SARUM ST MICHAEL EDUCATIONAL CHARITY REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CHARrrY NO: 309456 CONTENTS Reference and Administrative Infonnatlon Report of the Managing Trustees Independent Examin8rf8 Report Statement of Financlal Activities Balance Sheet Notes forniing part of the flnanclal 8tatement8 10 13 14-20 FLETCHER & PARTNERS CHARTERED ACCOUNTANTS SALISBURY SARUM ST MICHAEL EDUCATIONAL CHARITY REpoKf OFTHE MANAGINGTRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 The Managing Trustees present thls report togelher with financial statements of the Charlty for the year ended 31 December 2024. The financial statements have been prepared in accordan￿ with the accounting policles sel out on pages 10 and 11 arKI comply wlth the Charity Commlssion Order, the Chartties Act 2011 and the Accounting and Reporting by Charities: Statem8nt of Recommended Practice applicable to charities preparing thelr aGcounts in accordance with tha Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) - Chariti'os SORP (FRS102). Re istored Char Number 309456 Registsred Address RooTn 2, Suite 1 Second Floor North Cross Keys House 22 Que8n Street Salisbury Wiltshira, SP11 EY Governors Ex Offlclo Govornors The Bishop of Salisbury The Dean of Salisbury The Diocesan Director of Education The Diocesan Secretary The Cha ter Clerk of Salisbu Nomlnatfve Govornors Salisbury Diocesan Synod The Right Revd Stephen Lak8 The Vary Revd Canon N Papadopulos Mrs K Fitzsimmons Mr D Pain Mrs J Molnar Cathedral Mr J Leigh (Chalr) Mr G Light appolnted 19 February 2025 Mrs JA Pltcher (Vice£hair) The Revd Prof E Stuart MBE Mrs D Wood Salisbury Diocesan Board of Educatlon Addltlonal Governors The Revd FJ Dunlop retired June 2024 Mr T Almond Ms l Deverill Mrs JR Doi Lloyds Bank plc 38 Blue Boar Row Salisbury WSltshlr8, SP11 DB Parker Bullen 45 Castle Street Salisbury Wiltshire SP13SS Mrs NA Halls FCA Fletch8r & Partners Crown Chambers Brldge Street Salisbury Wiltshire SP12LZ Rathbones Investment Management 30 Gresham Str6et London EC2V 7QN Clerk to the Governors Banker Solicitor Independent Examlnor Investment Manager SARUM ST MICHAEL EDUCATIONAL CHARITY REPORT OFTHE MANAGINGTRUSTEES FOR THEYEAR ENDED 31 DECEMBER2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Sarum St Michael Educational Charlty Is a Registered Charity founded In 1979 and Is regulat8d under the Charity Comrnission scheme of 24 January 1980. In June 2004 the Charity Commission gave an Order enabling the Charity to make changes to the original Scheme without prior approval of the Charlty Commission unless relatad to the purposes of the Charity, spending of the endowmen( conferring a benefit to Trustees or changing the name of the Charity. In addltlon Resolution 2016 permitted changes to enable electronlc means of communicatlon and racording. The Charity is managed by the Managing Trustees (known as Govemors) who comprise flv8 ex-offlao Govemors (as shown on page 1 of this report) and flve nomlnative Governors consisting of three from Ihe Salisbury Diocesan Board of Education and two from th8 Synod of the Dioce8e of Sallsbury {on8 of which is currently gapped). The Salisbury Diocesan Board of Education Is the Custodian Trustee of the Charity. The Governo￿ may appoint not mor8 than Iwo additional Governors to hold office for a t8nn of two years. Every appolntment shall be made by a resolution of the Governors to be passed at a meetlng of thelr body. All 0th8r governors are appointed after consultatlon with both Diocesan Synod and the Salisbury Diocesan Board of Education. The alm Is to have a Board of Govemors wlth as wlde a breadth of eXPerfen(￿ and skills as possible to indude rellglous, edu(E4tional, legal and financial knowledge. Governors Before n8w Governors are appolnt8d they are Invit￿1 lo attend a Govemors, meeting as an obserrfer. An Induction pack is sent to a new Govemor whSch Indudes the latest annual report and accounts, copies of th6 Charitys Scheme and accompanying Order and Resolutions, as well as all pollcies of the Charity. Organisatlon The Managing Trustees me8t four times a year to detennin8 grants and other expendtture. They review FM)Ilcy, consider financial statements and receive reports by the investment manager. At @ach of the Govemors, meetings personal, parish, school and corporate grant applications are considered and th8 d8clslon whether or not to award grants and th8 level of the award is reached wfth the consensus of the Govemors present. There is a quorum when four Govemors are pr8S8nt at the meellng. All votes are to be d8temilned by the majority, however, in th8 case of equal votes the Chair has the deciding vote. Day-to-day management of the Charfty Is delegated to the Clert( to the Govemors, asslsted by a secretarylbook-keeper. The. Chair of the Governors regularfy discusses Ihe manag8ment of the Charlty wlth the Clerk. Trusteè Renumeratlon All Governors give of th81r time freely and no Trust88 remuneratlon was paid during th8 reporting period. Detalls of any Trustee expenses and related party transactlon8 are disdos@d in this report. SARUM sr MICHAEL EDUCATIONALCHARITY REPORT OFTHE MANAGINGTRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 Trustee Confilcts of Intgr8St All Govemors are requlr8d to declare any conflict of interests durlng every Board Meeting. In the event that th@r8 is a confllct of Interest Ihe Govemor In question is requested to leave the meetlng for the rèlevant disou8slonldecision. OBJECTIVES AND ACTIVITIES The advar￿Mant of educadon In accorxlance with the prlnclples and doctslnes of the Church of England In one or more of the followlng ways: In the promotion of the &￿uCatiOn and tralnlng of persons who are. or intend to become, engaged as teachers or otherwise in work connected with religious education.; in the promollon of research in, and development of religious education; In the provision and conduct, or assistsnce in the provlslon and conduct, of a chapel and chaplaincy providing ft)r studenvs religious worship, instruction and care. In the promotion of education by the provision of Instrudion, dass88, lectures, book8, libraries and reading rooms; In making grants to persons In need of financial asslstance to enable them to attend an establishment of higher and further education or otherwise to pursue their educatlon,, and in such ways as the Govemors may from time to tim8 detemine,. Of note wlthin the Scheme 1980 Is paragrnph 24 when con8ld8ring the Appllcatlon of Income. Hamng already dealt with Ihe n8￿j to expend operational costs out of th8 income of the Ch8rfty, this seGtlon goes on to state that Ihe 'Govemors shall apply the income of the Charty in furtherfng the obJ8Gt thereof. Wth the followlng at paragraph 24 (2): The Governors shall have partlcular regard to the needs of p8rsons undergoing tralning and further tRlnlng a8 teaGh8r8 and persons pursuing higher and ftjrther edU￿tiOn,. The Charity is a member of the Religious Educatlon Council (REC) and Association of Church College Trusts (ACCT), with the alm of supporting national efforts tD promot8 the cause of religious education. The REC annual conf8ran￿ is attended by th8 School Improv8ment Advlsor within Sallsbury Diocesan Board of Education, whom reports to the Board to Govemors. One of the Govemors and Clerk to the Govemor8 attend Iwo conferences held by the ACCT each year, again rewrtlng back to th8 Board aftepNard8. Grant making is the pn.mary activlty of the Charity and as such when planning spend on grants for the y8ar. Govemors confimi that they have regard to the Charity Commisslon's gUIdan￿ on public benefit. The CharlW8 Obje(As ar8 entirely (xjnslstent with grants belng award8d for the public benefit. Pollcy on Grant Maklng The Charlty pursues its policy by maklng grants in accg)rdance with its Objects, to those liwng or studying in Sallsbury Diocesa or a neighbourfng Dlocese, for the public benefft. Applicants ar8 advlsed to check the crlterfa for Ihe type of grant applied for. Grants are awarded to indlvlduals for the pury)ose of thelr own education vthether that be in higher or further education. In partlcular those studying at Sarum College are usually supported by the Chaiity. But many study MAS and PhDs at other educational establishments across the county including the Open Unlversity. SARUM ST MICHAEL EDUCATIONALCHARITY REPORTOFTHE MANAGING TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Of significance are the number of applicants wishing to become Religious