8ur¢ for a reseryes polio.. The finat)cial posi(ion of (he College, with capita] inve51ed in FM>th Britsin and Spain i5 complex and the position is being moniioted Mith the help of professional ad¥ice. Monagemeni of investhients has noi been easy in recent times.. The polic) has been as far as possible to maintain the curreni level of inve5trnent intome although the capithl ialue of the inve5tmenis h&8 flucwated and this is r¢flecied in the capital of the fund as shown in the bal8o¢e shed. Brexit had a not[e effect on the opcratÉons of the College. The En8lJsh w(fand students require residen¢e pemiiis. As a long-esiablished instiiution in Spain. 5peciaJ conseoi is noi required from ihe Spanish Authorities for rhe ii'ork of the College 10 continue.
THE VALLADOLID TRUST FUND TRUSTEES. REPORT {Cotttlnuedl FOR THE YEAR ENDED 30 SEPTEMBER 2022 The reserve policy of the ¢lLarity is to maintain 8 level of income from the English Ini'estments io cover lh¢ ¢xp¢nses which are nOall). mel from Iht English account. The balances are either transferred io the College in Spain or reinvested 10 rover the effect of inflation on the c4Pital of the English capita] 8nd io proi'ide a higheT lthiel of incorne for the fuwre. The TnJ& does not undenake an). Fund-raising il.lI14 though from tirne w time the TTUSI ha5 rtteiied legacies and other donations. The Trum Deed does noi euthoris¢ ihe TNsttt$to make 8rants to ouiside bodie& One of the Twstees has a special responsibility ftr Safeguarding Issues 8rhd a Safeguarding revieii. is undertaken each year with a report to the Tru5t¢e5. In recen% years, the College been pleased to rtteive &udenis froTn different countries and dhnic b4¢kgrounds and Care j5 tak¢n ¢0 [Mote inclusion diversity. GOING CONCERN The Trusiees consider Ihai the flnancial position ofthe Tru# and of the College remain$ wund that the accounts do not ntain any excepiional items, which require 5pttial ¢ommcnt. The Trusi¢es have been kept fully infomied by the Reaor of the sw)s tlw he ket). RISK ASSESSMENT The Tru51ees have prepared approved a risk assessment plan. The plan considers faciors, ,hich could influence the operaiion of the College rn Spain. &5 ivell as factor& iyhich could affect the opernrion of the Tru5r in England. The plan IS Teviewcd annually. Also, the College h&$ prepad a major dis&ster rt¢ovffj' wlic) dument. Covid w&$ totall>. unexpected and Ihe Risk Assessment plan h&5 been revised accordin81}'. Reasonable care is tsken but generally the ¢ffea of Covia is coming io an end. There have been no legal problems during the pfisi year. The Trustees hove takert k8 &fvi¢c and concluded that specialim insurance ¢oi'er is noi required for their own FINANCIAL POSITION Income in the year amounted 10 £481.9591202I.. £480,642). Income from SttLd¢ni ftts decreased from £270.000 in 2021 to £250,198 in 2022. Expenditure amounted 10 £221,096 (2021.. £136.023) the in¢tease was mainl). due to higher aching fees. The statemeniof Financi A(liviiies disclosed ne¢ incomeof £260,86312W21_. £3t14.619). R¢alis¢d and unrealised losses on ini'esiments for 2022 amounted to £1,243.190 (2021-gains of £1284,14i}. Al September 30 2022, the Charit). had net assds of £9,536.503 12021.. £10,518,830) w'hich are 811 held as U[eSl¢l¢d funds.
