CATHOLIC CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
for the year ended 31st December 2025
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 2025
Contents
Page
Independent examiner's report
Trustees, Report
Balance sheet
Statement of Financial Activities
Donations
Investments
9-10
Notes to the Accounts
11-12

Independent Examiners Report to the Trustees of Catholic Charitable Trust
I report on the accounts of the Trust for the year ended 31 December 2025
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's
trustees consider that an audit is not required for this year under section 144(21 of the Charities
Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to..
examine the accounts under section 145 of the 2011 Act",
lo follow Ihe procedures laid down in the General Directions given by the Charity
Commissioner under section 14515llbl of the 2011 Act., and
lo state whether particular matters have corne to my attention.
Basis of independent examinerfs report
My examination was carried out in accordance with the General Directions given by the
Charity Commissioner. An examination includes a review af the accounting records kept by
the charity and a comparison of the accounts presented with those records. It also includes
consideration of any unusual items or disclosures In the accounts, and the seeking of
explanations from you as trustees concerning any such matters. The procedLJres undertaken
do not provide all the evidence thal would be required in an audit and, conseqLJently no opinion
is given as lo whether the accounts present a 'true and fair view. and the report is limited to
those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come lo my attention..
which gives me reasonable cause lo believe that, in any material respect, the
requirements..
to keep accounting records in accordance with section 130 of the 2011 Act., and
to prepare accounts which accord with the accounting records and lo comply with
the accounting requirernenls of the 2011 Act have not been mel". or
to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
(b)
Colin Reid FCA
Burgess Hodgson Audit Limited
Chartered Accountants
27 New Oover Road
Canterbury
Kent
CT1 3DN
January 2026

CATHOLIC CHARITABLE TRUST
ort of the Trustees for the
ear ended 31st December 2025
The Trustees present their annual report and financial slalemenls of the charity for the year
ended 31st December 2025. The financial statements have been prepared in accordance
with the accounting policies sel out in the notes to the accounts and comply with the charity's
trust deed, the Charities Acl 2011 and Accounting and Reporting by Charities. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
102)(Charilies SORP (FRS 1021)
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 olhei 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 Trustees to support charities involved with the traditional teachings and praclices
ol the Roman Catholic Church as these were taught and accepted by Catholics before the
Second Vatican Council, including the preservation of the Latin Lilurgy and Traditional
Liturgical Services. The Trustees consider the charities, activitie5 are for the public benefit.
The trustees confirm that they have complied with their duty under s17151 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 vesled in the trustees. Any new trLJStee appointed is
informed as to the charity's activities and aims and provided with copies of the governing
document, Minutes of recent meetings and the lalesl financial accounts.
Volunteers
Aside fmm the truslees, the charity receives no assistance from volunteers.
Wider network
The charity acts independently and 15 not part of a wider neI￿ork.
Donations
The charity is not involved in fund-raising or publicity and receives no donations.
Grant making policy
The charity does nol invite applications for grants but does consider unsolicited appeals. It
supports several charities on an ongoing basis, SLJbjecl to reports and appeals bein9 received.
Due to 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 16 Catholic charities with varying objectives.
organisations support the Latin Mass,. 2 support missionary work., 2 charities are based in
California and were previously supported by Claude, Countess of Kinnoull, a major benefactor
of the charity. The 2 largest granls were for £20,000 each towards the traditional teachings
of the Roman Catholic Church and an order of Religious Sisters.

Investment policy and performance
The charity has professional investment advisers who manage the portfolio on a medium
high-risk basis with a balanced investment objective. Their recommendations are subject to
the review of the Trustees.
During the year the charity disposed of investments for £74,494 realising a gain on their
values at the start of the year of £12,984. The charity purchased one investment al a cost of
£36,166. The annual revaluation of the investments saw a gain during the year of £271,132
and the total value of Ihe charity increased during the year by 6.350/0.
Al 31 st December 2025 the investments were held in the following classes. All investments
were held at fair value'.-
2025
2024
UK fixeé interest
Foreian fixed interest
UK listed equilies
Overseas listed e
Cash
8.363 /0
0/0
27.891 %
9.0820/0
25.7640/a
63.393/0
1.8510/.
uities
1.328°1.
Financial Review
The charity's funds increased from £3,604,002 10 £3,832,849 in the year. AIS income is
received from investment incorne which decreased to £104,71Q 12024.. £111,938)
Expenditure increased lo £159,979 {2024 £143,015).
Reserves pollcy
The Trustees have power under the governing document lo apply income and capital for the
charity's objeclive5. In practice the Trustees aim to dislribute the income and lo build up the
capital as unrestricted reserves. The reserves at the year-end were £3,832,849 12024..
£3.604,002).
Risk management
The principal risk faced by the charity Sies in the performance of inveslmenls. Thi5 is mitigated
by retaining expert investment managers and having a diversified investment portfolio. 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 at subsequent meetings.
Plans for the future
The Trustees expect to be able lo continue at approximately the same level of aclivily in 2026
as in previous 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 large gifts from Claude,
Countess of Kinnoull on its inception and seeks ta continue ils charitable work through the
careful stewardship of its existing resources.

