ST WILFRID'S TRUST ACCOUNTS YEAR ENDED 31 AUGUST 2023 R8g•stered Charlty Number 246989
ST WILFRID'S TRUST YEAR ENDED 31 AUGUST 2023 CONTENTS Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Noles forming part of the Financial Statements
ST WILFRID'S TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2023 Charity Number 246989 Bankers Santander, 301 St Vincent Street. Glasgow Independent Examiner Bush & Co Limited. 2 Barnfield Crescent, Exeter Investment Advl¥or$ CCLA Investment Management. 80 Choapside. London Valuers And Estato Ag•nl$ Whitton & Laing. 20 Queen Street. Exeter Alder King. Endeavour House, Pynes Hill. Exeter Clerk & Prlnclpal Addre$$ Of Tru•t Mrs F Evans, 39 Sylvan Road. Exeter, EX4 6EY The Trustees have pleasure in presenting their report and the financial statement$ for the y88r ended 31 August 2023. This report is prepared in accordance with the Trust Deed and the recommendations of ihe Statement of Recommended Praclice - Accounting and Reporting by Charities and complies with applicable law. The Trustees who acted during the year were: Ex-offlelo Trustees Bishop of Credilon Dioeesan Director of Education in the Diocese of Exeier Co-opted Trusloe$ Rev Preb D James Mrs M Gilpin Ms L Glanvillo H Vollers R Walford E White Rev Preb N Guthrie (Chairman) (Appointed 23 May 20231 IResigned 6 December 20221 (Resigned 14 August 20231 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.
ST WILFRID'S TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2023 OBJECTS OF THE CHARITY The charity exist$ wilh the purposes of: 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. 21 Promoting religious and other ¢haritable work of the Church of England, whether in England or elsewhgre. ORGANISATIONAL STRUCTURE The original Governing Document and Oeelaration of Trust wa$ daied 30 March 1875 and was varied by the scheme of 19 May 1992. co.opted Trustee$ are appointed as required by a resolution of the Trustees passed at a special meeiing. Appoinlments 8re for a term of five years whereupon the Trustee may be reappointed. A Truslee may indicate their decision to retire at any time. Th8 Trustees meet to review thè Trust activities and financial position. Oecisions are m8de with the agreemeni and approval of each of ihe Trustees. Currently there are seven Trustees belng comprised of two Ex-officio trusle8s and five Co-opted trustees. The minimum requirement for the co-opted trustees 1$ four and the maximum number is ten. A minimum of three trustees are required to form a quorum for each meeting. REVIEW OF ACTIVITIÉS In setting out our objectives and p18nning our activities we have ¢ongidered the Charily Commission general guidance on public benefit, and in particular the supplementary guidance on the advaneement of education for the public benefit. Thus, we have paid du8 regard to section 17151 of the Chariiies Act 2011 concerning public benefit. The Trust conlinues to support both Exeter Cathedr81 School and St Wilfrid's School with awards for pupil bursaries. It is the school's decision as to which pupil receives a bursary each term. The total ineome in thg year was £122.189 12022-. £52,107) and total expenditure was £62,773 12022.. £53,659). There was a net surplus of £38.468 12022.. Deficii £59.7301 after unrealised loss on investments of £20.94812022.. loss £58.1781. The income increase was due to the higher rent receivable of £51,000 as against £11.500 before. The higher expenditure was dug to cost associated with the lease re-negotlaiion. 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 been on hold for this accounting year. RESERVES POLICY The Trustees have a reserves policy whereby the income from Trust assets supports the Trusl activities. Trust assets invested in non tangible assets account for the majority of the total assets ol the Trust arnd it is therefore considered that, should there be a fall in income. the capital f rom these assets could be used to support the Trust activilies. At the yearend there were total reserves of £1.553,793. of which £288.81)O was held as a property in mixed motive investment. This leaves £1.264.993 of free reserves at the year end.
ST WILFRID'S TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST2023 INVESTMENT POUCY The Trust's fixed assets Currently amount to £1.513.931. Approximately 80.9 % of this sum is invested in a managed investment fund on a balanced investment objective and medium risk basis. RISK POUCY 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 conlinue to review these procedure5 as required. STATEMENT OF TRUSTEES, RESPONSIBIUTIES Charity law requi res the Trustees to prepare financial staiemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of its financi818ctivities for thal period together with its assets and liabilities ai the end of Ihe period. and adequately distirnguish any material special trust or other restricted fund of the charity. In pr8paring those financial statements, the Trustees are required io: Select suitable accounting pollcies and then apply them conslstently. bl Make judgements and estimates that are reason8ble and prudent. Stale whether the policies adopted are in accordance with the appropriate SORP on Aecounling by Charities and the A¢eounting Regulations and wilh applicable ac¢ounting standards, subject to any materi81 departures disclosed and explained in the financial statements. dl Prepare the financial statements on the going eoncern basis unless it is inappropriate to presume that the charity will conlinue its activities. The Trustees are responsible for keeping proper accounting records which dlsclose wlth reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial staiements comply with applicable Accounting Standards and Statement of Recommended Practice and the regulations of the Charities A¢t 2011. They are also responsible for safeguarding ihe 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.. Chairman of the Trustees Date: 25. o¥. 