2024-12-31-accounts

CATHOLIC CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS for the year ended 31 st December 2024 Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN WVM.35444-1

CATHOLIC CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Contents Page Independent examiner's report Trustees, Report Balance sheet Stalemenl of Financial Activities Donations Investments 9-10 Notes to the Accounts 11-12

Independent Examlners Report to the Trustees of Catholic Charitable Trust I report on the accounts of the Trust for the year ended 31 De¢ember 2024 RespeGtive responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's IrLJslees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and Ihal an independent examination is needed. It is my responsibility to.. ex2mine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 14515llb) of the 2D11 Act., and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with the Genèral Directions given by the Charity Commissioner. An examination includes a review of Ihe accounting records kept by the charity and a comparison of the accounts presented wllh tnose recortjs. It also Inc5uaes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as IrLJStees concerning any such matters. The proceduros undertaken do not provide all the evidence that would be required in an audit and, consequeritly no opinion is given a5 to whether the accounts present a 'true and fair view, and the report is limited lo those matters sel out in the statement below. Independent examiner s statement In connection with my examination, no matter has come lo my attention.. which give5 me reasonable cause lo believe that, in any material respect, the requirements.. lal Ibl lo keep accounting records in accordance with section 130 of the 2011 Act., and lo prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been mel., or lo which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Colin Reid FCA Burgess Hodgson LLP Chartered Accountants 27 New Dover Road Canterbury Kent CT13DN February 2025

CATHOLIC CHARITABLE TRUST ort of the Trustees for the ear ended 31st Dec8mber 2024 The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2024. The finan¢ial statements have been prepared in accordance with the accounting policies set out in the noles lo the accaunts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021{Charities SORP IFRS 10211 Objectives and Activities for the Public Benefit The purposes of the charity are the advancement of religion in any part or parts of the world by means of the sacraments, services, ceremonies, rituals and missionary and other work of all kinds of the Roman Catholic Church and for such other objects if any (being charitable in the legal sense of that word) in connection with the Roman Catholic Church. It is the general policy of the TrLJStees to support charities involved with the traditional teachings and practice5 of the Roman Catholic Church as these were laughl and accepted by Calholics before the Second Vatican Council, including the preservation of the Latin Liturgy and Traditional Liturgical Services. The Trustees consider the charities, activities are for the public benefit. The trustees confirm that they have complied with their duty under s1715} of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission for England and Wales. Method of appointing new trustees The power of appointing new trustees is vested in the trustees. Any new trustee appointed is inforrned as to the charity's activities and aims and provided with copies of the governing document, Minutes of recent meeting5 and the latest financial accounts. Volunteers Aside from the Iruslees, the charity receives no a551Stance from volunteers. Wider network The charity acts independently and is not part of a wider nebNDrk. Donations The charity is not involved in fund-raising or publicity and receives no donations. Grant making policy The charity does not invite applications for grants bul does consider unsolicited appeals. 11 support5 several charities on an ongoing basi5, subject to reports and appeals being received. Due lo the high volume of unsolicited appeals received, the trustees regret they cannot acknowledge all applications and will only respond if the applicant is successful. During the year the Trust supported 17 Catholic charities with varying objectives. organisations support the Latin Mass,. 2 SUPPDrt missionary work., 2 charitie5 are based in California and were previously 5UPPOrteé by Claude, Countes5 of Kinnoull, a major benefactor of the charity. The largest grant wa5 for £20,000 towards the traditional teachings of the Roman Catholic Church.

