ST WILFRID'S TRUST Accoumrs YEAR ENDED 31 AUGUST 2024 Registered Charity Number 246989
ST WILFRID'S TRUST YEAR ENDED 31 AUGUST2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notcs forming part of the Financlal Statements
ST WILFRID'S TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 Charity Number 246989 Bankers Santander. 301 St Vincent Street. Glasgow Independent Examiner Streets Bush 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 Tru3tee8 have pleasure in prcscnting thcir report and the financial statom8nts for the year ended 31 August 2024. This report is prepared in accordance with the charity's Trust Deed and the requirements of the Statement of Recommended Practice "Accounting and Reporting by Charities" Financial Reporting Standard 102 IFRS 102} and complies with applicable law. The Trustees who acted during the year were: Exwofficio Trustees Bishop of Crediton IRev Jackie Searlel Diocesan Director of Education in the Diocese of Exeter IS Lockwood) Co-opted Trustees Rev Preb D James Mrs M Gilpin Ms L Glanville H Vollers R WaFford Rev Preb N Guthrie (Chairman) (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 AUGUST2024 OBJECTIVES OF THE CHARrrY The charity exists with 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 charitable Work of the Church of England, whether in England or p.Ise.wherp.. ORGANISATIONAL STRuGfuRE The original Governing Document and Declaration of Trust was dated 30 March 1875 and was varled by the scheme of 19 May 1992. Co-opted Trustees are appointed as required by a resolution of the Trustees passed at a special eeting. Appointments are for a term of five years whereupon the Trustee tr7ay be reappointed. A Trustee may indicate their decision to retire at any time. The Trustees meet to review the Trust activities and financial position. Dectsions are made with the aqreement and approval of each of the Trustees. Currently there are seven Trustees being comprised of two Ex-officio trustees and five Co-opted trustees. The minimum requirement for the Go-opted trustees is four and the tnaximutn is ten. A tninimum of three trustees are required to form a quorum for each meeting. REVIEW OF ACTivmES AND FINANCIAL REVIEW In setting out our objectives and planning our activities we have considered 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 17151 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 pupil bursaries. It is the school's decision as to which pupil receives a bursary each term. The total income in the year was £96,045 {2023: £122,189) and total expenditure was £63.145 12023: £62.7731. There was a net surplus of £137.912 12023: Surplus £38.468) after unrealised gain on investments of £105.012 12023: loss £20.948). The income reduced because higher rent due for prior years following the rent review was paid last year. Rent and investment income generated by the Charity's freehold propetty 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 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 frotn these assets could be used to support the Trust activities. At the yearend there were total reserves of £1,691,705. of which £285,000 was held as a property in mixed motive investment. This Iv<lVVb £1,406.705 uf free ieberveb lit the yedr end.
ST WILFRID'S TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST2024 INVESTMEMr poucy The Trust's fixed assets currently amount to £1,640,143. Approximately 82.60/0 of this sum is invested in a managed investment fund on a balanced investment objective and medium risk basi3. 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 continue to review these procedures as required. STATEMENT OF TRUSTEES, RESPONSIBILMES Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view ot the state ot affairs of the charity and ot 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: Select suitable accounting policies and then apply them consistently. bl Make judgements and estimates that are reasonable and prudent. State whether the policies adopted are in accordance with the appropriate SORP on Accounting bv Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements. dl 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 p031tion of the charity and enable them to ensurc 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: Chairman of the Trustees Date:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST WILFRID'S TRUST YEAR ENDED 31 AUGUST 2024 report on the accounts of the Charity for the year ended 31 August 2024. which are set out on pages 5 to 9. Respective Responsibiltties 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 14412) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: lal examine the accounts under section 145 of the 2011 Act; Ibl to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 14515llbl of the 2011 Act: and Ic) to stste whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accouniing records kept by the charlty and a comparison of the accounts presented wtth 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 Examinerfs Statement In connection with my examination. no matter has come to my attention: 11 which gives me reasonable cause to believe that. in any material respect, the requirements: to keep accounting records in accordance wtth 130 of the 2011 Act," and 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. Mrs S Truran FCCA FCA Streets Bush Limited Chartered A¢¢ountsnts 2 Barnfield Crescent Exeter EXI IQT Date: Ob .
