THE VALLADOLID TRUST FUND (Registered Charity No.= 206957) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 KINGSTON BURROWES AUDIT LTD 308 Ewell Road Surbiton Surrey KT6 7AL
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEIVIBER 2024 Legal and Administrative details. Charity Commission number: 206957 The Trustees who served during the year are.. The Most Reverend John Wilson The Right Reverend John Sherrington The Reverend Gary Brassington Monsignor Nicholas Rothon Mr Steve Mccoy The Most Reverend Mark O'Toole Mr Charles Neal Monsignor Michael Kujacz The Secretary to the Trustees is., Father Francis Murphy The Principal address for the Charity is.. 48 Dale Road Purley Surrey, CR8 2EF The Solicitors are: Moore Barlow LLP Gateway House Southampton. S053 3TG The Bankers are: HSBC 26 Clumber Street Nottingham, NG13GA The auditors are: Kingston Burrowes Audit Limited 450a London Road Cheam Surrey, SM3 8JB The fund managers are.. Rathbones 30, Gresham Street, EC2V 7QN Canaccord Genuity 88 Wood Street EC2V 7QR
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (cont) Investment Powers and Social and Ethical Policy on Investments The Trustees will not invest in Companies that manufacture armaments or whose operations are contrary to the teachings of the Roman Catholic Church. The Trustees have prepared a formal investment policy which has been accepted by the Fund Managers. Investments are subject to a regular review in the light of this policy. The College Agent The Trust Deed authorizes the Trustees to appoint a College Agent to act as Chief Executive Officer for the Charity. The duties of the College Agent include authority to operate the Trust Bank account, to attend to the administration of the invested funds and to attend to the administration of the Charity. The College Agent would prepare for the annu81 audit, report to the meetings of the Trustees and consult with a Finance and General Purposes Sub-committee. The Trustees are cUentlY revising the structure for the operation of the Trust. Structure, Governance, Management, Background and Objectives. (This section of the report explains the relationship beeen the Trust and the College in Spain to give the context for the operations of the Trust. The Trustees are not, in their capacity as Trustees, responsible for the operation of the College per se.) Introduction: Aim and Beneficiaries The English College, Valladolid, Spain was founded in 1589 to train Catholic Priests to work in England and Wales. The Foundation dates back to penal times when it was not possible for Priests to be trained in England and Wales. The College has an unbroken tradition of 436 years: at present about 160 former students are working as priests in England and Wales. The buildings of the College date from 1600 and contain many treasures associated with the history of the College and also of the Catholic Church in England and Wales. For many generations of students. the College has provided a wonderful environment in where students Gan undertake their course of studies. The College is one of the oldest links between England and Spain and its importance is recognized by the Spanish and United Kingdom 8Uthorities. The Rector of the College is normally a priest from England and his appointment requires the approval of the King of Spain. The principal purpose of the Trust is to help meet the cost of training students at the College. The College provides part of the training course for students for the Roman Catholic Priesthood. After ordination, they will normally be appointed to undertake duties in England and Wales. These include the following: Celebrating the Mass and other forms of worship Conducting baptisms, marriages and funerals Undertaking the administration and Maintenan of Churches and Chapels Undertaking and supervising religious education Visiting the sick, the housebound and others in need of pastoral care Support of schools and other educational establishments
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (Gont) The prime beneficiaries of the Trust are the students who undertake a course of studies at the College. They have the opportunity to live in historic buildings and share in traditions and a way of life that has continued for 436 years. Consequently. further beneficiaries are those who benefit from the Ministry of Priests who have been trained at the College. For many centuries, Spain was remote and distant from those who lived in England and Wales. In more recent times, many people have had the opportunity to travel to Spain. During each year. the College reiVeS many visitors from England and from other parts of the world, who share and enjoy the life of an historic institution and have an opportunity to see the historic relics owned by the College. Thus, the general public can share in the life of the College and it can be said that they are also beneficiaries of the Trust. Candidates for the priesthood are selected by the Bishop of the Diocese in which they will serve. The Bishop