ST WILFRID'S TRUST ACCOUNTS YEAR ENDED 31 AUGUST 2020 Registered Charity Number 246989
ST WILFRID'S TRUST
YEAR ENDED 31 AUGUST 2020
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 1-3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes forming part of the Financial Statements | 7-10 |
ST WILFRID'S TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31 AUGUST 2020
Charity Number 246989 Bankers Santander, 301 St Vincent Street, Glasgow Independent Examiner Bush & Co Limited, 2 Barnfield Crescent, Exeter Investment Advisors CCLA Investment Management, 80 Cheapside, London Valuers And Estate Agents Whitton & Laing, 20 Queen Street, Exeter Alder King, Endeavour House, Pynes Hill, Exeter Clerk & Principal Address Of Trust Mrs F Evans, 39 Sylvan Road, Exeter, EX4 6EY
The Trustees have pleasure in presenting their report and the financial statements for the year ended 31 August 2020. This report is prepared in accordance with the Trust Deed and the recommendations of the Statement of Recommended Practice - Accounting and Reporting by Charities and complies with applicable law.
The Trustees who acted during the year were:
Ex-officio Trustees Bishop of Crediton Diocesan Director of Education in the Diocese of Exeter Co-opted Trustees Rev Preb D James (Chairman) Mrs M Gilpin Mrs A Eyre (Resigned 3 December 2019) Mrs D Symes H Vollers R Walford E White Rev Preb N Guthrie
The chairman would like to acknowledge and thank the Trustees for their assistance in the work of the Trust during the last twelve months.
The Trustees have received and acted upon professional advice in the examination, review and updating of their invested funds.
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ST WILFRID'S TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31 AUGUST 2020
OBJECTS OF THE CHARITY
The charity exists with the purposes of:
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1) Furthering the education, according to the doctrines of the Church of England, of children and young persons by the provision of a school or otherwise.
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2) Promoting religious and other charitable work of the Church of England, whether in England or elsewhere.
ORGANISATIONAL STRUCTURE
The original Governing Document and Declaration of Trust was dated 30 March 1875 and was varied by the scheme of 19 May 1992.
Co-opted Trustees are appointed as required by a resolution of the Trustees passed at a special meeting. Appointments are for a term of five years whereupon the Trustee may be reappointed. A Trustee may indicate their decision to retire at any time.
The Trustees meet to review the Trust activities and financial position. Decisions are made with the agreement and approval of each of the Trustees. Currently there are nine Trustees. The minimum number of Trustees required is eight, and the maximum is fourteen. A minimum of three are required to form a quorum for each Trustees meeting.
REVIEW OF ACTIVITIES
In setting out our objectives and planning our activities we have given careful consideration to the Charity Commission general guidance on public benefit, and in particular the supplementary guidance on the advancement of education for the public benefit. Thus we have paid due regard to section 17(5) of the Charities Act 2011 concerning public benefit.
The Trust continues to support both Exeter Cathedral School and St Wilfrid’s School with awards for bursaries for pupils attending these schools. It is the school's decision as to which pupil receives a bursary each term.
The total income increased slightly in the year to £48,187 (2019: £47,102) and total expenditure increased to £58,989 (2019: £49,325). There was total net income of £25,308 (2019: £68,193) after allowing for an unrealised gain on investments of £36,110 (2019: £70,416).
Rent and investment income generated by the Charity's freehold property and investments has been used to support the main activity of the Charity in providing bursaries to students at St Wilfrid's and Exeter Cathedral Schools. Grants have also been made to other schools in order to assist them in promoting religious education.
RESERVES POLICY
The Trustees have a reserves policy whereby the income from Trust assets supports the Trust activities. Trust assets invested in non tangible assets account for the majority of the total assets of the Trust and it is therefore considered that, should there be a fall in income, the capital from these assets could be used to support the Trust activities. At the yearend there were total reserves of £1,385,975, of which £300,200 was held as a property in mixed motive investment. This leaves £1,085,775 of free reserves at the year end.
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ST WILFRID'S TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31 AUGUST 2020
INVESTMENT POLICY
The Trust's fixed assets currently amount to £1,365,784. Approximately 78% of this sum is invested in a managed investment fund on a balanced investment objective and medium risk basis.