Education {RE) teachers. The Charity has a strong relationship with Winchester University to whose students studying RE PGCE are awarded a bursary. Students sludying the RE PGCE elsewhere are also entitled to the bursary. The Charity makes awards lo organisations such as churches, schools and not for profit organisations which meet the requirements of the Objects. Information ￿gardIng the criteria and the Objects of the Charity Is available on the website and by request over the telephone, post or email. Applicants are invited to complete an application form, along WFth the provision of references. As a rule funding for future years is not awarded ex￿pt in the case of the Salisbury Di0￿san Board of Education. Applicants completing a course over several years must reapply eaGh year. ACHIEVEMENTS AND PERFORMANCE In February of the previous year Govemors agreed a grant spend budget of £205.000 against a similar per￿ntage breakdown as the years before. Split of grant spend agreed was for Personal (inc bursaries) 45 %, Parishes 2 %, Schools 3 % and Corporate 50 % . The number of applications received was similar to that of previous years at 72. Albeit during this reporting period more were rejected. Care was taken to record why applications were rejected which will prove useful data. Primarily most did not meet the Objects of the Charity or were out of SGope on the basis of geography. The award allocation mostly fell within the percentsges set except for schools, which the Govemors were pleased to see increase. 10 bursaries were awarded to potential RE teachers, sadly 2 students at Winchester University did not complete the course (their bursary awards have been refunded into FY25). Overall the amount awarded fell from the previous year to £157,511 (£185.000 FY23) but with only £1.307 refunded (£6,025 FY23). Grant spend of £157,104 during this r8POrting period included an unpaid grant from the previous year (£900 FY23) and a deferred grant (£1,285 FY22) less £1,307 refunded. The Charity will no longer defer awards except in the case of the large award made to the Salisbury Diocesan Board of Education. 72 applications 9.w.ent to the Board 23 rejected success rejected SARUM ST MICHAEL EDUCATIONAL CHARITY REPORT OF THE MANAGING TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Amount of MoneyAwarded FY24 personal 4081 Parlshes Igb . &-liUU￿7 GuTyoi81¥ 40% £157,104 spent,, 2,908 beneficiaries schools in Bath & Wells Diocese and Salisbury Diocese. Monltoring Achievement The driver needs to be the number of applications received in order to tum around a greater number of beneficiaries. This is the work to be outlined in The Plans for the Future paragraph. Nonetheless the Charity can and does monitor the level of achievement by its beneficiaries. All of whom under the tems of the award make an undertaking to provide the Charity with a report of their progress, whether they be individuals pursuing a course of study or an organisation running a specific project. Evidence lo demonstrate the difference the Charity's awards have made can be found below in a sample of quotations from th& many emails of thanks received by the Charity., SARUM ST MICHAEL EDUCATIONAL CHARITY REPORTOF THE MANAGINGTRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 'An enomous thank you for the wonderful grant towards supporting the future and education of young carers through our Aspirations Conference. Your grant will have a direct impact on the number of young carers attending.. £1, 750 to The Young Carers Development Trust. .1 do not take this financial contribution lightly. I see it as support for God's calling on my life and investment in the ministry . £2, 243 1" year of MA in Christian Spirituality at Sarum College. The £2,500 bursary I retsived last year was immensely beneficial, alleviating significant strain and enabling me to excel in my studies." £2,500 bursary for RE PGCE student now teaching RE in a secondary school. "This generous support will significantly aid my joumey to becoming a proficient sign language interpreter............. .1 am deeply appreciative of your investment in my education and future. £2, 500 Diploma in Sign Language Interpreting and Translation to assist c17urch worship amongst