decide whether a student should be sent to Valladolid or to another College. Few are able to make a financial contribution towards the cost of their training. The costs are met in part from Income of the Trust Fund and from monies collected by the Bishops in their own Dioceses which are Charities in their own right - and from funds held in Spain which do not form part of the English Trust, Thus the Trust does not exclude beneficiaries on grounds of poverty. The practical result from the operation of the Trust is that during the academic year 2023-24 twenty-four students received part of their training for the Catholic priesthood at the College and this was financed in part from the income of the Tnjst. Details of the Trust The current Trust was established in England. in accordance with English Charity law in 1960 and the Trust Deed was last revised formally in 1992. The Deed was reviewed in 2020 and remains fit for purpose. The Trustees are responsible for the administration of the capital and income of the Trust and for the application of these funds for the benefit of the College. The Trust serves as means for collecting income for the benefit of the College. The Trust also meets expenses on behalf of the College which need to be met from a sterling account. According to the Trust Deed, the power of appointing Trustees rests with the Roman Catholic Bishops of England and Wales, acting jointly through their Conference. The Trust Deed requires a minimum of 7 and a maximum of 10 Trustees. When there are vacancies, new members are nominated by the current Trustees and presented to the Bishops for acceptan and approval. New Trustees receive a copy of the Trust Deed and a note on the operations of the Trust. In attending to the affairs of the Trust, the Trustees are all of equal status. Decisions relating to the operation of the Trust are t8ken at fomial meetings of the Trustees, with a single vote for each Trustee. The Chair has a casting vote. The business of the Trust is recorded in a fomial minute. As far as possible, Trustees visit the College on a regular basis and meet with the staff and students. They receive regular financial reports confirming that the funds of the Trust are used for the purposes of the College in accordance with the Trust Deed. The Trustees have received copies of the guidance notes issued by the Charity Commission and have reviewed the operations of the Trust in the light of these notes.
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (cont) Financial Operations The College also holds funds in Spain. which do not form part of the English Twst. The total picture of the financial operations of the College is as follows covering both the Trust funds and financial operations in Spain, which are not subject to the control of the Trust. Income Fees from Dioceses English investment income Income generated in Spain collected in Spain - non-Trust English Trust non-Trust Expenditure sterling expenses paid from English Trust English Trust Spanish expenses paid from Spanish income English Trust income sent to Spain non-Trust English Trust Review of Operations The quality of the course is recognized by the Bishops of England and Wales and also other countries and many of them send students to the College year by year. In the past year students have come from Canada, NoaY, Australia. Denmark and the Republic of Ireland. At present the College provides a preparatory course and students proceed to other Colleges for more specialist training. A proof of the quality of the course is that many of the students who come to the College complete their studies and are ordained as priests. With the help of expert advi from Spain, from England and from the United States the treasures of the College have been carefully examined and documented and appropriate work is undertaken for their preservation and security. These treasures include a collection of historic books, paintings, statues and an ornate baroque chapel. The College is a living academic institution and is not a museum or an art gallery. Those who live and work in the College as well as visitors can appreciate these treasures The treasures of the College are not held by the English Trust but funds for the English Trust are used for their preservation and maintenance in accordance with the terms of the Trust Deed. The College currently has a resident staff of 4 English priests. Their stipends and expenses are paid from the English Trust. The Trust may also pay an honorarium to a College Agent. Specialist lecturers visit the College on a regular basis during the year and their fees are paid from the Trust. The wages of domestic and other staff are paid from Spanish funds. The College does not use the service of volunteers. The Trustees are not remunerated but their travel expenses are met from the Trust funds. The Rector and the College agent are remunerated from College funds for work that they undertake on behalf of the College apart from their responsibilities as Trustees.
