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2021-12-31-accounts

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Charity no: 254949

Chartered Accountants

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

CONTENTS

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Page
Legal and administrative information 1
Trustees' Report 2
Independent Examiners' Report 3
Statement of financial activities 4
Balance Sheet 5
Notes to the Accounts 6 - 9
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WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

REFERENCE AND ADMINISTRATIVE INFORMATION

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Charity name WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH
Charity registration number 254949
Principal office Wimborne Minster Church House
22 High Street
Wimborne
Dorset
BH21 1HT
Trustees Francis William Howard-Vine
Rosalind Pamela Brown Jensen
Anthony Keith Oliver
Felicity Sarah Warwick
John Roland Raymond
Muriel Mary Jacobs
David Robert Steele
Rev Canon Andrew John William Rowland
Dr Michael Robin De Clifford Sadler
Malcolm Andrew Chisholm
Katharine Anne Pollard
Andrew Neilson Curtis
Independent Examiner Mrs S J Hough FCA
Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Principal bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
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WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and the accounts of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and accounts of the charity.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s terms of Trust as set out in the Letters Patent and terms of the Charity Commission schemes, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities for the public benefit

The charitable objects are the ownership and maintenance of the Wimborne Minster Rectory, general purposes in connection with the Minster Church.

The Trustees confirm they have given careful consideration to the Charity Commission's general guidance on public benefit.

Achievements and performance

The Governors maintain Wimborne Minster Rectory and contribute towards the maintenance of the Minster Graveyard. One third of the income of the fund is paid to Queen Elizabeth's School Foundation under the terms of the Charity Commission scheme.

Structure, governance and management

The charity was established by Letters Patent and Charity Commission Schemes - dated 11th July 1877, 29th June 1883, 19th May 1899, 9th February 1904, 18th January 1910, 18th January 1935 and 3rd January 1941.

The management of the charity and its assets is vested in the Trustees.

Financial review

During the year the Trustees received investment income totalling £30,810 and paid out £23,107.

At the end of the financial year, total reserves amounted to £1,332,005.

Approved by the Trustees on 3rd October 2022 and signed on their behalf by Francis Howard-Vine.

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 4 to 9.

Responsibilities and basis of report

As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mrs S J Hough FCA

Edwards and Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

10th October 2022

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

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Unrestricted Restricted Endowment Total funds Total funds
Funds Funds Funds Restated
2021 2021 2021 2021 2020
Note £ £ £ £ £
Income
Investment income and interest 5,756 3,351 6,703 15,810 13,876
Wimborne PCC refunds - - - - 5,771
Property covenant fee 15,000 - - 15,000 -
Total income 20,756 3,351 6,703 30,810 19,647
Expenditure
Rectory costs 3,732 - - 3,732 4,283
Wimborne Minster PCC
Dacombe legacy - - - - 8,000
Queen Elizabeth's School
Foundation 2,927 - 2,927 1,775
Grants - Hibberd legacy fund - - - - 1,450
Grave and car park
maintenance 1,668 - - 1,668 359
Administration costs - - 14,480 14,480 1,429
Independent Examiner Fee - - 300 300 300
Total expenditure 5,400 2,927 14,780 23,107 17,596
Net income/(expenditure)
before gains/(losses) on
investments 15,356 424 (8,077) 7,703 2,051
Transfers between funds (8,077) - 8,077 - -
Gains/(losses) on
investments
Realised gains on disposal of
investments 4 1,216 - - 1,216 -
Unrealised (losses)/gains on
revaluation of investments 4 12,743 2,607 26,808 42,158 (30,374)
Net gains/(losses) on
investments 13,959 2,607 26,808 43,374 (30,374)
Net income/(expenditure)
for the year 21,238 3,031 26,808 51,077 (28,323)
Reconciliation of funds:
Funds brought forward 963,905 19,971 297,052 1,280,928 1,309,251
Funds carried forward 5 985,143 23,002 323,860 1,332,005 1,280,928
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WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible Fixed Assets - Freehold Property
2
Investments
3
Current assets
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
Net current assets
Net assets
Funds
5
Unrestricted funds
Unrestricted Revaluation Reserves
Restricted funds
Permanent Endowment funds		 Total funds
2021
£
800,000
511,254
1,311,254
22,371
(1,620)
20,751
1,332,005
185,143
800,000
23,002
323,860
1,332,005		 Total funds
2020
Restated
£
800,000
480,380
1,280,380
548
-
548
1,280,928
163,905
800,000
19,971
297,052
1,280,928

Approved by the Trustees on 3rd October 2022 and signed on their behalf by Francis Howard-Vine

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(a) Basis of preparation

Wimborne Grammar School Foundation Church Branch was created by Letters Patent and seven Charity Commission schemes and registered as a charity in England and Wales. The address of the principal office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The accounts are prepared on a going concern basis under the historical cost convention other than the revaluation of assets referred to below. The accounts are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

(c) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Irrecoverable VAT is included in the costs of those items to which it relates.

(d) Tangible fixed assets - freehold property

The freehold property is stated at valuation - see note 3 for further details.