Investment policy and performance The charily has professional investment advisers who manage the porffolio on a medium high-risk basis with a balanced investment objective. Their recommendations are subject to the review of the Truslees. During the year the charity disposed of investments for £478,696 realising a gain on their value5 at the start of the year of £81,407. The charity purchased len investments al a cost of £465,547. The annual revaluation of the investments saw a gain during the year of £106,828 and the lolal value of the charity increased during the year by 4.55010. At 31 st December 2024 the investments were held in the following classes. All investments were held al fair value'.- 2024 2023 UK fixed interest Forei n fixed interest UK listed equities Oversea5 listed e Cash 9.727/. 25.674°10 63.393°/. 1.851 /0 25.3840/. 62 2590/0 uilies Financial Review The charity's fund5 increased from £3,447,122 to £3.604,002 in the year. All income is received from investment income which increased to £111.938 12023.. £99,371}. Expenditure decreased to £143,01512023. £144,818). Reserves policy The Trustees have power under the governing dacumenl to apply income and capital for the charity's objectives. In practice the Trustees aim to distribute the income and lo build up the capital as unreslricled reserves. The reserves at the year-end were £3,604,002 (2023: £3,447,122). Risk management The principal risk faced by the charity lies in the performance Df inveslmenls. This is miligated by retaining expert inveslmenl managers and having a diversified investmenl portrolio. The Trustees have reviewed the risks to which the charity is exposed and consider that they have established sufficient systems and procedures lo mitigate those risks. Where appropriate, risks are reported on and discussed al subsequent meetings. Plans for the future The Trustees expect lo be able to continue at approximately Ihe sarne level of activity in 2025 as in previoLJS years. structure, governance and management The charity is registered with the Charity Commission number 215553 and is constituted under a Declaration of Trust dated 15 March 1935. It received 18rge gift5 from Claude, Counte55 of Kinnoull on its inception and seeks to continue its charitable work through the careful slewardship of its existing resDurces.

The Trustees manage the charity and take all decisions jointly with regard ta the review of the Trust's activities and achievement of objectives. Day to day administrative tasks are delegated lo the charity's legal and investment advisers. The Trustees meet at least once a year to agree grants and policies and deal with other matters by correspondence as they arise. Relatod party transactions The charity has no subsidiaries and is not connecled with any olher charity. None of the Trustees were paid remuneration or expenses for the year. Mr W E Vernor-miles is a partner in the firm of Hunters Law LLP who prepared the Trusl Accounts and act In the administration of the charity. Hunters received fees of £19,156 plus VAT for Ihis work in the year12023. £16,647) Mr Orr was a memb8r of the firm Raymond James, who were the charity's Inve51menl Managers and received management and sundry fees of £11.927 plus VAT in the year12023'. £11,242). Travel expenses of £180 (2023.. £nill were reimbursed to Trustees during the year.

Ref•ren¢o and Adminlstrativ• Delails Charity rogistrallon numbgr 215553 Prin¢lpal addr•s$ 9 New Square Lincoln's Inn London WC2A 3QN Trustees John Crosfield Vemor-miles Wilfrid Edward Vemor-miles David Peter Orr Jennifer Frances Vernor-miles Independent Examinor Colin Reid FCA Burgess Hodgson LLP 27 New t)over Road Canterbury Kent CT13DN Solicitors Hunters Law LLP 9 New SquaT8 Lin￿In'S Inn London WC2A 3QN 8ank•rs CAF Bank Ltd 25 lQ'ngs Hill Avenue Kings Hill West Malling Kent ME19 4JQ Invesknent Managors Raymond James Investment Servtces Ltd 1 lQng William Streat London EC4N 7AF Approved by the trustees on ...... 2e>zf and signed o eir alf by..

CATHOLIC CHARITABLE TRUST BALANCE SHEET as at 31st December 2024 Unrestricted funds 2024 2023 Notes Fixed asset5 Investments 3,540,839.08 3.365,752.79 Current assets Raymond Jame5 combined income & dealing £ Raymond James US$ CAF Bank Hunters 45.017.04 7.58 13,905.66 7,851.91 49,967.95 0.00 35,920.55 5,044.23 Net Current assets 3.607.621.27 3,456,685.52 Creditor5- amounts falling due within one year Accruals {3.619.20) 19,564.00) Net assets Represented by.. Unrestricted funds 3,604,00 3,447,121.52