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (cont) Public Benefit The Trustees confimi that they have cornplied with the duty of Section 4 of the Charities Act 2006 to have due regard to the Charity Commissions general guidan on Public Benefit. Investment Powers and policy The Trust funds in England are invested and managed on a low-risk basis by professional managers. The performance of the rnanagers is kept under review by the Trustees and is good when compared with established benchmarks. Investments are held in the nominee accounts of Rathbones and Canaccord and are managed on a discretionary basis. From time to time the Trustees transfer funds to Spain to meet the local expenses of the College in accordance with the terms of the Trust. The Reserve policy is based on the following considerations. In some years, the Trust accumulates surplus income in England, and this is added to the investment capital of the Trust. The College has a long history and there have been periods in the past when few students attended the College, resulting in a lack of fee income and the need to cover the expenses from other sources. Thus, the Trustees may retain surplus income in England and add it to the capital investment so that sufficient funds wi15 be available to meet the outgoings if in the future. there is only a small number of students and limited income. The effect of intlation, changing rates of exchange and the performance of the stock market in recent years means that the management of the funds of the College is a continuing task, and it is not possible to set specific figures for a reserves policy. The financial position of the College. with capital invested in both Britain and Spain is complex and the position is being monitored with the help of professional advice. Brexit affected the operations of the College. The English staff and students require residence pemiits. As a longestablished institution in Spain, special consent is not required from the Spanish authorities for the work of the College to continue. Trust policies The Trust does not undertake any Fund-raising activities, though from time to time the Trust has received legacies and other donations The Trust does not use any volunteers. The Trust did not use Gift Aid on donations. The Trust does not have a Trading subsidiary. The Trust Deed does not authorize the Trustees to make grants to outside bodies. One of the Trustees has a special responsibility for Safeguarding Issues and a Safeguarding review is undertaken at each meeting with a report to the Trustees. The Trustees received a report indicating no incidents or concems for the year. In recent years, the College has received Students from different ethnic backgrounds and care is taken to promote inclusion and diversity. Though it is not a direct responsibility of the Trust. environmental factors are taken into account in managing the operation of the College in Spain.
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (cont) Going Concern The Trustees consider that the financial position of the Trust and of the College remains sound that the accounts do not contain any exceptional items, which require special comment. Risk Assessment The Trustees have prepared and approved a risk assessment plan. The plan considers factors, which could influence the operation of the College in Spain, as well as factors, which Gould affect the operation of the Trust in England. The plan is reviewed annually. Also, the College has prepared a major disaster recovery policy document. There have been no legal problems during the past year. The Trustees have taken legal advice and concluded that specialist insurance cover is not required for their own liabilities. Financial Position Incoming resources from student fees amounted to £439,537 (2023: £390,367) The statement of Financial Activities disclosed net income of £280,316 (2023: 3264,302). Realised and unrealised gains on investments amounted to £962.392 (2023: £126,832). On th September 30 2024 the Charity had net assets of £11,544,450. Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards The law applicable to charities in England and Wales requires Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and on the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
THE VALLADOLID TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 {cont) The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fi'nancial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed dated 1$t November 1961 as amended by the supplemental deed dated 21$t October 1992. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The accounts accompanying this report comply with current statutory requirements and the Trust Deed. Francis Murphy Secretary to the Trustees *MoC( cW1f itr Date: J * 2025
Independent Auditor's Report to the Trustees of THE VALLADOLID TRUST FUND FOR THE YEAR ENDED 30 SEPTEMBER 2024 Opinlon We have audited the financial statements of The Valladolid Trust Fund (the 'charity') for the year ended 30 September 2024 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of signtficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 30 September 2024 and of its incoming reSoUrS and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice", and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going Goncern for 8 period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon,
Independent Auditof s Report to the Trustees of THE VALLADOLID TRUST FUND FOR THE YEAR ENDED 30 SEPTEMBER 2024 (cont} In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistenl in any material respect with the trustees, report., or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 7, the trustees are responsible for the preparation of financial statements which gNe a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 8 high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Independent Auditor's Report to the Trustees of THE VALLADOLID TRUST FUND FOR THE YEAR ENDED 30 SEPTEMBER 2024 {cont) Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of deteGting irregularities, including fraud is detailed below: Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governan. Reviewing financial statement disclosures and testing to supporting documentation to assess Complian with applicable laws and regulations. Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness,. and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. KINGSTON BURROWES AUDIT LTD 308 Ewell Road Surbiton Surrey KT6 7AL AffL Date: 2025 Kingston Burrowes audit Itd is eligible to act as an auditor in tenns of section 1212 Companies Act 2006. 10
THE VALLADOLID TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2024 Total 2024 Total 2023 Notes Income from: Donations Investments Charitable activities - teaching 130 280,316 439,537 264,302 390,367 Total income 719,983 654,669 Expenditure on: Raising funds - investment management fees Charitable expenditure - teaching 44,527 266,369 40,403 104,630 Total expenditure 310,896 145,033 Net income before gains 409,087 509,636 Gains on investments 962,392 126,832 Net Income 1,371,479 636,468 Reconciliation of funds Total funds at 1 October 2023 10.172,971 9,536.503 Total funds at 30 September 2024 £11,544,450 £10,172,971 All funds in both years are unrestricted. All income and expenditure derived from continuing activities. The Statement of Financial Activities includes all gains and losses recognised during the year. The notes on pages 14 to 18 fonn part of these financial statements.