(d) Fixed asset investments

Listed investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘gains/(losses) on investments’ in the statement of financial activities.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

(e) Funds

Unrestricted funds represent funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity. Designated funds comprise unrestricted funds that have been set aside at the discretion of the Trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. Permanent endowment funds represent capital which the Trustees must invest and use the income for charitable purposes. The capital funds cannot be converted into income.

(g) Restatement of comparative values

The 2020 comparatives and the balances at the start of 2020 have been restated to rectify misstatements in the Accounts.

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Trustees' remuneration and expenses and related party transactions.

No remuneration or expenses were paid out of the funds of the charity in the year to any Trustee or any person known to be connected with a Trustee.

There were no related party transactions in either year.

3 Tangible fixed assets - freehold property

Wimborne Minster Rectory is included at an estimate of the open market value. The value was arrived at in 2010 by taking informal advice from a qualified valuer (£750,000).

The Minster Car Park in King Street was given to the Governors by the late Ralph Bankes. It is included in the accounts at an estimated fair value of £50,000.

It is the intention of the Trustees to obtain up to date property valuations during 2022.

4
Investments
Market value at 1 January 2021
Acquisitions at cost
Disposal proceeds
Realised gains on disposals
Unrealised gains/(losses) on revaluation
Market value at 31 December 2021
Cash held by investment managers
UK listed investments are represented by:-
Equities and funds
UK listed investments		 2021
£
480,380
-
(12,500)
1,216
469,096
42,158
511,254
-
511,254
511,254
511,254		 2020
Restated
£
510,754
-
-
-
510,754
(30,374)
480,380
-
480,380
480,380
480,380

All investments are carried at their fair value.

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5
Funds
Unrestricted Funds
Chisman Trust (linked charity)
Mrs C I Ellis legacy (linked charity)
Benefits Trust
Chained Library Fund
Car Park and Graveyard Fund
Revaluation reserve - car park
Hibberd Legacy Fund
Hibberd Legacy Fund - staff training
Wimborne Minster Rectory
Revaluation Reserve - Rectory
Church Branch General Funds
Restricted Funds
Queen Elizabeth School Foundation
Church Branch Restricted Funds
Permanent Endowment Funds
Restricted Funds
Unrestricted Funds
TOTAL FUNDS		 01/01/2021
Restated
£
20,614
686
11,135
328
6,006
50,000
123,493
1,500
-
750,000
143
963,905
2,941
17,030
19,971
297,052
-
297,052
1,280,928		 Income
Expenditure Gains/Losses
£
£
£
655
(1,080)
1,891
21
-
56
326
(588)
870
-
-
-
283
-
756
-
-
-
3,895
-
10,386
-
-
-
15,000
(3,732)
-
-
-
-
576
-
20,756
(5,400)
13,959
3,351
(2,927)
-
-
-
2,607
3,351
(2,927)
2,607
-
-
26,808
6,703
(14,780)
-
6,703
(14,780)
26,808
30,810
(23,107)
43,374		 Transfers
£
-
-
(11,743)
-
-
-
-
-
(11,268)
-
14,934
(8,077)
-
-
-
-
8,077
8,077
-		 31/12/2021
£
22,080
763
-
328
7,045
50,000
137,774
1,500
-
750,000
15,653
985,143
3,365
19,637
23,002
323,860
-
323,860
1,332,005

The Benefits Trust separate Unrestricted Fund balance has been transferred to General Unrestricted Funds during 2021.

The Revaluation Reserves relate to the valuation of the freehold properties referred to in note 3. It is understood that no fair value was attributed to the freehold property when received by the charity and therefore no deemed cost established. Consequently, the Revaluation Reserves are equal to the property valuations.

WIMBORNE GRAMMAR SCHOOL FOUNDATION - CHURCH BRANCH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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Funds 2020
01/01/2020 Income Expenditure Gains/Losses Transfers 31/12/2020
Restated Restated
£ £ £ £ £ £
Unrestricted Funds
Chisman Trust (linked charity) 21,477 574 (180) (1,257) - 20,614
Mrs C I Ellis legacy (linked charity) 708 19 - (41) - 686
Benefits Trust 11,475 287 - (627) - 11,135
Chained Library Fund 328 - - - - 328
Car Park and Graveyard Fund 6,480 249 (179) (544) - 6,006
- - - -
Revaluation reserve - car park 50,000 50,000
-
Hibberd Legacy Fund 129,008 3,418 (1,450) (7,483) 123,493
- - - -
Hibberd Legacy Fund - staff training 1,500 1,500
- - - -
Wimborne Minster Rectory (4,283) 4,283
- - - -
Revaluation Reserve - Rectory 750,000 750,000
Church Branch General Funds 1,996 506 - - (2,359) 143
972,972 5,053 (6,092) (9,952) 1,924 963,905
Restricted Funds
Queen Elizabeth School Foundation 1,775 2,941 (1,775) - - 2,941
Church Branch Restricted Funds 18,137 - - (1,107) - 17,030
-
19,912 2,941 (1,775) (1,107) 19,971
Permanent Endowment Funds
Restricted Funds 316,367 - - (19,315) - 297,052
Unrestricted Funds - 11,653 (9,729) - (1,924) -
316,367 11,653 (9,729) (19,315) (1,924) 297,052
TOTAL FUNDS 1,309,251 19,647 (17,596) (30,374) - 1,280,928
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