thg doaf community. .1 am extremely grateful for the support of the trust for supporting my research, and ultimately enabling the completion of my PhD". £2,500 PhD at Oxford Brookes University. °I'm so grateful to Sarum St Michael for helping to make this year happen for me. I think I'm really making a differen￿ here.. £2.500 to fund a Gap Year student at Bishop Wordsworth School in the role assisting School Chaplain. "We had a colourful day, full of drama, dance, music and art, learning about Hindu culture and stories....... many thanks for your support.. £300 towards a Hinduism Education day at Coombe Bissett Primary School. Photos below.. SARUM ST MICHAEL EDUCATIONALCHARITY REPORTOFTHE MANAGINGTRUSTEES FOR THEYEAR ENDED31 DECEMBER2024 FINANCIAL REVIEW The only In￿Me stream is derfved from th8 investment portfollo held by Rathbones Investment ManagemenL The name change Is indicative of Investec, wlth whom the funds have been invested wlth slnce 2012, having been taken over by Rathbones. The Charity does not have a fundraislng campaign as rf( does not fundraise nor seek donations or legacles. The Charity set a budget for both grant spend and operatlonal costs In Febrnary of the previous y8ar; granl spend was below budget and operational costs almost spot on. Total Investment Income for the year was £193,496 (£164.989 FY23). Investrnent management costs ft)r the reporung perlod wer8 £36,809 (£35,142 FY23). Operatlonal costs to run the Chan'ty were £33,112 (£30,116 FY23). Total expenditure was £227.025 (£244,233 PQ3). and the net expenditure for the year was £33,529 (£79,244 FY23). Inveslment galns for the year were £407,363 (£300,463 P(23), making a net movement in funds for the year a £373,834 sU￿lUS (£221,219 surplus FY23). Encouraging after seelng a deficit 2 years previously in 2022. At the end of the year the net assets of th8 Charity were £6,609,104 (£6,235,270 FY23). Ther& were no grants approved in this financial year to be pald out in the next year except the standing £68,000 award to Salisbury Dlocasan Board of EdUCa￿On (last 2 remaining payments to be paid in 2025 and 2026). This grant covers the salary of the Schools Improvement Advisor. The Internal Controls Policy is reifjewed annually. Investmont Pollcy and Performance Ralhbones w8re Instructsd to manage the maln portfollo (Endowment Fund) to enhanc8 th8 r6al value of the capital and Income of the Fund to aim for a targat retum of CPI +3%, net of faes. A revised income target of £180,000 vras adopted. The year d81ivered another positiv8 year for equity markets. The growth of Artlficial Intell1gen￿ cont5nu8d to result in a rather ￿n￿ntrated marke( whereby a handful of very large US technology fims dellvered an outsized retum. compared with the broader market. Robust US economlc growth. allied to a services o)mponent of Infiation that remaln8d stickyi meant that the expectation of multiple interest rate cuts largely dlssipated, and the market adjusted to an expectation that interest rates might stay hlgher for longer. The total retum aGhleved by the fvnd over Ihe financial year, net of fees, was +9.2%. which compares favourably with the CPI +3% target return of +5.5%. Th8 fund again benefitted from a degreg of exposure to the high-growth technology s8Ctor, bLrt this was balanced wlth income-producing assets, given the Income requir8m6nL Income of £192,000 was generated for the year. At the end of 2024, the maln portrolio was valued at £6,436,544. The asset allocation was 21 % bonds, 20% UK equitias, 470/0 overseas equities, 3% property, 8% alternative as86ts and 10/0 cash. SARUM ST MICHAEL EDUCATIONALCHARrrY REPORT OFTHE MANAGINGTRUSTEES FOR THEYEAR ENDED 31 DECEMBER2024 Rathbon88 also manages the smaller ac£umulated income p)rtfolio. The objecttve is to enhance th8 value of the capital and income of the fund wtth the avoidance of undue risk, as the fvnd will be dra￿ down and spent when SUTtable opportunib88 arfse. At the end of 2024 the portfolio was valued at £177,079 and was Invested 37¥0 in bonds, 30¥0 in UK 8qUiti88 and 330/0 in cash. The retum for the financial year was +4.9%, against the comparator of +2.9¥o. The Inflatton-adjusted value of the endowed ￿pItal funds whose original value was £907,698 on 24 