THE VALLADOLID TRUST FUND BALANCE SHEET AT 30 SEPTEMBER 2024 2024 2023 Notes FIXED ASSETS Investments 11,194,622 9.673.876 CURRENT ASSETS Debtors Cash at bank and in hand 247,925 109,862 301,338 205,321 357,787 506,659 CREDITORS.. amounts falling due within one year (7,959) (7,564) NEf CURRENT ASSETS 349,828 499,095 TOTAL NET ASSETS £11,544,450 £10,172,971 Represented by: UNRESTRICTED FUNDS £11,544,450 £10,172,971 The financial statements were approved and authorised for issue by the Board of the Trustees on zi srr 2025 and signed on its behalf by tr ALL( o fJL Mark O'Toole, Trustee The notes on pages 14 to 18 form part of these Financial Statements. 12
THE VALLADOLID TRUST FUND CASHFLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cashflows from operating activities: Net movement in funds Investment income Investment management fees {Gain) on investments Decrease in Debtors Increase in Creditors 1,371.479 (280,316) 44,527 (967,392) 53,413 395 636,468 (264,362) 40,403 (126,832) 450,204 (399.439) 227,106 336,502 Cashflows from investing activities Investment management fees Purchase of investments Proceeds from sale of investments Investment income Decrease l (Increase) in investment cash (44,527) (40.403) (2,316,692) {1,011,388) 1,688,955 530,677 280,316 264,302 69,383 {35.006) 322,565 (291,818) (Decrease> I Increase in cash (95,459) 44,684 Cash at 1 October 2023 205,321 160,637 Cash at 30 September 2024 109,862 205,321 The notes on pages 14 to 18 fomi part of these financial statements. 13
THE VALLADOLID TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. a) Basls of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheiSe stated. b) Critlcal accountlng estimates and areas of judgement In the application of the accounting policies, the Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. c) Assignment of going concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern, The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilÈties as they fall due. The most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performan of the investment markets (see the investment policy and the risk management section of the Trustees, Report for more information). 14
THE VALLADOLID TRUST FUND NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES (continued) d) Income recognition Income is recognised when the charity has entitlement to the funds., tt is probable that the income will be received and the amount can be measured reliably. Income comprises tuition fees and investment income received in respect of the Trust's continuing activities. e) Expenditure recognition Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure consists of all expenditure directly relating to the objects of the Trust. It also includes Governance costs which consist of expenditure in relation to compliance requirements with constitutional and statutory requirements. Irrecoverable VAT is charged as a Cost against the activity for which the expenditure was incurred. fj Investments Quoted investments are valued at fair value on the balance sheet date. Realised and unrealised gains (or losses) are reflected in the Statement of Financial Activities in the year in which they occur, Mixed motive investments are social investments consisting of assets that are used for both charitable purposes and also for investment return. These assets are valued at fair value at the Balance Sheet date. g) Financial instruments The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. h) Debtors College fees and other debtors, including accrued income, are recognised at the settlement amount due. Prepayments are valued at the cash amount prepaid. i) Cash at bank and in hand Cash at bank and in hand includes cash deposits held in the charty's bank account. This is excluding cash held within the Gapital and income accounts of the investment portfolio which is included within investment valuation. 15