THE VALLADOLID TRUST FUND TRUSTEES, REPORT (Collil•ued) FOR THE YEAR EIYDED 30 SEPTEMBER 2022 STA TEMENT OF TRUSTELS. RESPONSIBILITIES The Trustees ar¢ reswnsible for preparing the Tn]¢c$. Report and the financial $ethe5)t$ in accordance with applicable law and Un&¢ed Kingdom A¢couniin8 Sthndards The law applicable io charlties in En8land and Wales rcquire5 Tru5ttts to PTepaTe finan¢ba] Statements for each financial year, which give a true and fair i'iew of th¢ stht¢ of affairs of the Charity on the incoming resource5 and appli¢a¢ion of resources of th¢ Chariiy for ihat period. In preparing these financiaj statements. the Truees aTe requiredto." Selea sutiable accounting policie5 and apply them ¢onsisierhily Observe the methods and principles in the Charities SORP Make judgements and esiitnates th are reasonable and prlent State whdher applicable accouniing siandards have been followe4 subject to an). maieria] dep8rnres disclosed and explained in the financ] siatements Prepare the finall¢ial statemenis on agoing Concern b8Si5 unlcss it is inappropriate presume Ihat the ¢harily will eoniinue in business. The TN5tees are re$pK>n5ible for keephng ryOP¢T a¢couniing re¢4)rds thai disclose iviih reasonable accuracy at 8n)' time the fjnancial POSi¢ion of the Charit). and enable them io eDsur¢ the fJnancia] staiements ¢ornply iiith th¢ Charities Act 2011. the Charity (Accounts and Rq)orLS) Re8ulaiions 2008 and the provisions of the Trust Deed dated l November 1961 as amended by the supplemental deed ded 21 oober 1992. They are ajso responsible for safeguarding the ass¢ts of Ihe Charity and for tskiThg reasonabl¢ 5tep5 for ihe prevenrioD and detertion of Iraud and other irregularities. The Kcounts atttsmp2nyin8 this report ¢omply ivith curreni SIvIory r¢quiremeni$ and ihe TnLS¢ Deed. Mark O'Toole Tnjstee Nichol&s Roihon Secretary io the Trusitts Q)
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE VALLADOLID TRUST FUND Oplnlo We have audited th¢ financial eMents of Tr vlador1d Tnty Fund for th¢ yw ended 30 S¢piember 2022 ivhsch Comprise Staiem¢ni of Financial Adiviiies, Baiatlce she and notes to the financial statements, including a summary of significant ae¢ounting policie5. The fjnancial reporting frdmework that h&5 been applied in their preparaiion is applicable law, 8nd United Kingdom Accounting Stsndards. includin8 Financia] Reporting Stsndard 102 The Financial Reponing Siatjdard applicable in ihe UK and Republic of Ireland {Uniied Kingdom Generall) Accepied Accounting Practice). In OUT OPjlllON the financial s¢oiements.' gLI'e a true and fair vithy of the Sydte of the charity's affairs 30 sepmber 2022 and of the Charity s nei movement in funds for ihc year then ended.. have been properly prepared in accordance wilh Uniied KinKdom Generall) Accepted Accounting Praciice. and have been prepared in accordance ivith the requirernents of the Ch8riiies Art 2011. BAsis for opinio We have been appointed audiior undEr section 144 of the Chariiie5 Au 2011 and rert in accordance with the Aci and relevant regulaiion5 made or having effect thereunder. We ConduCd our audii in accordance iyiih Iniemarional Siandards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibililies under those Stsnd8rds are further described in Èh¢ Auditor's responsibilities for the audil of the financiol $ernents section of our report. We are Independent of the charity in a¢cordaTLce with the eihi¢a] requirements that are relevani io our audi¢ of the fJnan¢ial siatemenis in the UK. including the FRC'S Eihi¢a] Standard, and we hav¢ fuif)Il¢d our other ethical re$ponsibÉlilies in ac¢ordance with iliese requirements. We