The Trustees manage the charity and take all decisions jointly with regard to the review of the
Trust's activities and achievement of objectives. Day to day adminislralive tasks are
delegated to the charity's legal and investment adviser5. The Trustees meet at least once
year to agree grants and policies and deal with other matters by correspondence as they
arise.
Rolated party transactions
The charity has no subsidiaries and is not connected with any other charily. None of the
Trustees were paid remuneration or expenses forthe year. Mr W E Vernor-miles is a partner
in the firm of Hunters Law LLP who prepared the Trust Accounts and act in the administration
of the charity. Hunters received fees of £22,259 plus VAT for this work in the year (2024..
£19.1561. Mr Orr was a member of Ihe firm Raymond James, who were the charity's
Investment Managers and received managementand sundry fees of £12,119 plus VAT in the
year {2024.' £11,927}.
Travel expenses of £6712024.. £1801 and Iruslee meeting expenses of £263.8912024'. Nil)
were reimbursed to Trustees during the year.

Reference and Administrative Details
Charity registration number
215553
Prlncipal address
9 New Square
Lincoln's Inn
London
WC2A 3QN
Trustees
John Crosfield Vernor-miles
Wilfrid Edward Vernor-miles
David Peter Orr
Jennifer Frances Vernor-miles
Independent Examiner
Colin Reid FCA
Burgess Hodgson Audit Limited
27 New Dover Road
Canterbury
Kent
CT13DN
50licitors
Hunters Law LLP
g New Square
Lincoln's Inn
London
WC2A 3QN
Bankers
CAF Bank Ltd
25 King5 Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment Managers
Raymond James Investment servI￿s Ltd
1 King William Street
London
EC4N 7AF
Approved by the trustees on
signed on their behalf by..

CATHOLIC CHARITABLE TRUST
BALANCE SHEET as at 31st December 2025
Unrestricted funds
2025
2024
Notes
Flxed assets
Investments
3.786,627.52
3,540,839.08
Current assets
Raymond James combined income & dealing £
Raymond James US$
CAF Bank
Hunters
31,486.13
7.19
18,883.01
578.28
45,017.04
7.58
13,905.66
7.851.91
Net Current assets
3,837,582.13
3,607,621.27
Creditors: amounts falling due within one year
Accruals
(4.732.80)
(3,619.201
Net assets
3.832,849.
3,604,002.07
Represented by..
Unrestricted funds
3,832,849.33
3,604,002.07

CATHOLIC CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the
ar ended 31 DECEMBER 2025
Unrestricted funds
2025
2024
INCOME
UK Fixed Interest
Foreign Bond Interest
UK Dividends
Foreign Dividends
Bank interest received
2023 donations re-credited
16,773,58
0.00
46,147.37
40.797.11
992.18
0.00
17,315.38
0.00
49,386.31
37.552.10
1,684.10
6,000.00
Total income
104,710.24
111,937.89
EXPENDITURE
2025
2024
Charitable donations
117,196.65
104,392.33
Hunters Law LLP costs lo December 2025
Raymond James rnanagemenl costs
Raymond James valuation fees
Trustees, meeting expenses
Trustees, travel expenses
Burgess Hoégson Independent Examiners fee
Bank fees
26.710.80
14,527.87
15.00
263.89
67.30
1,050.00
147.59
22,987.20
14,282.80
30.00
0.00
180.00
954.00
188.49
Total expenditure
159,979.10
143,014.82
Net incomel(expenditure) and net movement in funds
(55,268.86}
(31,076.931
Realised gainsl(lossesl on investments
Unrealised gainsl{losses) on investments
Net gain l (loss) on currency conversions
12,984.26
271,132.40
10.54)
81,406.52
106,828.07
1277.111
Net movement in funds
228,847.26
156,880.55
Total funds brought forward
3,604,002.07
3,447,121.52
Total funds carried forward
3,832,849.33
3.604,002.07