January 1980 was £3,817,817 at th8 end of thls flnancial year. This compares wlth the market valu8 of £6.613,623 on 31 Dec8mber 2024. The Investment Policy is reviewgd annually. R16k Manag•ment Rlsk Management is considered annually by the Govemors and a comprehensive Risk Assessment in place. or significance remains the matter of investsnent retums sinc8 It is that whlch d8ternilnes whettier the Charlty can (xry out It's Objects, However, the Govemors are content that thelr decision to place the funds In the care of Rathbones Investment Management the Charity has done all it can to minimise any rfsk. R8gular reports are recelved and the Investment Manager invited to SP8ak with the Govemors annually. Likewise regular Uquidity and Spend Reports presented prior to any decisions on grant Spend is made ensures that only the funds available to spend can be awarded. Resèrvos Strategy In e8sence all that sits wilhln the Accumulated Incom8 Account Is the Charty's Reserve and as such is still eaming on th8 markets whilst accessible. Thls is deemed sufflci8nt by the Governors. A sum of 3 months of operating Gosts and Impendlng grants expenditure is consider8d as an approprlate amount to be held as a mlnimum level of resep4e. The Accurnulated Income Fund held by Rathbones always exceeded thls amount throughout thls reportlng pen'od. At th8 8nd of the year the total reserves were £184,188 (£180,539 FY23). An Immedlat8 reserve of £59.662 rf needed in the worst case scenario (3mths operating costs plus grant Spend) was always available. The Reserves Policy Is rev18wed annually. PLANS FOR THE FUTURE Much work wa8 done to ensure that the n8cessary govemanc8 was put in place durlng this reporting period. Moving forward the Govemors want to see an Increas8 In the number of applications, hoping that In tum there will be an increase in grant spend and number of beneflclarfes. In order to do thls It wlll b8 nece&8ary to launch a communlcations campalgn commenclng wth the rewrft8 of the CharfVs w6bsite. Once complete and wtth an onlln8 application process steps will be taken to broadcast the Chariws exlstence amongst schools Initlally. A new website wrll brfng addltional beneflts of a more efficient and accessible appllcatlon process, whlch th8 Staff are very much looking forward to. SARUM ST MICHAEL EDUCATIONAL CHARITY REPORT OFTHE MANAGINGTRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2024 TRUSTEES, RESPONSIBILITIES IN REIATION TO THE FINANCIAL STATEMENTS The purpose of thls ststement is to distingulsh the trustees, responsibilities for the accounts from those of th8 independent examiners. as stated in their reporL The truste8s are responsible for preparing the Trustees, Annual report and the financial statements in accordance wlth appli(xble law and Unlted Klngdom Accounting Standards (United Klngdom Generally Accepted Accounting practi￿). The law applicabl& to charities In England and Wa18s requires th8 tsustees to prepare financial statements for 8ach financial year whiGh glv8 a true and fair vtew of the state of affairs Df the charfty and of the Incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trusts8s are required to: Select suitable accounting policies and Ihen apply them consistently," make judgements and estlmates that a￿ reasonable and pNdent; obsepie th6 methods and principles in the Charftles SORP; state wheth8r applicable accounting stsndards hav8 been followed, subject to any material departures that must be di8dosed and explalned in the finana.al statements; prepare th8 accounts on the golng o)ncem basls unless it is inappropriate to assume that the Charity wlll be able to continue to meet Its objectivas. The trustees are responslbl8 for keeplng proper aGcountlng re(x)rds whlch are such as to dlsclos8. With reasonable accuracy, the Charrvs financial posltion at any tim&, and to enable the tlilstaes to ensure that the accounts comply with th8 Charities Act 2011, the Charity (Accounts and Reports) Regulatlons and the provisions of the charltys constitutlon. They are also r9sponsible for safeguarding th8 Charitys assets, and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularltles. 