believe thai the audit eviden¢e we have obthintyl is sufficieni artd approprie io provide a basis for our opinion. Contluslon5 relAtini to going eOnCenL In auditing the financial statemen15. we have concluded the trustee5-" olthe going concern IASIS of accounting in the preparation of Ihe financial 51atements 15 appropria1¢. Based on the work lie have TKrfomied. we have noi ideniifjed an). MeT1 un¢ertainiies Telating events or conditions thai, individually or ¢oll¢¢tivel)', may ¢asi SiRnif¥c8nt doubt on th¢ ¢harii) s abilitv io ¢oniinue as a going ¢on¢¢rn for a period of ai le&st twelve month5 from when the flnancial ateMen[S are authorised for 15511e. OUT responsibiliiie5 and the responsibilities of the mism ivith re5peffl io golljg concern #re described in the releianl section5 of this rerK)rt. Otbtr iofornbatloD The ¢tusiees 8re reskW)nsibk for the other infWMI0n. The othu infom)10 comprises the inforn)a¢ion included in the Twsiees. R¢port. Our opinion on the fmancial 51at¢meThts does noi Ver ihe other inforni•ion and, ¢x¢ept io th¢ exieni otherwise ¢xpli¢itly $tsEed it) our report, Ive do not express any fomi of assuran¢e conclusion thereon. In conneuion wilh audit of the financial steMentS. our re5ponsibiliry is io r¢¥1 the (Mher infom)ation and. in doing 50, nsider whaher the other infOallOn is m&erially inconsi5teni i¥iih the financial 5tments. or our knoyledge obtained in the audit oroiherwisc appear510 bematerially mi55tatcd. If we idenufj. such malerial hncon5iStencie5 or appareni material mi551atemen15. we are rcquircd to detcnnine whcthcr there 15 a material mi55tatcmenl in the financial Statements or a maierial miSement of ihe other infornia¢ion. If, based on the Work we have perfornied. we conclude that there is a maierial missiaiemeni of this other infom)otion. Iv¢ are requIl io report that fxt. We ha%'e noihing io report in this regard. Mgtttrs on whicb we are required to report by exteption We have noihing io Tepon in respeth of the following matters in rel10n w ii'hich the Ch1t]eS {Acctsunts and Reports) Regulations 2008 require us to Tepm to you i(, in ow opinion.. adequat¢ accounting records have rtot been k¢pi by the charit>'- or suificieni aecountlng records have not been kepi- or the charit>'s flnancial 5uiemeniS are noi in agreement with the aOntIng record5 and returns. or we have noi recekved all the infoImlOn and explanations ive rryuire for our audit. Responsibilitie5 of trustees for the fwD¢il 5f¢¢Thents As explained more fi]11) Ln the Siaiement of TrU¢t$' Responsibilities ots page 6. the trustees are responsible for the prepardtitsn of the financia] sta¢emenlS and for being saiisfied that tho. give a true and fair vieii. and for such iniemal ¢onirol as the trustees deieTmirte is necessary io enable the pwaration offinan¢ia] staTements thai are free from ma¢eria] misststement, whher due to fraud or error. In preparing the financial SementS. the Erustee5 Hre re5pon5ible for &wssing the charil) s abiliry cominue &8 a going concern. disclosing. as applicable, mattcr5 Teled TO going concern and using the going concern b&sis of xcounting unless the irustees eiiheT Iritend io liquide the ¢harif) or to Cease operaiion& orhave reali%i¢ lema(1ve bui to do so.