RISK POLICY
The Trustees have considered the potential risks to the Trust and have ensured that there are procedures in place to mitigate the risks, and they will continue to review these procedures as required.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Charity law requires the 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 of its financial activities for that period together with its assets and liabilities at the end of the period, and adequately distinguish any material special trust or other restricted fund of the charity. In preparing those financial statements, the Trustees are required to:
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a) Select suitable accounting policies and then apply them consistently.
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b) Make judgements and estimates that are reasonable and prudent.
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c) State whether the policies adopted are in accordance with the appropriate SORP on Accounting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements.
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d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with applicable Accounting Standards and Statement of Recommended Practice and the regulations of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees:
Rev Preb D. James Chairman of the Trustees
Date:
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
ST WILFRID'S TRUST
YEAR ENDED 31 AUGUST 2020
I report on the accounts of the Charity for the year ended 31 August 2020, which are set out on pages 5 to 10.
Respective Responsibilities of Trustees and Examiner
As the Charity’s trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(a) examine the accounts under section 145 of the 2011 Act;
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(b) to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
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(c) 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 General Directions given by the Charity Commissioners. An examination includes a review of 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 procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statements below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Matt Melksham FCCA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT
Date: 14/04/2021
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ST WILFRID'S TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 AUGUST 2020
| 2020 | 2019 Restated | ||
|---|---|---|---|
| Notes | Total Funds | Total Funds | |
| (All Unrestricted) | (All Unrestricted) | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | |||
| Dividend income | 30,901 | 29,999 | |
| Bank interest | 72 | 90 | |
| Rent and insurance: St Wilfrid's School | 17,214 | 17,013 | |
| __ | ____ | ||
| TOTAL INCOME | 48,187 | 47,102 | |
| __ | ____ | ||
| EXPENDITURE | |||
| Charitable Activities | |||
| Bursaries for pupils at Exeter Cathedral School and | |||
| St Wilfrid's School (Exeter) Ltd | 2 | 24,000 | 24,500 |
| Other Grants | 3 | 5,010 | 4,705 |
| Memorial Plaque | - | 3,580 | |
| Legal and professional | 13,176 | - | |
| Depreciation: Property | 3,800 | 3,800 | |
| Insurance of St Wilfrid's School | 6,342 | 6,013 | |
| Trustees' insurance | 532 | 527 | |
| Trustee retirement gifts and function | - | 80 | |
| Management and administration of the Charity | 4 | 6,129 | 6,120 |
| __ | ____ | ||
| TOTAL EXPENDITURE | 58,989 | 49,325 | |
| __ | ____ | ||
| Gains investments | 2b | 36,110 | 70,416 |
| __ | ____ | ||
| NET INCOME/MOVEMENT IN FUNDS | 25,308 | 68,193 | |
| Fund balances brought forward as previously stated | 1,296,292 | ||
| Prior year adjustment | (3,818) | ||
| ____ | |||
| Fund balances brought forward as restated | 1,360,667 | 1,292,474 | |
| ____ | ____ | ||
| Fund balances carried forward | 1,385,975 ____ |
1,360,667 ____ |
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ST WILFRID'S TRUST
BALANCE SHEET
YEAR ENDED 31 AUGUST 2020
| Note £ FIXED ASSETS Mixed motive investment 2a Investments 2b CURRENT ASSETS Other debtors 336 Santander bank account 7b 27,530 _ 27,866 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals 2940 Grant commitments 3,913 Rent received in advance 822 _ 7,675 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: UNRESTRICTED FUNDS General Purpose Fund |
2020 £ £ 300,200 1,065,584 ___ 1,365,784 - 34,358 _ 34,358 2,987 3,383 795 _ 7,165 20,191 _ 1,385,975 _ 1,385,975 ____ |
2019 Restated £ 304,000 1,029,474 ___ 1,333,474 27,193 _ 1,360,667 _ |
|---|---|---|
1,360,667 ____ |
Approved by the Board of Trustees on and signed on its behalf by
Rev Preb D. James Chairman
Date:
6
ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020
1. ACCOUNTING POLICIES
a) General
These accounts have been prepared under the historical cost convention (as modified by the revaluation of certain fixed assets) and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
b) Investments
Investments are stated at market value.
c) Fixed Assets
Tangible fixed assets are recorded at historical cost and depreciated.