3. d.y.K) .1< Approved by the trustees on... . and signed on their behalf by Trustee . A. prrcH6 INDEpENDE￿r EXAMINE TO THE TRUSTEES OF SARUM ST MICHAEL EDUCATIONAL CH PORT I report to the tsustees on my examination of the accounts of the Sarum St MIGhael Educational Charity (the Charfty) for the year ended 31 December 2024, which a￿ Set out on pages 11 to 20. Responslblllties and basls of report As the charlty trustees of the Charity you are responsible for the preparation of the accounts In accordanGe wlth the requlrements of the Charities Act 2011 Cthe Act,). I report in respect of my examinallon of the Charitls accounts carried out under Sectlon 145 of the 2011 Act and in carrylng out my examinatlon I have followed 811 Ihe applicable Directions given by the Charlty Commlsslon under section 145(5)(b) of the Act. Independent examlnerfs ststsment I have completed my examination. I confirm that no materfal mattern have come to my attention in connection with the examination giving me cause to believe that in any material respect: (1) accounllng records were not kept in re8peGt of the Charity as required by section 130 of the Act; or (2) the accounts do not accord with those records,. or {3) Ihe accounts do not comply wlth the applicable requirements concemlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts give a Iwe and fair view which is not a matter consldered as part of an irKlependent examlnation; I have no Goncems 8nd 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 N A Halls FCA Fletcher & Pathers Chartered Accountants Crown Chambers Bridge Street Sallsbury Wlt8hire SP12LZ Dale: I>F.J.Vwl...2025 10 SARUM ST MICHAEL EDUCATIONAL CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestthtsd Endowment Fund8 Funds Total Total 023 Note INCOME FROM: Investments 193,496 193,496 184,989 TOTAL 193,498 193,4S6 164,989 EXPENDfwRE ON: Ralsing funds: Investment management costs 716 36,093 36,809 35,142 Chaiitabkn actlvitles: Grants payable 19),216 190,218 209,091 TOTAL 190,932 36,093 227,025 244,233 NET INCOMEI(EXPENDITURE) BEFORE GAINSIILOSSES) ON INVESTMENTS: (36,093) (33,529) {79,244) NEf GAINSI(LOSSES) ON INVESTMENTS: Reallsed galnsl(108s6s) on Investsnents 231 35,684 35,915 2,740 Unrealised gainsl(losses> on invesbnents 370,694 371,448 297,723 NEf INCOMEI(EXPENDITURE) 3,649 370,185 373 834 221,219 Transfe￿ between fijnds NET MOVEMEKf IN FUNDS 3.649 370.185 373,834 221,219 RECONCILIATION OF FUNDS: Total ￿ndS brought forward 11,12 6 054 731 6 235,270 6 014 051 Tolal fvnds carrled foward 11,12 £ 184188 £ 6424916 £ 6609104 £ 6,235270 The ststement of financlal activitles includes all gains and losses recognised In the yeat3 2024 and 2023. Tha notes on pages 14 to 20 fomi part of these accounts. 11 SARUM ST MICHAEL EDUCATIONAL CHARITY STATEMENT O NANCIAL CTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2023 COMPARA TIVEY ONL Y Endowment Totsl Fun Unrestricted Fu Note INCOME FROM: Investsnents 164,989 164,989 TOTAL 164.989 164,989 EXPENDrruRE ON: Ralslng lund8: Investment mahagement costs 34,51JO 35,142 Charftable actmtlos: Grants payable 209,091 209,091 TOTAL 209,733 34,500 244,233 NET INCOMEI(EXPENDITURE) BEFORE GAINSI(LOSSES) (44,744) (34,500) (79,244) NEf GAINSIILOSSES) ON INVESTMENTS: Reali8ed galnsl(108ses) on Investments 2,092 648 2,740 Unrealised galnsl(bs888) on imie8tments 4,556 293,167 297,723 NET INCOMEI(EXPENDITURE) 259,315 221219 Transfers be￿en furKI8 NET MOVEMEKf IN FUNDS (38,096) 259,315 221,219 RECONCILIATION OF FUNDS: Total funds brought forward 11, 12 218,635 5 795,416 6,014,051 Total funds ca￿led foNKrd 11, 12 £ 180,539 £ 6,054,731 £ 6,235,270 The statement of financlal actNitses Includes all gains and losses recognlsed In the year 2023 The notes on page8 14 to 20 fonn part of these accounts. 