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE VALLADOLID TRUST FUND Audltor's respotsslbffililies for the •ydi¢ of the flttntil Our obje¢¢ives are io obthin re&8onable &wrance aboui HhetheT the financial Maiements &s a 'hOle are free from material misstaiemeni, whether due ¢0 fraud orerror. andto isw¢ at) auditor's report Ihai include50uropinioD. R¢asonable assurance is a high level of as5uran¢e, but is not a guarantee that an audii conduc¢ed in )rdance wilh ISAS (UK) will a]14'a)'s deteci a material misstatement when it exists. Mi551atements ¢an arise from frnud or cm)r and are considered material if. individually or iTh the aggr¢8ate, th¢y could reasonabl), k expected w intluence the ttonomic detisions of users tsken on the basis ofthe5e fmancial s(atements. Irregularilies, including fraud, are inanceS of non-compliance ivith laivs and r¢gulatioos. We design procedure5 in line Ivith our responsibilitie& ouilined above. tti dect mcTI rnissiawnents in respea of irregul8riiie& including fraud. The extent to ivhi¢h our procedures are capable of deieaing irregularili¢s. including frdud i5 de[led below. B&sed on our understhnding ofthe charity and th¢ eDvironmeni in whidj it operat4 ive ideniified ihai the wincipal risks of non-eomplian¢¢ with laws and reguiaiions reiaied io compliance with Charity law. and we considered the exieni io w.hich non-compliance mi8hi have 8 material effect on the fjnancial statements. We alsts considered those Laivs and regulation5 thai have adirecl imp1 on the piepaTation of the financial statements gjch as Canon Law: the Charities Aa 2011 wid The Siaiem¢ni of Re¢omm¢nded Practitt for Chtrri(ies {SORP 20191. We evaluated marha8cinent's inceniivesartd oppDrtunilie5 for frduduleni manipulation ofthe firtan¢iaJ stements (including Ihe risk of override of controls). and ddem)ined th the principal risks were related to tecognilion of income and management bils in certain accounting estimaie& Audit procedure5 perfornied by the engagement team inclu(kd.. Inspecting trus¢ees' minutes Inspecting correspondence wilh regulators and tax authoriiie5: Discussions With management including ¢onsideration of known or suspecied insthnces of non.complianee M'ith taw5 and regulation and frdud,. Evaluaiin8 mana8emeni's corttrols designed prei'eni and detea iffegularilies,. and Challenging &ssumptions and judgemen¢s made by management irt theiT ¢rili¢al a¢couniing e5um&¢s. Because of the inhereni limitaiioA5 of an avdiL there is a risk ive M'ill r1 deted all irregulaTiiies. including those lcading io a material MiSateMent in lh¢ financi sutemenis or non-compliance ii'ith Tegulation. Thi5 risk increases ihe more thai compliance w'ith a law or re8u131iott is removed from the evenis and transactions reflected in ihe fjnancial statements. as we ivill be less likely io bec¢)me aware of I8n¢eS of non-compliance. The risk is also greater regarding irregularities occurring due to fra1 rather than enor, as fraud involves in*niional con¢ealmenL forgery. collusion. omission OT miSTcprcs¢nlation. A fvnher description of our responsibilities for the audii of the financial 5tsttments is located on ihe Fioancial ReportÈng Council's iYebsii¢ a¢.. i%i%ii.Irc.OF -uk audiior5re5 nsibiliiies. This des¢riplion fornJ5 pan of our auditor's rew>rt. Use of report Thi5 report is made solely to the charity's Iwstees as o body. in accordance wilh se¢iion 144 of the Charities Act 2011 and regulations made under section 154 of thai Aci. Our audit work has been undertaken g) thai we might stale io the charity's trusiees those malter5 ive are rtylred 10 se 10 them in an Audiiorfs report and for no other purpose. To the fulle51 exteni permitted by laiv, Ne do noi xctpt or urne rc5ponsibilit)' to anyont her than the charity's trusiees as a body for our audit ivork. for this repon, or for the opinions ive have formed. LLe Ha>'5macinryre LLP Siatuior), Auditors 10 Queen Street Place London EC4R IAG Date.. 12 May 2023 hay5macinty.re is eli8ible io act as an auditor in temis of seciion 1212 of the Companies Aa 2006