CATHOLIC CHARITABLE TRUST
DONATIONS made in the
ear ended 31st December 2025
2025
2024
CAFOD
California Friends of the Society of Sl Plus X {$8,0001
Cardinal Hume Centre
Carrnelile Monastery Carmel California1$7,000)
Catholic Bishops Conference for England and Wales
Dominican Council (Cardinal Radcliffe)
Institute of the Blessed Virgin Mary
Latin Mass Society
Liltle Sisters of the Poor
Little Sisters of the Poor
Our Lady of the Rosary & St Dominic's (Church maintenance)
Our Lady of the Rosary & Sl Dominic's (for Latin broadcasll
Radio Maria
Religious of Mary Immaculate
Roman Catholic Diocese of Peckham
Sl Peters Winchester
Sl 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)
5,000.00
6,265.66
6,000.00
5,430.99
5,000.00
7,000.00
0.00
2,000.00
9,000.00
500.00
8,000.00
0.00
5,000.00
20,000.00
0.00
0.00
0.00
20,000.00
8,000.00
5,000.00
5,000.00
10,000.00
5,600.00
5,000.00
4,792.33
5,000.00
0.00
5.000.00
2,000.00
B,OQO.00
0.00
3,000.00
4,000.DO
5.000.00
0.00
5,000.00
2.000.00
2,000.00
20,000.00
8.000.00
5,000.00
5,000.00
117,196.65
104,392.33

CATHOLIC CHARITABLE TRUST
INVESTMENTS held at 31st December2025
Value at
3111212025
Value at
3111212024
Income
UK BONDS
£25.000
Treasury 4.125Yo IIL SNR NTS 221712030
acc interest
$300,000 Tesco 6.15.10 Snr Nts 15111137
acc interest
FOREIGN BONDS
None at year end
UK SHARES
6,000
Aviva 8.750/. Cum Irre Pref £1
3,200
BHP Billilon US$O.50
16,000
BP Ord US$O.25
3,450
British American Tobacco Ord 25p
3,100
Diageo Ord 28p
900
Experian Ord USSO.10
3,494
GSK PIC Ord 31.25p
30,600
Haleon Ord 1 p
41,000
M&G Ord 5p
770
Magnutn Ice Cream Idemerged from Unileverl
2,DOO
Rio Tinlo Ord 1 Op
4,100
Shell PIC Ord É0.07
3,422
Unilever Ord .03111 p
FOREIGN SHARES
80
Adobe Com
860
Alphabet Inc Cap Stock "C" Class
1,150
Apple Inc Com NPV
3,000
ANZ GTOUP Holdings NPV
350
Beclon Dickinson Com
1.100
Canadian Pacific Kansas Com NPV
230
Deere & Co Com US$1
1,400
Emerson Electric Com US$0 50
300
Equifax Inc Com Slock US$1,25
1,632
Jardine Malheson US$O.25
140
LVMH Moel Hennessy Ord É0.30
860
Microsoft Com
1,050
Philip Morri5 Com
900
Remy Cointreau Ord É1.60
2,500
Nestle SA CHFO.1 D
2,050
Novartis AG CHFO 50
54,000
Polar Capital Tech Trust Ord 2.5p
1,700
Procler & Garllble Com NPV
2,500
Verizon Communications USSO.10
5,680
Woodside Energy Ord
2,9e6.62
84,907.68
453.95
233,845.48
1.713.46
84,599.85
453.95
240,761.47
1,842.09
13,806.96
205.68
2,671.34
3,921.42
8,247.57
2,461.09
0.00
2.2D1.85
2,080 80
8,282.00
0.00
5,691.35
4,414.47
5,969.80
0.00
72,288.00
69,248.00
145,383 00
49.708.50
30,267 00
63,766.28
114,688.80
117,424.00
9,066.75
119,880.00
112,340.00
166,292.09
8,100.DO
62,464.00
62,880.00
99,360.00
78,662.50
47,060.18
115,484 00
81,118.50
0.00
94,460.00
101,516.00
175,098.00
20,803 79
200,515.65
232,295.10
54,050.57
50,468.84
60,178.92
79,562.74
138.057.91
48,365 74
0.00
78,847 41
309,029.25
125,138.39
28,793.71
184,731.61
210,848 35
250,560.00
181,018.23
28,416.55
130,824.91
230,038 58
42,327.47
63,427 70
63,589.45
77,843.10
138,592.05
61,071 66
53,409.68
73,559 32
289,554.19
100,941.38
43,455.97
164,933.92
160,207.05
188,190.00
227,659.78
449.84
760 33
2,398.13
932.63
368.75
959 79
1,890.08
356 81
2.008.03
1,158.93
2.315.28
4,257.99
874.73
4,505.31
4,052.28
0.00
4,543 68
Jii
4,400.34
4,564.18
103,718.06
75,657.38
66.430.94
3,786,627.52
79,859.25
69,076.53
3,540,839.08
Market Value al 31112124 of investments sold in the year
Cost of Inveslrnenls purchased in the year
Adjusted Market Value al 31112124
Market Value al 31112125
161,509.681
36.165.72
3,515,495.12
3,786,627.52
UNREALISED GAINILOSS IN 2025
271,132 40