12 SARUM ST MICHAEL EDUCATIONAL CHARITY ALANCE SHEET AS AT 31 DECEMBER 2024 2023 FIXED AssErs: Tangible assets Investsnents Endowtnent Funds Unrestsicted Funds 6,436,545 118,684 8 556 209 6,071,130 141978 6 213 108 Totsl fixed assgts CURRENT ASSETS: Investments Debtors Cash at bank and In hand Total current assets Unrestricted Funds 58,418 1,279 31,157 1,435 67,969 35,778 LIABILrriES: CREDITORS". amounts falllng due within one year NEf CURREKf ASSETSI(LIABILrriES) 10 53,895 22,162 TOTAL NET ASSETS £ 6,235,270 THE FUNDS OFTHE CHARrrY: Endowment Funds Unrestrfcted Funds TOTAL CHARITY FUNDS 11 12 14 6,424,916 6,054,731 £ 6,235,270 Approved by the ManaglrvJ Trustees on 2025 arnl slgned on th￿r behalf by . Trustee The nots8 on pages 14 to 20 fomi part of these a￿Unts 13 SARUM ST MICHAEL EDUCATIONAL CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIE8 Basls of preparlng the flnanclal statoments The financial statements ot th6 Chan'ty are prepared In accordance wlth the Statement of RecommerKled Practice: Accounting and Reporting by CharitEs preparfng their accounts in accordance with the Flnanclal Reportlng Standard appllGable in the UK and Republk of Ireland (FRS 102) (effective from 1 January 2019), the Financlal Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 102) and the Charities Act 2011 and UK Generally AC￿pted Accounting Praclice as it applies from 1 January 2019. Th6 accounts {flnanclal statements) have been prepared to give a ttrue and falrf vlew and have departed from the Charitles (AcGounts and Reports) Regulatlons 2008 onty to the extent required to provide a 'true and fatr vlew. Thls departur6 has Involved follothrfng Accountlng and Reportlng by Charities preparing thelr accounts In accordance wlth the Financial Reportlng Standard applicable In the UK and Republic of Ira￿d (FRS 102) rather than the Accounting and Reporlng by cha￿￿es.. Stalement of Recommended Praclice effective from 1 Aprll 2005 which has sinc6 been thdrawn, These financlal statements are drawn up on the hlslorfcal cost accounting ba818 except that ¥estment assets are carrfed at market value. The chaiity consti￿te8 a publlc benefit entlty as defined by FRS 102. A summary of the more Important ac¢ountfng policies is set out below. Preparatlon of the accounts on a golng concern basls The investment income and values improved In comparfson the previous year. The number of grants paid Increased in the year. The trustees consider that there are no material uncertainties about the charltys ablllty to contlnue as a golng concern. There are no material Judgements that affect the accounts. The main source of e8￿ma￿On uncertainty for 2025 relates to the value of Investsnents and Investment Incorn Fund slructure Unrestricted funds comprise those fund8 whlch the trustees are freg to use In accordance wth th8 charStable objects. DeS￿nated ftjnds comprise unresblcted funds Ihat have been set aside by the trustees ft)r particular purpose8 (see note 12). The endowment fuThJ represents those assets whlch must be hebj pemianW by the Chartly. Income atslng on the endowment fund Is to be used in accordance wlth th8 obiects of the Charlty and is included as unrestrlcted Income. Any reallsed or unrealised capital gains or losses arfslng on the Investments fomi part of the fund. Income Income Is accounted for In the period in whlch the Charfty Is entitled to the income, it is probable that the Income wlll be recelved and the amount of Income can be rneasured rellably. Dlvklends are recognised onc8 the dlvldend has been declared and nollfication has been ￿ceiVed of the dlvldend due. Interest b recogni8ed when reoeivable. Expondlturn LIabill￿a3 are reeognlsed as expendliure as soon as tsre is a Jegal or conslructlve obllgavon comrnitting the charity to that expenditure, It is probable that settlement will be required and tt)e amount of the Obliga￿On can be measured rellably. Exp8ndtiur8 Is Included on an ￿rualS basis and includes VAT where charged. Grants payable are charged In the year the offer ts conveyed to Ihe reciplent except In th&8e ca688 where the offer is conditlonal, such grants being wnl8ed as expendiiure ￿en the o)ndtUons attachlng are fulfilled. Allocatlon of support costs and governance costs Support costs have been differentiatsd betsyeen govemance costs and other support costs. Governance costs comprise all costs involvlng the public accountablllty of the charlty and its compliance wlth regulatlon and good prac￿Ce. These costs Include costs related to statutory audlt or Independent examlnatsn together with an apportlonment of support costs. Governance and othèr support costs relafjng to charttable activ5tles have been apportloned ba8ed on the number of grants awarded per category of grnnt In recognition that the administrdtive burden of awardlng and