THE VALLADOLID TRUST FUND BALANCE SHEET AS A T 30 SEPTEMBER 2022 2022 2021 Iyotes FIXED ASSETS Inv¢Mmen 9.031 J27 9,744,723 CURREP4T ASSETS Debtors Bank 8Dd cash 751.542 160,637 397.295 386,976 912.179 784,271 CREDITORS- due within one year 1407.IM)3) {10,164} NETCURRENT ASSETS 505.176 774.107 TOTAL NET A&SETS £9,536,503 £10.518.830 Represented by= UNRESTRICTED FUNDS £9,536,503 £I¢X518,830 The financial 5wements ivere approved ar authorised for is5u¢ by the Board of the Te¢S on wert signed below on lis behaifby: 2nd May 2023 and Mark O'Toole Trus*e
THE VALLADOLID TRUST FUND STA TEMENT OF FINANCIAL ACTIVITI FOR THE YEAR ENDED JO SEPTEMBER 2022 2022 2021 Notes JNCOME FROM: Investm¢nis 231.761 210,642 Charitsble activiiies Teaching 250.198 270.(x)O Total income 481,959 480,642 EXPENDITURE ON: Raisirtg funds Investment managers fees 36.583 33,838 ChwibIe expenditure.. Tcachin8 184.513 102,185 Totsl txpenditure 221,096 136.023 N¢¢ IDeom¢ before (lossesvyltss 260.863 344,619 ILossesll8ains on investmthts (1.243.190) 1,284,14i Net (txpeDdh¥)IIDtoffje (982,327) 1.628.764 R¢eoffje1li*tTh of fuDd5: Balance at l Oaober 2021 10.518,830 ,89D,066 Bdance at 30 Sepi¢mber 2022 £9.536,503 £10,518,830 All funds in both years are unrestrided. There have beert no discontknued aciiviiie5 in this or the preceding year. The 0mpanYin& note5 aTe an iniegrnl part of the financial sthtementL
THE VALLADOLID TRUSTFUND NOTES TO THE ACCOUP4TS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUNTINC POLICIES The principal a¢countin£ policie5 thpied, judgemenLS and key sources of ¢¢mallOn ¥n¢ertaint)' in the preparnion of the xcounis are laid below. sls of prwr¢lon The financial statements have been prepared in &cordance with The financial stemenis have been prepared in accordan¢e iviih the Siaiemeni of Recommended praLce for Charitie5 ISORP 2015) ISe¢ond Edilion. effeaive l January 2019) and the Charitifs Aa 2011. The charity meets the definiiioTh of a public benefit entity under FRS 102. The charity is a re8151ered a$ a charity in England and Wales {chaTiiy number.. 206957). Assets &nd liabilities are initialj). recognised at historical cost or tratL%aciion valu¢ unless otherwise sthd in the r¢lewani accounting 11¢Y noielsl. b) Critical •¢¢&115g tstlthls #tyd irta$ of judgememt In the application of the a¢couniin8 poli¢ies, the Trustees ate required to make judgerneni. wimaies, and assumptions about the can)'in8 value of &ssets and liabili¢ie5 that are readil). apparetki from other sources. The estimates and underl}ing asyjmptions are based on historical ekperience and oiher facior5 thai art considered to be Ttlevint. Acwal results ma). differ from ihese Clmates. The esiimates and uThdcTlying assumptions are reviewed on an ongoing knis. Revisions x¢ounting estimes aTe recognised in the period in ivhich the estimate is revised if the revision affects only that period, or in the peri¢JJ of ihe ffvision and future periods if the rn'ision affeei¢d current 8nd fu¢uTe periods. ltt the vieii. of the TruMttS, El0SUmptIOns(0nCnlTh8 the fuwre or egimion uncenainty affec¢ing 04ets or liabtliiies 2t the bo18nce shm de are likely to result in a material adjustmeni to their can)'in8 amoijtits in the next fjnancial year. Asse5smeDt of going conttrn The Trusiees have a55tS5ed whether the use of the 8oin8 concem assumpiion is appropriAie in preparing Ihese accounts. The TrurtS have made thi5 &$5es5meni in respecl to a period of one year from the date of approval of these attourjts. The Tru5tee5 of the chariry. have concluded that there wt Th) material wJ¢ertsiniies relad to events or condition5 thai may si8nifKani doubl on the