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF ST WILFRID'S TRUST YEAR ENDED 31 AUGUST 2023 I report on the accounts of the Charity for the year ended 31 August 2023. which are set out on pages 5t0 9. Respectlve Responsibilities of Trustees and Exambner As the Charily's truslees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under Section 144121 of the Charities Acl 2011 lihe 2011 Act) and that an independent examination is needed. It is my responsibility 10: examine the accounts under section 145 of the 201 l Act: Ibl to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 14515llbl of the 201 l Act; and Icl to state whether particular matters have come io my attention. Ba$ls of Independont Examiner's Report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual iiems or disclosures in the accounts. and ihe seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all Ihe evidence thal would be required in an audil and consequently no opinion is given as to whether the accounts present a 'true and fair view. and the report is limited to those matters sel out in the statements below. Independent Examln•rf$ Statément In connection with my examination. no matter has come to my attention: 11 which gives mè reasonable Cause to believe that, in any material respect, the requirements.. to keep accounting record$ in accordance with 130 of the 2011 Act.. and lo prep8re accounts which accord with the accounting records 8nd to comply with the accounting requirements of ihe 2011 Act have not been met; or 21 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mrs S Truran FCCA FCA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EXI 1aT Date: l 0l4-
ST WILFRID'S TRUST STATEMENT OF FINANCIAL ACTivmES YEAR ENDED 31 AUGUST 2023 2023 2022 Total Fund$ Total Funds IAII Unrestricted) IAII Unrestricted) Nirtes INCOME AND ENDOWMENTS FROM: Dividend incorne Bank interest Rent and insurance: St Wilfrid's School Donations 34.141 33.402 13 18.192 500 87,894 TOTAL INCOME 122,189 52.107 EXPENDITURE Charitable Acti¥iti0g Bursaries for pupils at Exeter Cathedral School and St Wilfrid's School IExeterl Ltd Other Grants 24,000 17,3481 24000 3,897 Legal and profèssional Depreciation.. Property Insurance of Si Willrid's School Trustees, insurance 26.574 3,800 8,117 559 8,123 3,800 7,192 559 Management and administration of the Charity 7.131 6,088 TOTAL EXPENDITURE 62,773 53.659 ILossllGains investments 120.9481 158,1781 NET MOVEMENT IN FUNDS 38,468 159.7301 Fund balances broughi forward 1.515,325 1.575.055 Fund balance$ earrfed forward 1,553.793 1.515,325
ST WILFRID'S TRUST BALANCE SHEET YEAR ENDED 31 AUGUST 2023 Note 2022 FIXED ASSETS Mixed motive investment Investments 288,8(Kl 1,225,131 292,600 1,196.079 1,513.931 1,488,679 CURRENT ASSETS Other debtors Sanlander bank account 771 40,537 48,594 48,594 41,308 UABILITIES.. AMOUNTS FALLING DUE wrrHIN ONE YEAR Accruals Grant commitments Rent received in advance 3.267 1.653 3.812 4.589 9.251 822 8,732 14,662 NET CURRENT ASSETS 39,862 26.646 NET ASSETS 1,553,793 1,615,325 REPRESENTED BY: UNRESTRICTED FUNDS General Purpose Fund 1,553.793 1.515,325 Approved by the Board of Trustees on and signed on its behalf by Chairman Date:
ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 ACCOUNTING POUCIES General These accounts have been prepared under the historical cost convention las modified by ihe revalualion of certain fixed assets) and in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011, The trust constitutes a public benefit enlity as defined by FRS 102. bl Investments Investments are slated at market valuo. Flxed Assets Tangible fixed assets are r8¢orded at historical cost and depreci8ted. Depreciation is provided on the property on a straight-line basls over 100 ye8r5 being based on the estimated useful life of the asset and ils anticipated residual value. dl Income Rewur Incoming resources are included in the accounts when they are receivable. Rent received in advance Is included in deferred income. Re$our¢es Expend•d Expenditure is included on an accruals basls. Costs are allocated directly to the category to which they rèlate or apportioned on a reasonable, justifiable and consistent b8SiS. Value Added Tax The Trust is not registgrod for Value Added Tax IVATI. Expenditure in these financi81 statements therefore include8 VAT paid where appropriatè. BURSARIES The following bursaries were payable during the year for pupils attending.. 2023 2022 Exeter Caihedral School St Wilfrid's School IExeterl Limited 12,000 12.000 12,000 12,000 24.000 24,000 Each school received three approximately equal termly instalments of the above total amounts.
ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 OTHER GRANTS AND AWARDS During the year no grants were made to other schools to assist them in promoting Christian education12002 . 41. 2023 2022 Grants to schools OJM Gibbons Organ project Grant Commitments broughi forward written off 2,897 250 1.000 17,5981 17.3481 3,897 MANAGEMENT AND ADMINISTRATION OF THE CHARITY 2023 2022 Independent Examiner's remuner81ion Clerk's Salary and associated costs 1,636 5,495 1.488 4,600 7.131 6,088 TRUSTEES REMUNERATION AND RELATED PARTIES No remuneration directly or indirectly was paid or is p8yable out of tho funds of the ¢harity for the year to any trustee or to any person known to be conneeted to them. Total expenses of £nil 12022- £nill have been reimbursed io £nil 12022.. non81 of the trustees during the year.
ST WILFRID'S TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 MIXED MOTIVE INVESTMENT The charily holds a mixed motive investment. which is the Freehold property of St Wilfrid's School. It is held to provide a building for St Wilfrid's 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 asset. Freehold Pioperty Cost At 1 September 2022 and 31 Augusi 2023 380.000 Depreclatlon As at 1 September 2022 Charge for year 87.400 3,800 At 31 August 2023 91.200 Net Book Valuo at 31 August2023 288,800 Net Book Value at 31 August 2022 292,600 INVESTMENTS Investments are included in the balan¢e sheet ai market value and are 811 held in the United Kingdom. Investment Reconciliation Market valu6 8t I September 2022 Additions Loss on revaluation to market value 1,196.Q79 50.000 120,9481 Markot Value at 31 August 2023 1,225,131