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 cU￿entlY revising the structure for the operation of the Trust.
Structure, Governance, Management, Background and Objectives.
(This section of the report explains the relationship be￿een 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 re￿iVeS 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, No￿aY, 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 reSoUr￿S and application of resources, including its income and expenditure,
for the year then ended;
have been properly prepared in accordance with United Kingdom Generally AC￿pted
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 othe￿iSe 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 con￿rn 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 othe￿iSe 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
ACCOU￿rING 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 re￿iVed 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 re￿iVed 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