obiliL)' of the chariry to ¢oniinue as a going concern. The Trusiees are of the opinion th ihc tharity ivill have suffjcieni resoll meet lis liabilili¢5 15 the). fall due. The most significani areas thai affect the carryin8 I'alue of ihe &5sets held by the ¢haril} aTe the level of ini'estm¢ni reium and the wfomiance ofthe iniesmieni markas (see the ini'esrm¢ni policj and the risk manag•nen¢ se¢¢ions of Ihe Trusiees. Repoll lor more infonnaiionl. d) C95h flow staI¢ml The Tnjsices have iaken advaniag¢ of th¢ provisions set Otsi in the Charilies SORP IFRS102} Update Bullelin l in which sm211er charities are no longer required to pr¢pare a cash floM' aterneni, and therefore no cash I]0. sthtcmeni 15 included within th¢ fin8n¢i¥l swemeni
THE VALLADOLID TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUIYTINC POLICIES {ro•thi•td) ¢1 Income recognitio Income is rttogTrised i¥hen th¢ charity h&$ eniidement u) the fund& li is Probable lha¢ ihe incorne ii'tll Ee received and the amouoi can be measured reliabl). Income comprise5 wiiion fees •ThJ invesmient income received in res of the Tr1"9 continuing O ExpeDditur¢ r¢togDitio Expenditure is re¢ogni5¢d once there 15 a legal or constru1Ve obligation io make a pa>'meDt 10 a third party, il is probable tha¢ settl¢m¢ni ivill be required and Ihe amount of thr obligation Can be me&sured reliably. Chariiable expenditUTe con5i5ts of all expenditure directly relaiing to the obj¢ci$ of the Trust. It also includes Gov¢mance costs ii,hich con5iM of expendiiure in relatton io ¢ompliatt¢¢ requiremenis iyith constiiutional aThd stuiory requirement Irrecoverdble VAT is charged as a co# againA the attivity for ivhich ib¢ expenditure w&s incurred. lTrvestmemts Quoted investsnents are Valued fair Yalue on the balance shed de. R¢alised and unrealised Bains (or Ios5e5) arc reficried in the S¢8t¢meni of Fit)ancial Aciii'ities in the )'eaT in whi£h ihc), occur. Mixed moiive inves¢ments or¢ so¢io1 inVesen[S consi]ng of &s5eE5 th are usd for ixih ¢haritable purpo5 and a]so for investhieni rnurn. These are vajued at fair I'aiue at the Balance Shw date. h) Flll•u¢ll IDStrMmt•ts The chafiry only holds financial a55eis and financial liabililies of a kind thai qualify. a5 b&sic financial insfftlmenis. B&sic flnancial instruments are iniliaily re¢ogt)ised w [ran5alOn i'alue and subsequently measured ai their s1kmei Yalue. Debtor5 College fees 8nd other debtors. includsng accrued intome. are yecognised ai the 5dilem¢ni amount due. PrepayTnents are valued ai the c&th amount prepaid. i) Casb at bank and in b•Dd Cash ai bank and in hat)d includes cash derx>siis held in the tharity's bonk account. This is excludin8 cash held H'iihin the capital and incomeaccounls ofihe inYe5¢menl portfolio i%'hich is irtcluded ii'ithin ini"eslmeTht voluaiion. k) Credfitors 8nd provtsion$ CrediioTS and provisions are recognised ii'here the charii). h&8 a preseni Obliglon re5uliin8 from a pa51 elen¢ thai ivill probabl). re5uk in the iransfer ol funds io a thiTd port), and the amount due 10 settle Ihe obligation Can be m¢&sured or esiima*d reliabl}'. Crediiors and PTovi$ions are nomiall), reco8nised aL iheir settlement amount afier ailoiving for an), trade di%ounts due. 12
