THE VALLADOLID TRUST Fuf*D
(Regi￿tre￿ Cb*rlty 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 Tn￿1£¢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 Rev￿end Mark O'Toole
Canon Paul F
Mr Charles Neal
Monsignor Michael Kuja¢z
The Secretary to the Trustees
and College Agent LS..
Mon$ignor Nichol&s Rothon
Principal Offjrx is:.
St Mary's
5 Cr¢wYell Park
Blackh￿￿
London SE3 9RD
The Solicitors art...
Hunler5 La￿ LLP
9 Nem, Square
Lincoln's Inn
WC2A 3QN
The Bankers are'.-
HSBC
26 Clumber Street
Nottingham NGI 3GA
The Auditors are'.-
Haysma¢intyre LLP
10 Queen Street Pla
Londot) EC4R IAG
The Stockbroker5 &rt'..
Inve5tec Wealth and Mana8cment Lid
30 Gresham Street
London EC2V 7QN
Canaccord Genuit) Wea]th M*Jagemeni
41 Loihbur).
Lorhdon EC2R 7AE
Invesim¢nt poiv¢rs and
Social and Ethical Polic) Inve$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 Chu￿h.
The College Agent a¢ts as Chief Execuiive oificer for the Charity
The TNS￿5 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 administr*ioD 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 associa￿1 with the history of the College and also
of the Church. For many gene￿I0￿S of Studen￿ the Colle8¢ b&$ provid¢d a iyonderful environment in where s￿denTS 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 s￿d¢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 v￿lad011d 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 IeoDt5D￿td)
D¢taS1s oftht Trust
The curreni Trust w&% e*abli5hed in England. in ￿￿rdance with English Charit). lai% in 1960 and the Tru￿ Deed was
l?si revised fO￿all). 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 admini￿￿1]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 noMina￿d b). Ihe curreni Trustees and presented to the Bithops for
)cceptantt and approval. New T￿￿eeS 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 T￿￿tt$ 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 fu￿1$ 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 deleg￿ed b). the Tntsrees to the College Agent.
FiTh*nci41 Opergtlgxs
The College a150 holds fund5 Ln Spain. Ivhith do not form part of the English Trnsi.
The toia] pi¢iure of the f￿ancial operdiioll5 of the College is folJow$ covtting ix*th 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 inve*meni income
Income gener￿ed in Spain
English Tru
English Trust
non TN
Expendit￿re
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 $ll￿ents have come fr¢)m C8n*Ja, 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 ord￿ned 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 tr￿UTeS
Th¢ treasures of the College are noi held by the English Trum bui funds for the English Trust are used for their
preServ￿lon 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 Trus*es are noi remUr1era￿d 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 ￿Tro￿anCe
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 fi￿d5 io Spain to the lo￿1 ¢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 r￿ain
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 Infl￿70￿, 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 nO￿all). 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&$ prepa￿d a major dis&ster rt¢ovffj' wlic) d￿ument. 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[￿eS￿l¢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 Tru*ees 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 pr￿lent
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$pK>n5ible for keephng ryOP¢T a¢couniing re¢4)rds thai disclose iviih reasonable accuracy at 8n)' time
the fjnancial POSi¢ion of the Charit). and enable them io eDsur¢ the fJnancia] staiements ¢ornply iiith th¢ Charities
Act 2011. the Charity (Accounts and Rq)orLS) Re8ulaiions 2008 and the provisions of the Trust Deed dated l November
1961 as amended by the supplemental deed d￿ed 21 o￿ober 1992. They are ajso responsible for safeguarding the ass¢ts
of Ihe Charity and for tskiThg reasonabl¢ 5tep5 for ihe prevenrioD and detertion of Iraud and other irregularities.
The Kcounts atttsmp2nyin8 this report ¢omply ivith curreni SI￿vIory r¢quiremeni$ 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 v￿lador1d 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 sep￿mber 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 re￿rt in accordance with the Aci and
relevant regulaiion5 made or having effect thereunder. We ConduC￿d 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 appropri*e 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). M￿eT1￿ 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 infWM￿I0n. 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 $tsEed it) our report, Ive do not express any fomi of assuran¢e conclusion thereon.