CATHOLIC CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES for the ar ended 31 DECEMBER 2024 Unrestricted funds 2024 2023 INCOME UK Fixed Interest Foreign Bond Interest UK Dividends Foreign Dividends Bank interest received 2023 donalions re-crediled 17,315.38 0.00 49,386.31 37,552.10 1,684.10 6,000.00 17,299.89 O.DO 46,746.76 34.618.54 705.94 0.00 Tolal income 111,937.89 99,371.13 EXPENDITURE 2024 2023 Charitable donations 104,392.33 110,335.34 Hunters Law LLP costs to December 2024 Raymond James rnanagemenl costs Raymond James valuation fees LEI Application fee Trustees. travel expenses Burgess Hodgson Independent Examiners fee Bank fees 22,987.20 14,282.80 30.00 0.00 180.00 954.00 188.49 19,975.80 13,460.17 30.00 0.00 o.oo 870.00 146.56 Total expenditure 143,014.82 144,817.87 Net incomel{expenditure) and net movement in funds (31,076.931 145,446.74) Realised gainsl{lossesl on investments Unrealised gainsl{lossesl on investments Net gain I (loss) on currency conversions 81,406.52 106,828.07 {277.111 6,189.33 208,026.40 0.00 Net movement in funds 156,880.55 168,768.99 Total funds brought forward 3.447,121.52 3.278,352.53 Total funds carried fonvard 3,604,002.07 3,447,121.52

CATHOLIC CHARITABLE TRUST DONATIONS made in the ear ended 31st December 2024 2024 2023 CAFOD California Friends of the Society of St Plus X {$7,000) Canons Regular of Premontre Cardinal Hume Centre Carmelite Monastery Carmel California {$6,0001 Catholic Bishops Conference for England and Wales Chavagnes International College Institute of the Blessed Virgin Mary Latin Mass Society Little Sisters of the Poor Ordinariate of Our Lady of Walsingham Central Church Music Our Lady of the Rosary & St Dominic's (Church maintenance) Our Lady of the Rosary & St Dominic's (for Latin broadcast) Radio Maria Religious of Mary ImmacLJlate Roman Catholic Diocese of Peckham SS John and Elizabeth Charity St James Church Spanish Pla Sl Peters Winchester st Peters Winchester (school in India) Society of Saint Plus X - England Society of Saint Plus X - Switzerland Society of Missionaries of Africa (White Fathers) Missionary Sisters of Our Lady of Africa (White Sisters) 10,000.00 5.600.00 0.00 5,000.00 4,792.33 5,000.00 0.00 5,000.00 2,000.00 8,000.00 0.00 3,000.00 4,000.00 5,000.00 0.00 5,000.00 0.00 0.00 2,000.00 2,000.00 20,000.00 8,000.00 5,000.00 5,000.00 0.00 4,819.28 5,000.00 4,000.00 4.016.06 5,QOO.OQ 6,000.00 0.00 2,000.00 8,000.00 2.000.00 3,000.00 0.00 0.00 20,000.00 0.00 4.000.00 1,500.00 3,000.00 0.00 20,000.00 8,000.00 5.000.DO 5,000.00 104,392.33 110,335.34

