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
sTATEmE￿r 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: AMou￿rS
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 R￿0MMended 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 sTATEME￿rs
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 GRA￿rS 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