In conneuion wilh audit of the financial st￿eMentS. our re5ponsibiliry is io r¢¥1 the (Mher infom)ation and. in doing 50,
nsider whaher the other infO￿allOn is m&erially inconsi5teni i¥iih the financial 5t*ments. or our knoyledge obtained
in the audit oroiherwisc appear510 bematerially mi55tatcd. If we idenufj. such malerial hncon5iStencie5 or appareni material
mi551atemen15. we are rcquircd to detcnnine whcthcr there 15 a material mi55tatcmenl in the financial Statements or a
maierial miS￿￿ement of ihe other infornia¢ion. If, based on the Work we have perfornied. we conclude that there is a
maierial missiaiemeni of this other infom)otion. Iv¢ are requI￿l io report that fxt. We ha%'e noihing io report in this regard.
Mgtttrs on whicb we are required to report by exteption
We have noihing io Tepon in respeth of the following matters in rel￿10n w ii'hich the Ch￿1t]eS {Acctsunts and Reports)
Regulations 2008 require us to Tepm to you i(, in ow opinion..
adequat¢ accounting records have rtot been k¢pi by the charit>'- or
suificieni aecountlng records have not been kepi- or
the charit>'s flnancial 5uiemeniS are noi in agreement with the a￿O￿ntIng record5 and returns. or
we have noi recekved all the infoIm￿lOn and explanations ive rryuire for our audit.
Responsibilitie5 of trustees for the fw*D¢i*l 5f*¢¢Thents
As explained more fi]11) Ln the Siaiement of TrU￿¢t$' 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, wh￿her due to fraud or error.
In preparing the financial S￿ementS. the Erustee5 Hre re5pon5ible for &wssing the charil) s abiliry ￿ cominue &8 a going
concern. disclosing. as applicable, mattcr5 Tel￿ed TO going concern and using the going concern b&sis of xcounting unless
the irustees eiiheT Iritend io liquid*e 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 fltt*nti*l
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 in￿anceS of non-compliance ivith laivs and r¢gulatioos. We design procedure5 in line
Ivith our responsibilitie& ouilined above. tti de*ct m￿cTI￿ 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 imp￿1 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 st￿ements (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 r￿1 deted all irregulaTiiies. including those
lcading io a material MiS￿ateMent 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 I￿8n¢eS of non-compliance. The risk is also greater regarding
irregularities occurring due to fra￿1 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 rty￿lred 10 s￿e 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 T￿￿e¢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
Chwi￿bIe 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*t￿Th 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 st*emenis have been prepared
in accordan¢e iviih the Siaiemeni of Recommended pra￿Lce 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 sth*d in the r¢lewani accounting ￿11¢Y noielsl.
b)
Critical •¢¢&￿115*g tstlth*l*s #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 C￿lmates.
The esiimates and uThdcTlying assumptions are reviewed on an ongoing knis. Revisions ￿ x¢ounting
estim*es 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, El0￿SUmptIOns(0nC￿nlTh8 the fuwre or egim*ion uncenainty affec¢ing 04ets
or liabtliiies 2t the bo18nce shm d*e 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 Tru￿rtS 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 rela￿d 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¢m￿l
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 Tr￿1"9 continuing
O ExpeDditur¢ r¢togDitio
Expenditure is re¢ogni5¢d once there 15 a legal or constru￿1Ve 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 st*uiory 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 d*e.
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 inVes￿en[S consi￿]ng of &s5eE5 th￿ are usd for ix*ih ¢haritable
purpo￿5 and a]so for investhieni rnurn. These are vajued at fair I'aiue at the Balance Shw date.
h)
Flll•u¢l*l 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 [ran5a￿lOn i'alue and subsequently
measured ai their s￿1kme￿i 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 Oblig￿lon 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 {CoDtS*w¢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 inv￿lMents xt m*rket value
£9.031.327
£9.744,723
Cost at 30 Sepiernber 2022
£8,065.778
£7,337.088
M*rket 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 ye*r
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 ¢dMe*th)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 T￿SiteS have been paid any remUne￿i0n 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