CATHOLIC CHARITABLE TRUST INVESTMENTS held at 31st December 2024 Value at 3111212024 Value at 3111212023 Income UK BONDS £25,000 Treasury 4 125Qlo IIL SNR NTS 221712030 acc inleresl $300,000 Tesco 6.15Dlo Snr Nts 15111137 acc Interest FOREIGN BONDS None al year end UK SHARES 6,000 Aviva 8.75 /. Cum Irre Pref £1 3,200 BHP Billilon US$O.50 16,000 BP Ord US$O.25 3,450 British American Tobacco Ord 25p 3,100 Diageo Ord 28p 3,494 GSK PIC Ord 31.25p 30,600 Haleon Ord 1 p 100,000 Lloyds Banking Ord 10p 41,000 M&G Ord 5p 2,000 Rio Tinto Ofd 1 Op 4,100 Shell PIC Ord É0.07 3,850 Unilever Ord .03111 p FOREIGN SHARES 80 Adobe Co 860 Alphabet Inc Cap Stock "C" Class 1,150 Apple Inc Com NPV 3,000 ANZ Group Holdings NPV 350 Beclon Oickinson Com 1,100 Canadian Pacific Kansas CDM NPV 230 Deere & Co Com US$1 1,400 Emerson Electric Com USSO.50 300 Equifax Inc Com Stock US$1,25 1,632 Jardine Malheson USSO.25 20.000 JP Morgan Asian Investment Trust Ord 0.25 140 LVMH Moel Hennessy Ord £0.30 1,000 Microsoft Com 1,050 Philip Morris Com 1,000 Pinleresl Com 900 Remy Coinlreau Ord £1.60 2,500 Nestle SACHFO.10 2,050 Novartis AG CHFO.50 54,000 Polar Capital Tech Trust Ord 2.5p lafler 10..1 5plill 1,700 Procler & Gamble Com NPV 410 Sandoz Group AG 2,500 Verizon Communications US$O.10 5,680 Woodside Energy Ord 2,872.37 84,599.85 453.95 240,761.47 1,842.09 87,733.16 453.95 246,219.28 1,810.55 14.443.01 787.50 3,612.07 2,885 27 8.085.42 1,944.88 2,097.00 1,382 70 1,840.00 5,544.00 6,759.g6 4,387.82 5,651.79 8,100.00 62,464.00 62,880.00 99,360.00 78,662.50 47,060.18 115,484 00 0.00 81,118.50 94,460.00 101,516.00 175.098 00 7.860.00 86,064.00 37,292.00 7g,194.75 42,840.00 50,684.49 59,022.78 47,710 00 47,816 00 116,840.00 105,431.50 146,300 00 0.00 384.08 849 61 4,023.48 873 00 85.61 219.17 1.926.59 307.96 2,863 00 2,360.00 80g.38 1,404.78 4,232.51 0.00 1,114.12 4,295.39 3,872 55 0.00 4,470.60 104.10 3,356.17 4,407.90 104,253.79 28,416.55 130,824.91 23D,038.58 42,327.47 63,427.70 63,589 45 77,843.10 138,592.05 61,071.66 53,409.68 000 73.559.32 289,554 19 100,941.38 D.00 43.455 97 164,933.92 160,207.05 188,190.00 227,659.78 000 79,859.25 69,076.53 3,540,839.08 37,471.93 132,775.38 217,667 58 41,621.84 67,002 04 0.00 0.00 106,981.24 58,245 27 52,802.64 68,000.00 44,497.21 295,234.36 77,556.72 29,080 63 29,894.72 227,200.71 162,15434 259,500.00 195.586 09 10.340.28 38,478.45 50,388.90 3,365,752.79 Market Value a131112123 of investments sold in the year Cost of investments PUTchased In the year Adjusted Market Value at 31112123 Market Value al 31112124 1397,289.241 465,547.46 3,434,011.01 3,540 839.08 UNREALISED GAINILOSS IN 2024 106,828 07