ST WILFRID'S TRUST sTATEmEr OF FINANCIAL ACTivmES YEAR ENDED 31 AUGUST 2024 2024 2023 Total Funds Total Funds (All Unrestricted) (All Unrestricted) Notes INCOME AND ENDOWMENTS FROM: Dividend income Bank interest Rent and insurance: St Wilfrid's School Donations 35.614 624 59.807 34,141 154 87.894 TOTAL INCOME 96,045 122,189 EXPENDITURE ON: Charitable Activities Bursaries for pupils at Exeter Cathedral School and St Wilfrid's School IExeterl Ltd Other Grants 23.560 6.836 24.000 17,3481 Legal and professional Depreciation.. Property Insurance of St Wilfrid's School Trustees, insurance 12.425 3,800 8.807 559 26,514 3.800 8,117 559 Manageinent and admiiiistration of the Charity 7,158 7,131 TOTAL EXPENDITURE 63,145 62.773 ILoss)IGains investments 105.012 120,9481 NET MOVEMEprf IN FUNDS 137,912 38.468 RECONCIUATION OF FUNDS Fund balances brought forward 1.553.793 1,515,325 Fund balancos urriad forward 1.691.705 1.553.793
ST WILFRID'S TRUST BALANCE SHEEr YEAR ENDED 31 AUGUST 2024 2024 20Z3 FIXED ASSErs Mixed motive investment Investments 285.1)00 1.355.143 288,800 1.225,131 1.640,143 1,513,931 CURRENT ASSErs Other debtors Santander bank account 1,347 62.737 48,594 64.084 48,594 UABILMES: AMourS FALUNG DUE wrrHIN ONE YEAR Accruals Grant commitments Rent received in 8dv8nce 5,710 3.OlXI 3.812 3,267 1.653 3,812 12.522 8.732 NET CURRENT ASSETS 51,562 39,862 NEf ASSETS 1.691.705 1.553.793 REPRESENTED BY: UNRESTRICTED FUNDS General Purpose Fund 1.691.705 1.553,793 The notes on pages 7-9 form an integral part of these accounts. Approved by the Board of Trustees on and signed on its behalf by Chairman Date: 61L<A. 202f
ST WILFRID'S TRUST NOTES TO THE HNANCIAL STATEMENTS YEAR ENDED 31 AUGUST2024 ACCOUNTING POLICIES Basis of Accounting The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise ststed in the relevant notes to the accounts. The financial statements have been prepared with the Statement of R0MMended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsnderd applicable in the UK and Republic of Ireland IFRS 1021 (effective 1st January 20191 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. The financial statements have also been prepared with the Charities Act 2011 and the Charities Act 2022 amendments. The trust constitutes a publtc benefit entity as defined by FRS 102. bl Investments Investments are stated at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Cash at bank Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar 2ccount. dl 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. Creditors Creditors are recognised when the charity has a present obligation resulting from past event that will probably result in the transfer of fvnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. f) Income Resources Incoming resources are included in the accounts when they are receivable. Rent received in advance is included in deferred income. g) Resources Expended Expenditure is included on an accruals basis. Costs are allocated directly to the ¢ategory to which they relate or apportioned on a reasonable, justifiable 2nd consistent basis. h) ValuÈ Add Tax The Trust is not registered for Value Added Tax IVATI. Expenditure in these financial statements therefore includes VAT paid where appropriate. Funds Unrestricted Funds These are funds that are not subject to any restrictions regarding their use and are available for application within the charitable objects for the general purposes of the charity.
ST WILFRID'S TRUST NOTES TO THE FINANCIAL sTATEMErs YEAR ENDED 31 AUGUST2024 AccouhmNG POUCIES (continued) i) Going Con¢ern The trustees consider there are no material uncertainties about the charivs ability to continue as a going concem. BURSARIES The following bursaries were payable during the year for pupils attending: 2024 2023 Exeter Cathedral School St Wilfrid's School (Exeterl Limited 11.560 12,IKIO 12.000 12,000 23,560 24.000 Each school received three approximately equal termly instalments of the above total amounts. OTHER GRArS AND AWARDS During the year one grant was made to other schools to assist them in promoting Christian education12023 . nil) and three grants were made to Exeter Cathedral. 2024 2023 Grants to schools OJM Gibbons Exeter Diocesan Education Board Cathedral OLrtreach Music Exeter Cathedral Exhibition Project Exeter Diocese Grant Commitments brought forward written off 500 250 3,989 1.000 1.000 1.000 16531 17,5981 6.836 17,348) MANAGEMENT AND ADMINISTRATION OF THE CHARrrY 2024 2023 Independent Fxarninerf* rp.muneration Clerk's salarylclerkship fees 2.032 5,126 1.636 5,495 7,158 7,131
ST WILFRID'S TRUST NOTES TO THE RNANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 TRUSTEES. REMUNERATION AND RELATED PARTY TrANSACTIONS 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 £nil12023: £nill have been reimbursed to any of the trustees during the yedr12023: none). MIXED MOTIVE INVESTMEfrtr The charity 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 Property Cost At 1 September 2023 and 31 August 2024 380,000 Depreciation As at 1 September 2023 Charge for the year 91.200 3,800 At 31 August 2024 95,000 Net Book Value at 31 August 2024 285,000 Net Book Value at 31 August 2023 288.800 INVESTMENTS Investments are included in the balance sheet at market value and are all held in the United Kingdom. Investment Reconciliation Market value at 1 September 2023 Additions Gain on revaluation to market value 1.225.131 25,000 105,0112 Market Value at 31 August 2024 1,355,143