SYLVANUS CHARITABLE TRU8T Accoupif8 for th• y•ar •ndgd 31•t D•cwnber 2024 HUNTERS LAW LLP 9 Now Squarn Llncoln's Inn London WCZA 3QN V¥VM.35492.1 SYLVANUS CHARITABLE TRUST ACCOUNTS for th• year •nded 31ST DECEMBER 2024 ContontS Pag• Independent examine¢s report Trustees, Report Sterling Sectlon Balance shèet Sterllng Section Statement of Financial Activitles Sterling Section Donation3 Slerllng Section Inv8stmont8 and Investment Changes 9-10 Dollar Sectlon Balance Sheet Dollar Sècti¢)n Statement of FlnanclAI Actlviti8S 12 Dollar Se¢tion Grants 13 Oollar Section Investment8 and Inv•8tment Changès 1415 Note8 to the Account8 18 Independènt Examlners Report to the Trustees of Sylvanus Charltable T￿$¢ I report on tho accounts of the Trust for the year ended 31 Dècember 2024 Respective r8sponsibilitl8s ol Iruslees and &xan71n8r Th8 charity's tru3tee3 are responsible for the prepaf81ion of the accounts. The charity's Iruslees considerlhal an audrt is not reqUI￿d for this year undersection 144(2) ofthe Charities Act 2011 Ithe 2011 Act) and that an independent examlnation is needed. It is my responsiblllty lo: examine Ihe accounts under section 145 of the 2011 Act., to follow the prccedures laid down in the Genèral Directions g5v8n by the Charrty Commissioner under section 145{51{b) of I11é 2011 Act., and to slate whether partI￿lar matters have come lo my att8nlion. Basis of ind8pgndent 8X8mln8rf8 report My examination was Garried out in ac¢ordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comp8rison of the aGcounls presented with those iecords. 11 also inGludes consideration of any unusu81 items or disclosu￿8 in the ac¢ounls. and the seeking of explanations from you as trustees concemlng any Such matters. The procedures undertaken do not provhde all the eviden¢e that would be requlred In an audit and, consequently no opinion is given as to whether the accounts present a Iru8 and lair vlow, and the report is limited to those matters sel out in the statement below. Independenl examiners sf8tem&nt In connection with my examination. no matter has come to rny attention- which give$ me reasonabl8 cause to believ8 that, in any material respect, the qulrements.. lal {bl to keep e¢¢ountlng records in accordance with section 130 of the 2011 Act: and to prepare accounts which accord with the accountlng recofds and to comply vath the accounting requirements of the 2011 Act hav8 not beèn mel., or to which, in my opinion, attentlon should be drawn in ordef to enable a proper undgrstanding of th8 accounts to be reached. Burgess Hodgson Limiled Chartered Accountants 27 New Dover Road Cantorbury Kent CT1 30N September 2025 SYLVANUS CHARITABLE TRUST Roport of the Trust8eg for the year ended 31 Decembor 2024 The Trustees presènt their report and the unaudited financial statements of the charity for the y8ar ended 31 December 2024. The Financial Slalemenls comply with the statutory requirements, the goveming document and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)). OBJECTIVES AND ACTIVITIES The charity's objectives as defined In the governing documant glve th• Trustees ab8olute dlscretion to apply money for any charitable purposes but express the hope that the Trustees wlll give priority to beneficiaries whose charitable purposes are the Welfa￿ ol and the prevention of cruelty to animals and the advancement of the traditional teachings and practices of the Roman Catholic Church as these were taught to and accepted by Calholics before the Second Valican Council. Where possible it is the Trustees, policy to continue to support charities thal were supported by the Founder during her lifetime. Due to the volume of applications received, il is the policy of the Trustees not lo respond to unsolicited applications. The Trustees support a number of organization$ on a regular basis and in practice find that their income is fully committed and there is little. if any. $urplu$ income available for distribution in sponse lo unsolicited appeals. As the Trust makes substantial donations to Charities in the USA the Trust is divided into two sections, one invested primarily in Europe {'Ihe SterlSng Section") and the other primarily in USA {"Ihe Dollar Section,?. This is designed to enable the Trustees to m8lntain the level of charitable support despite currency fluclualions. Publlc B•n•fit Statsmont The Trustee$ have referred lo the Charity Commissions general guidance on publi¢ benefit when reviewing their aims and obje¢liv•s and in planning futur6 a¢tivllles as required urrtlor Section 17(5) of the Charities Act 2011. ACHIEVEMENT ANO PERFORMANCE Charitable actlvitl•8 In both Sections donations have been made to animal welfare organizalions worldwide. In the Sterling Section a donation of £12,000 was made to the Society of St Plus X which 18 a Calhollc organizalion supportlng ihe traditional leaching8 of the Roman Catholic Church, a charfty supported by the Founder during hèr lifetime. Under US tax regulations Ihe Trusteè3 are obliged to distribute 5% of the value of the charty èach year. For some years they have been distributing more than this and have bullt up an excess distributions carryover which can only be Carried forward for 5 years. The Tru8tees therefore decided to reduce distrsbutions in the current year using part of the carryover to meet the statutory 5%. Donations were made of $15,000 to Middlebury College of International Studies l$upported by the F¢)under durSng her lifetime) to fund student scholarships and $7,000 to Conservation Force Trust. Inv•slm•nt performance The charity's investment poll¢y and objectives are fomially agreed by the Trustees annually. The Trustees are advised by professbonal fund managers. The charfty holds no investment propertle8. Its funds are held in investments. In the Slerfing Section sa16s of investments raised £113,422 produclng a gain of£8,007 and Snvestments were purchased for a total of £129,885. The annual revaluation saw a gain of £157,027. At 31st December 2024 the investments in the Sterlin Section were in the followin sectors.. 