CATHOLIC CHARITABLE TRUST INVESTMENT CHANGES durin the ear ènded 31st December 2024 VdlU¥ tll 31112123 (or cost if bought in the year) Proceeds Gainl Loss Disposals 04107124 100,000 Lloyds Banking Ord 1 Op 55,723.91 47.710.00 8,013.91 04107124 4,600 Polar Capital Tech Trust Ord 25p 153,515.02 119,370.00 34.145.02 04107124 410 Sandoz Group AG 11,495.14 10,340.28 1.154.86 05107124 340 Alphabet Inc Cap Stock "C" Class 50,424.45 37,619.69 12,804.76 05107124 1,000 Pinterest Com 33,985.17 29,080.63 4,904.54 05107124 290 Apple Inc Com NPV 50,885.39 43,835.83 7,049.56 05107124 140 Microsoft Com 50,940.88 41,332.81 9,608.07 23107124 20,000 JP Morgan Asian Inv Trust Ord 0.25 71,725.80 68,000.00 3,725.80 478,695.76 397,289.24 81,406.52 Acquisitions Cost 04107124 8,000 BP Ord US$O.25 39,072.20 04107124 1,600 Diageo Ord 28p 40,752.73 04107124 12,250 HaleDn Ord 1p 40.439.55 04107124 2,650 Woodside Energy Ord 41,005.21 04107124 19,500 M&G Ord 5p 40,879.97 04107124 600 Remy Coinlreau Ord É1.60 40,893.14 04107124 70 LVMH Moet Hennessy Ord £0.30 43,543.24 05107124 1,100 Canadian Pacific Kansa5 Com NPV 71,851.24 05107124 230 Deere & Co Com US$1 67,246.90 05107124 1,200 Verizon Communications US$O.10 39,863.28 465,547.46

CATHOLIC CHARITABLE TRUST NOTES TO THE ACCOUNTS 1. Statement of Trustees. Responsibllities in Respect of the Accounts In accordance with the Charity Commission's Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP (FRS 102)), Accounting for Charities, the Charity Iruslee5 are responsible for preparing a Irustees, annual report and financ￿al statements in accordance with applicable law and United Kingdom AccoLJnling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charily and of the incoming resource5 and application of resources, of the charity for that period. In preparing the financial slaleNents, the trustees are required lo.. select suitable accounting policies and apply them consi5tenlly', observe the methods and principles in the applicable Charilies SORP., make suitable judgements and estimates that are reasonable and prudent-, state whether applicable accounting standards and statements of have been followed subject to any material departures disclosed in prepare the financial slalemenls on the going concern basi5 unless il presume that this basis applies. The Iruslees are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial slalements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevenlion and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information in accordance with legislat￿On in the United Kingdom governing the preparation and dissemination of financial slatemenls. 2. Basis of Preparation The accounts have been prepared under the historical cost convention with Items recognised at cost or transaction value unless otherwise staled in the relevant nole(sl to these accoLJnls. The financial statements have been prepared in accordance with the Staternenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16th July 2014 and the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland {FRS 102} and the Charities Act 2011 . The trust conslitules a public benefit entity as defined by FRS 102.

1. 1 nve5tments All investments are carried al their fair value. Investments in equities and fixed interest securities are all traded in qUDted public markets, primarily the London Stock Exchange, Holding5 in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments 15 equivalent to the market value, using the bid price. Asset sales and purchases are recognised al the date of trade at cost Ilhal is their transaction value). The proportion of equities to fixed interest securities at the end of the year is much the same as Ihe previous year, and the Trustees are happy with the balance between Ihe asset classes al the end of the year.
2. Judgements and estimation uncertainty The preparation of the financial slalernents requires management lo make judgements, estimates and assumptions that affect the amount reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgernents are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances.
3. Financial instruments Financial liabilities and equity instruments are classified according to the substance of the onlractual arrangement entered into. Debtors and creditors with no slated interest rale and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rale method, less impairment. If an arrangement conslitules a finance transaction it is measured at present value.
4. Creditors at 31.12.2024 Hunlers Solicitors £3,619.20
5. Staff costs The average head count of employees during the year was O12023-. Nill. No employee received employee benefits of more than £60,000 during the year12D23'. Nill. This employee and key management personnel figure does not include the Trustees appointed and in position during the year.
6. Trustee remuneration and expenses No remLJneration or benefits were paid to the Trustees of the Charity in the current or previous year other than travel expenses reimbused lo John Vernor-miles and Jennifer Vernor-miles of £180 in 2024.