Depreciation is provided on the property on a straight line basis over 100 years being based on the estimated useful life of the asset and its anticipated residual value.
d) Income Resources
Incoming resources are included in the accounts when they are receivable. Rent received in advance is included in deferred income.
e) Resources Expended
- Expenditure is included on an accruals basis. Costs are allocated directly to the category to which they relate or apportioned on a reasonable, justifiable and consistent basis.
f) Value Added Tax
- The Trust is not registered for Value Added Tax (VAT). Expenditure in these financial statements therefore includes VAT paid where appropriate.
2. BURSARIES
The following bursaries were payable during the year for pupils attending:
| Exeter Cathedral School St Wilfrid's School (Exeter) Limited |
2020 £ 12,000 12,000 _ 24,000 _ |
2019 £ 12,500 12,500 _ 24,500 _ |
|---|---|---|
Each school received three approximately equal termly instalments of the above total amounts.
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ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020
3. OTHER GRANTS AND AWARDS
During the year were made to 8 (2019: 13) other schools to assist them in promoting Christian education.
4.
| Grants to schools Organ project Promotion of Christian education on Bumble Ward (RD&E) Lead Diocesan Education Adviser expenses MANAGEMENT AND ADMINISTRATION OF THE CHARITY Independent Examiner’s remuneration Clerk's salary/clerkship fees Printing, postage and stationary |
2020 £ 3,510 1,500 - - _ 5,010 _ 2020 £ 1,458 4,500 171 _ 6,129 ____ |
2019 £ 3,740 - 465 500 _ 4,705 _ 2019 £ 1,422 4,400 298 _ 6,120 ____ |
|
|---|---|---|---|
5. TRUSTEES REMUNERATION AND RELATED PARTIES
No remuneration directly or indirectly was paid or is payable out of the funds of the charity for the year to any trustee or to any person known to be connected to them.
Total expenses of £nil (2019: £80) have been reimbursed to none (2019: two) of the trustees during the year.
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ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2020
6. MIXED MOTIVE INVESTMENT
The charity holds a mixed motive investment, which is the Freehold property of St Wilfrid’s School. It is held in part to provide a building for St Wilfrid's Trust School (which is in line with the principal objects of the Trust), but also to generate a return. Given it is not practical to apportion the asset between investments and tangible fixed assets, the whole of the asset is held as a tangible fixed assets.
| Freehold Property | ||||
|---|---|---|---|---|
| £ | ||||
| Cost | ||||
| At 1 September 2019 and 31 August 2020 | 380,000 | |||
| __ | ||||
| Depreciation | ||||
| As at 1 September 2019 | 76,000 | |||
| Charge for year | 3,800 | |||
| _ | ||||
| At 31 August 2020 | 79,800 | |||
| __ | ||||
| Net Book Value at 31 August 2020 | 300,200 | |||
| __ | ||||
| Net Book Value at 31 August 2019 | 304,000 | |||
| __ | ||||
| 7. | INVESTMENTS | |||
| Investments are included in the balance sheet at | market value. | |||
| Investment Reconciliation | ||||
| £ | ||||
| Market value at 1 September 2019 | 1,029,474 | |||
| Gain on revaluation to market value | 36,110 | |||
| ____ | ||||
| Market Value at 31 August 2020 | 1,065,584 | |||
| ____ | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| 54,654 (2019: 54,654) | ||||
| Income Shares of CBF Church of | ||||
| England Investment Fund | 1,065,584 | 1,029,474 | ||
| ____ | ____ | |||
| All investments are held in the United Kingdom. |
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ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2020
8. PRIOR YEAR ADJUSTMENT
A prior year adjustment has been put through in order recognise grant commitments in the year in which they are agreed. A reconciliation of opening balances and net income are provided as follows:
| Reconciliation of funds | At 31 August | At 1 September |
|---|---|---|
| 2019 | 2018 | |
| £ | £ | |
| Fund balance as previously stated | 1,364,050 | 1,296,292 |
| Grant commitments at year end | (3,383) | (3,818) |
| ____ | ____ | |
| Fund balance as restated | 1,360,667 | 1,292,474 |
| ____ | ____ | |
| Reconciliation of net income | ||
| 2019 | ||
| £ | ||
| Net income as previously stated | 67,758 | |
| Movement in grant commitment in the year | 435 | |
| __ | ||
| Prior year net income as restated | 68,193 __ |
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