THE VALLADOLID TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 cont ACCOUrING POLICIES (continued) j) Credltors and provislons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. FIXED ASSET INVESTMENTS 2024 2023 Quoted investments At 1 October 2023 at market value Additions Disposals Realised and unrealised gains 9,559,476 2,316,692 (1,688,955) 963,392 8,951,933 1,011,388 (530,677) 126,832 Market value at 30 September 2024 Cash 11,149,605 45,017 9,559,476 114,400 Total investments at market value £11,194,622 £9,673,876 Cost at 30 September 2024 £9,097,125 £8.443,958 Market Value 2024 2023 Quoted investments UK Government stocks and Fixed Interest Bonds UK Equities and Convertibles Other 1,332,721 2,573,601 7,073,459 1,216,394 2,353,495 5,802,689 10,979,781 169,824 45,017 9,372,578 186.898 114,400 Mixed motive social investment (see below) Cash Total £11,194,622 £9,673,876 The mixed motive social investment is an investment in Missio Invest Social lrnpact Fund, Us-based fund that provides loans to church educational projects in developing countries The fund is also expecting to provide a limited income in future years and is therefore classed as a mixed motive investment. 16
THE VALLADOLID TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 cont DEBTORS 2024 2023 Due within one year Proceeds from sale of property Accrued income 50,400 67,125 50,400 70,138 117,525 120,538 Due after one year Proceeds from the sale of property 130,400 180,800 £247,925 £301,338 CREDITORS 2024 2023 Due within one year Fees reiVed in advance Accrued expenditure 7,959 7,564 £7,959 £7,564 INVESTMENT INCOME 2024 2023 Dividends and interest on investment holdings Bank interest 280,090 264,136 226 166 £280,316 £264,302 ANALYSIS OF EXPENDITURE 2024 2023 Charitable expenditure- direct education costs Grant to college Teaching expenses Travel and motor expenses Books Bank charges Office and sundry expenses (2024: inc.Medals) Governan costs (see below) 140,000 73,000 13,781 188 214 31,244 7,942 81,583 13,073 115 183 2,170 7.506 266,369 104,630 Raising funds Investment management fees 44,527 40,403 £310,896 £145,033 17
THE VALLADOLID TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 cont ANALYSIS OF EXPENDITURE cont 2024 2023 Governance costs Audit Accountancy Trustees, travel expenses 3,960 1,200 2,782 3,840 1,140 2,526 £7,942 £7,506 TRUSTEES, REMUNERATION AND EXPENSES None of the Trustees have been paid any remuneration or received any other benefits from an employment with the charity or any related entity. The Charity has no employees. Its key management personnel are its trustees who are unpaid apart from the payments listed below. Canon Paul Farrer, received £NIL in the year (2023: £4,650) in his capacity as Rector. Mgr Nicholas Rothon. College Agent, received £3,500 (2023.. £3.300) in his capacity as agent. The assistant agent, Gary Brassington, also reiVed remuneration of £3,500 (2023: £3.300). Expenses paid to the trustees for travel were £2.782 (2023: £2,526) in relation to 4 trustee(s) (2023: 4 trustees). 18
FOR THE INFORMATION OF TRUSTEES ONLY THE VALLADOLID TRUST FUND DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INCOME FROM: Fees charged to dioceses Dividends and interest Interest- money market and current Donations 439,537 280,090 226 130 390,367 264,136 166 Total income 719,983 654,669 EXPENDITURE ON: Direct charitable expenditure Teaching expenses -Tuition linc Human & Intellectual Formation) -Teaching expenses Grant to college 64,408 8,592 140,000 50,314 31,269 213,000 81,583 Travel and motor expenses -Travel -Trustees' travel expenses 13,781 2,782 13,073 2,526 16,563 15,599 Office and sundry expenses -computer & office consumables -sundry expenses (inc. Medals) -student grant & expenses 50 2,120 25,782 5,463 31,245 2,170 Books Bank charges 188 213 115 183 401 298 Management and administration -Audit and accountancy -Investment management fees 5,160 44,527 4,980 40,403 49,687 45,383 Total expenditure 310,896 145,033 Net income before gains on investments Realised & unrealised gains on investrnents 409,087 962,392 509,636 126,832 1,371,479 636,468 Net income Total funds brought forward at 1 October 2023 10,172,971 9,536,503 Total funds carried forward at 30 September 2024 £11,544,450 £10,172,971 19