2024 307,711 1,231,420 2,096,690 92,947 £3 728 770 UK fixed int•rest UK listed equities Overseas listed equities Cash Total financial investments 2023 316,802 1.083,931 2 053,593 110.814 £3 565 140 8.25° 33.02% 56.240 2.49% 100% 8.89% 30.40. 57.60% 3.11% 11JO% In the Dollar Section sales of inVeStsn￿tS raised $41,790 producing a loss of $786. There b￿re no purchases and the annual revaluation saw a gain of $154,455. At 31st December 2024 the investments In the Dollar se￿lOn were in the followin sectors: 2024 53,331 575,712 476,682 2,221 $1.107.946 2023 52,622 430,415 510,810 4,226 $998 073 Fixed income US Shares Non-us Shares Cash Total financial investments 4.81% 51.97% 43.02% .20% 100% 5.27% 43.13¥0 51.18% .42Yo FINANCIAL REVIEW Flnancial position In the Sterfing Seth'on thè tharity's ￿ndS Increased by £163,629.62 from £3,565.140.56 to £3,728,770.18. In the Dollar Section the charity's funds increased by $109,872.30 from $998.073.81 to $1.107,946.11. AII Income racoived is from inveslmenls. Th& income in the Sterling Section incre8setJ trom £89,778.45 to £94,320.94. In the Dollar Section the income increased marginally from $12.401.07 to $12.956.11. In¥￿tment pollcy The charttls goveming document places no restrictlons on the discretion of the Trustees in investing the charity's assets. In practice, with the advice of their investment advisers. the Trustees try to achieve a balanced retum in the long term between accumulated income and capital appreciation. Reserves Pollcy The TTUStees have power undar the govomirvJ docum8nt to appty income and capital for the Trusvs objectives. The Truste•s aim lo distribute th& income and build up Ihe tapital conlenl as unrestncted reseNes. In practs'ce. they have been dislribLrtlng capital as well 88 income from the Dollar Section for som8 years. The reseNès al thé year-end wgre £3.729m 12023..£3.565m) in th8 Sterling Section ol the Trust and $1.108m12023.' $998,073) in the Dollar Seclton of the Trust. The charity holds sufficient raserves to cnntinue its objectives. FUTURE PLANS The charity intends to contlnue its e￿stIng work. STRUCTURE GOVERNMENT AND MANAGEMENT The goveming documenl is a Deed of Settlement dated 1st D8cember 1968. The Trust is a registered charity In the United Kingdom and is also registered wth the United Slates Intemal Revenue Service as S01lc){31 Tax Exempt Organis8tion. In accordance with United State$ Law, Tfust Tax Relums are filed th the Intemal Revenue Service. Induction arml trainlng of now trustees The Trust Deod provides for a minimum of two trustees and any naw Trustee would be appointed by Iha remaining trustees. They would be provided with a copy of the charily's gov8mlng documents, annual report and financial statements for the previous three years, together Ihe minutes of the trustees. meetings for the same period aTrJ thè Chaiity Commission documènts relating lo the responsibilities of charity trustees. Risk Management The pnncipal risk faced by Ihe Trust lies in the perfOMan￿ of investments. This is miligaled by r8tainirrfJ expert investment managers and having a diversified investment portfolio. Al Trustees, meetings any significant risks of the Trust are discussed. ￿ere appropriate. risks are reported on and di5¢ussed in subsequent meètings. The Tnjstees considar that they have established sufficignt systems and procedures to mitwate those risks. Relatgd party transactlons The charity ha5 no subsidiaries and 1$ nol conn8Cted with any other charity. Mr J C Vemor-miles was reimbursed £58.40 trav81 expenses in the year. None of thg other TTUStees was paid remuneration or axpenses. Mr W E Vemor-miles is a partner in th8 finn of Hunters Law LLP who act in the administratson of the tharity. Huntars received fees of £16.155.50 plus VAT for this WO￿ in the year from the Sterting Seclitin {2023.. £18,501.50} and $20,875 from the Dollar Section12023'. $24,454). REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number. 259520 Principal address clo Hunters Law LLP. 9 New Square, London ￿2A 3QN Tnjstees John Crosfield V•mor-Mil•s Alexander Davtrd Gémmill Wllfrid E￿ard Vemor-miles Matthew James Pnday Bank•T5 CAF Bank Ltd, 25 Kings Hill Avenue. Kings Hill, West Malling, Kent ME19 4JQ Pictot et Cie, Route des AcacAas 60, 1211 Geneva 73, Switzerland Solicitors Hunters Law LLP. 9 New Square, Loncbn ￿2A 3QN Investment Managers for Sterling S&¢tion Raymor4J James, 1 King William Street. London EC4N 7AF Investmént Managers for Dollar S8Gtion Pictet al Cie, Route des Acacias 60, 1211 Geneva 73, Switzeriand Independent Examlner Colin Reid FCA, Burgess Hodgson Limited, 27 New Dover Road, Canterbury. Kent, CT13DN Accountants In USA McGilloway Ray Bro￿ & l