THE VALLADOLID TRUST FUND NOTES TO THE ACCOUNTS {CoDtSw¢dl FOR THE YEAR ENDED 30 SEPTEMBER 2022 FIXED ASSET INVESTMENTS 2022 2021 Quoted investtneDts At l OaobeT 2021 ai market va]ue Addilions Disposa]s Realised attd uottalised Ilosses)Igaios 9,527282 1.729.396 (1,061,555) (1,243,190) 7,996,913 1,452.895 11206,4621 1,283.936 Markd value ai 30 September 2022 Czsh 8,951,933 79,394 9.527,282 217.441 Tot81 invlMents xt mrket value £9.031.327 £9.744,723 Cost at 30 Sepiernber 2022 £8,065.778 £7,337.088 Mrket value 2021 2022 Quoted iDvestmeDts UK Governrnenl Stod¢s And Fixed Inter Bonds UK Equities and Convertibles (hh¢i 921.548 560,530 7,297,069 1,359,646 2,498,541 5,490,462 8,779,147 172,786 79.394 9,348,649 178,633 217,441 Mixed moiive social investsneni {see beloiv) Total £9.031.327 £9,744.723 The mixed mo¢iit social investhieni És art invesimeni in Missio Inves¢ Social Impaci Fund. A Us-based fund tha¢ provides loans io ¢hur¢h edu¢a¢ionai p¥oje¢ts in developing countries. The fund is also expeciing io proi'ide a limiied income in future years and i5 ther¢fore classed as a mix¢d moiii'e 1nvutsn(. DEBTORS 2022 2021 Du¢ wlibl• on¢ y¢r Proceeds from sale of prop¢n)' Accrued income Fees receivable 50.400 73,942 396,tXM) 50.400 65,295 Due after otst yeAr 520,342 15,695 Proceeds from sale of property 231,200 281,600 £751,542 £397,295 13
THE VALLADOLID TRUST FUND NOTES TO THE ACCOUNTS {CoDtlttued) FOR THE YEAR ENDED 311 SEPTEMBER 2022 CREDITORS: Dlle wllhin othe yer 2022 2021 Fees received in advance Accn]ed expenditure 396.0 I I,(K13 10.161 £407,3 £10.164 INVESTMENT JNCOME 2022 2021 Dividend5 and inierem on investmeni holdings Bank interest 231.756 210,637 £231.76] £210,642 6& ANALYSIS OF EXPENDITURE 2022 21121 Charl¢gbk ¢xp¢ndltsre- Dlreet ¢dMeth)o ¢ts Teaching expet)ses Travel and motor expenses Book5 Bank charges Office and sundri expcn%s Govemance costs (see below) 153.109 13.286 527 184 9,366 8,041 73,178 289 163 17,080 11.475 184.513 102,185 Rai%iD¥ fuDds Invesimeni managemeni ftts 36.583 33.838 £221,096 £136.023 61k Govtrn%ttte Costs Aydil A¢countan¢y Ttustees, travel expenses 6,000 1.700 341 5.700 1,500 4,275 £8,041 £11.475 TRUSTEES, REMUNERA TION AND EXPENSLS None of the TSiteS have been paid any remUnei0n or received an). oiher benefits from an emplo)'menl ii'i¢h the ¢haTity or any rela¢rd ¢ntil)'. The Chariry has emplo)'ees. 115 key managemeni personnel are its trustee5 Ivho are unpaid apan from the payments li#¢d belom. The Rector. Canon Paul Farrer received £48.650 in the sear (2021: £I3,(K) in his ¢apacil} os Rector. Mgr Nicholas Roihon. College Agent receiyed £3.1 {2021.. £3.000) in his capacit). &$ a8ent. Th¢ &85i#ani agent, Gary Brasslligion, also receiv remunernion of £3.1(M)12021.. £3.Otx)>. 2(J22 2021 Expenses patd io the imsiees ii'ere as folloiYs- Travel 341 4,275 The amounts reimbursed aErf>ve iyere in rel*ion io l truMee1202 I: l trustee). 14
FOR THE IP4FORMA TION OF TRusfEL8 ONLY THE VALLADOLID TRUST FUND DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED311 SEPTEMBER 2022 2022 2021 INCOME FROM: Fee5 char8ed lo dioceses Dividend5 and intere51 Inttrest- mone>, market and Current 250.198 231.756 270,000 210,637 Total intODbe 481.959 480.642 EXPENDITURE ON: Dir¢a thariiable expenditure Teachin8 expenscs Tuition - Teachsng expenses 129.8 23,309 60,5 12,678 153,109 73.178 Travel and motor ¢xpeDs¢s - Travel - Trustees. Irovel expenses 12.862 424 4,275 13,286 4,275 Offi¢e ond SundTI Expenses - Computer and office con5umable5 - SundT)' expense5 . Other 271 5,023 4.413 86 14,066 2,928 9.707 17.080 Book5 Bank charges 527 184 289 163 452 Mgnagemeni and AdministMion -Audit and accounlanc). -Invtstment managemeni ftts 7,700 36.583 7,200 33.838 44283 41,038 Totsl exptDdtture 221,096 136,023 Nd income before (lossesligains on investtnen¢s 260,863 344,619 Realised and unrealised IlossesFgairts ort iniestsnents {1.243.1901 .284.145 Net {tAptthditurtVitttomt {982,3271 1.628.764 BaIance broughi form'ard ai l (kiober 2021 10,518,830 8,890.066 Ba]th¢e caTried foniwd 30 September 2022 £9,536.503 £10,518,830 15