CATHOLIC CHARITABLE TRUST
INVESTMENT CHANGES durin
th8
ar ended 31st December 2025
Value at
31112124 {or
cost if
bought in
the year)
Proceeds
Gainl Loss
Disposals
23105125 6.000
Aviva 8.75ts/. Cum Irre Pref £1
9,120.00
8.100.00
1,020.00
24107125 1,632
Jardine Malheson US$O.25
65,373.94
53,4Q9.68
11,964.26
74,493.94
61,509.68
12,984.26
Acquisitions
Cost
24107125 900
Experian Ord US$O.10
36,165.72
36,165.72
10

CATHOLIC CHARITA8LE TRUST
NOTES TO THE ACCOUNTS
1. General Information
The Charity is a public benefit entity and registered charity in England and Wales and is
unincorporated. The address of the principal office is 9 New Square, London WC2A 3QN.
2. Statement of Trustees, Responslbilities In Respect of the Accounts
In accordance with the Charity Commission's Financial Reporting Stsndard applicable in the UK
and Republic of Ireland (FRS 1021 (Charities SORP (FRS 102)), Accounting ftjr Chafilies, the
Charity trustees are responsible for preparing a trustees, annual report and financial statements
in accordance with applicable law and United Kingdom Accounting Standards (United lQngdom
Generally Accepted Accounting PraCtI￿1- The law appli¢able 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 Charity and of the incoming resources and application
of resources, of the charity for that period. In preparing the financial statements, the trustees are
required to..
select suitable accounting policies and apply them consistently-
observe the methods and principles in the applicable Charities SORP.,
make suitable judgemenls 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 statements on the going concern basi5 unless It
presurne that this basis applias.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and to enable them to ensure that Ihe
financial statements comply with the Charities A(:t 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 iaking reasonable steps for the prevention and
detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial
infomiation in accordance with legislation in the United Kingdom goveminq the preparation and
dissemination of financial statements.
3. Basis of Preparation
The accounts have been prepared under the historical cost convention with items recogni5ed at
cost or transaclion value unless othenmise slated in the relevant note{s) lo these accounts.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements have been prepared in accordance with the Statement of
Recommended Practi¢e: Accounting and Reporting by Charities preparing their accounts in
arLordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland
{FRS102) issued on 16th July 2014 and the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland (FRS 102) and Ihe Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102

4. Investments
All investments are carried al their fair valLJe. Investments in equities and fixed interest securities
are a11 Iraded in quoted PLJblic markels, primarily the London Stock Exchange. Holdings in
common investment funds, unit trusts and open-ended investment companies are 8t the bid price.
The basis of fair value for quoted investments is equivalent to the market valLJe, using the bid
price. Asset sales and purchases are recognised at the dale of trade at cost (that 15 their
transaction value).
The proportion of equilies lo fixed interest securities al the end of the year is much the same as
the previous year. and the Trustees are happy with the balance between the asset classes al the
end of the year.
5. Judgements and estimation uncertainty
The preparation of the financial slatemenls requires management to 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 judgements are continually reviewed and are based on experience and
other factors, Including expectations of future event5 that are believed lo be reasonable under the
circumstances.
6. Financial instruments
Financial liabilities and equity instrurnenls are classified according to the substance of the
contractual arrangement entered into.
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising f rom impairment are recognised in the profit and
loss account in other admillislrative expenses.
Loans and borrowings are initially recognised at transaction price including transaclion costs.
Subsequently, they are measured at amortised cost using the effective interest rate method,
less impairment. If an arrangement constitutes a finance transaction it is measured at pr8sent
value.
7. Creditors at 31.12.2025
Hunters Solicitors
£4.732.80
8. Staff costs
The average head count of employees during the year was O (2024.. Nil) No employee received
employee benefits of more than £60,000 during the year12024'. Nill. This employee and key
man8gement personnel figure does not include the Trustees appointed and in position during
the year.
9. Trustee remuneration and expenses
No remuneration or benefits were paid lo the Trustees of the Charity in the current or previous year
other than travel expenses reimbused to John Vernor-miles and Jennifer Vernor-miles of £67.30
in 20251£180 in 2024) and trustee meeting expenses of £263.89 {2024= Nil}.
10. Independent Examination Fee
The total amount payable for the independent examination of the Charity's accounts is £925 plus
VAT12024.' £8751.