monitoring each grant18 broad￿ equivalenL Th8 allocation of support and governan￿ costs Is analysed in note 5, 14 SARUM ST MICHAEL EDUCATIONAL CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 l. AccouKllNG POLICIES (Continuedl Expendllura on ralslng funds Expenditure on raising funds o)mprlse Investw￿t management costs. Charltable acdvltles Costs of Charitable aGtlvltles Include grants made, govemance costs and an apportionment of support costs as shown In note 4. Tanglble flx8d assets Tanglble assets costing more than £1,iX)O are capilalised and Includad at cost Depredation is provlded on fixed assets at the folowlng annual rate8 in O￿ler to write off each asset over Its estim*d u8efvl ￿e. Computer equipmenL' Office equipmenL' OfNce fumiture: Ftxed asset Inv88tmonts Fixed asset Investments are a fomi of basic fknanclal Instrument and are initsally reccgnised at their tran8actlon value and subsequently measured at thelr falr value (mid marf(et price) as at the balance sheet date. The staternent of Flnanoial Acbvities inGludes the net gains and losses arlslng on revaluatbn and disposals throughout the year. The chaty does not acqulre put options, d6thialJves or other complex financlal insttuments. 250h per annum on ¢08t 20Qfi per annum on cost 10% annum on cost Reall8ed galns and losses All gains and losses are taken to the Statement of Ftnancial Actfvities as they arise. Realised galns and losses on Investsnents are calculated as the difference belween the sale prO￿edS and opening market valug (or purchase date If kter). Unreali8ed galns and losses are cakulated as the difference betsveen the market value at the year end and opening matket value (or purchase date rf later). Debtors Debtors ar8 measured at the amounts the charlty antsclpates It will recerve from a debt or the amount It has pald In advance aoods or seNlces. Ca8h at bank and In hand Cash at bank and In hand includes cash and cash on depJslL Llabilifjes Llabillties are measured at the amounts the charity antkipat8S it wlll pay to settle a debt or the amount it has recdved as an advance payment for ooods or sepilces It must provtde. Flnanclal Instruments The charity only has financlal assets and labilrks of a kind that qualify as bas￿ financlal instruments. These are recognlsed at amortised cos( except for Investments which are measured at fair value with changes recognised on the Stst￿nent of Financlal Actr41tfes. Loase8 Commltments in respect to rent and other charges paij under operatlng leases are shovffl in the notes to the accounts. Costs are recoqnised in the SOFA on a straAht line basis over the lease terni. 2. INCOME FROM INVESTMENTS 2024 2023 Income fmm listed investment8 Interest recelved on cash deposits 190,727 2,769 £ 193 496 £ 164,989 163,126 All Investrnent Incom8 Is unresblcted. 3. EXPENDITURE ON RAISING FUNDS Investrnent management costs un￿s￿l¢ted funds Endowment funds 718 36,093 642 34,5QM) 15 SAR L EDUCATIO RITY NOTES FORMING PART OF THE FINANCIAL STATE FOR THE YEAR E DED 31 DECEMBER 2024 4. ANALYSIS OF CHARrrABLE EXPENDITURE The charlty undertook no dlred charftabb aclfvltles but awarded grants to a number of Indlvldua18 and inEtltufjon8 In fvrtherance of Its charitable athitles. All grants approvad are subject to the redpient fulfilllng certain ￿KIll[OnS. Th8 amount payabl& In the year 2024 Supp)rt and govemance Number of to Instituttons Total Trus a> Tralnkng for RE teachlr (for 10 Students) 25,000 1,352 28,352 b) RE researth and develoFffl8nt c) Chapel arKI chaplalncy 3,000 676 3.878 d) Teathlng resources 13 82.257 {ion 8,785 90,935 8) FInar￿la[ a88l$tance 33 49 £ 85257 £ 48,154 L £73154 £ (1,200) 22299 69,253 £ 33112 £ 190216 107 2023 Support 8fKI governance Number of Grants Ins Grants to I Ivlduals Tot81 a> Tralnlng for RE teaoling 25,000 {1,9451 1,457 24.512 b) RE research arKI develowienl c) Chapel and chaFdalncy 8.000 971 8,971 d) Teachlng resourftA8 14 85,272 6,800 92,072 e) Financial asslslance 86,728 £91728 £ (4,080) 20,888 83,536 £ 30 116 £ 209091 62 £ 93 All expendiiure on Ch￿{table was frorn unrestrf(*ed In 2023 2024. The larggsl In8tJtArtlonal made In 2024 were: d) Teachlng R8ourceB £68,000 to the Sallslyjry Dl*x88an Board of Ed￿tIon to supyxt the emF4oyment ol the Dloce8an RE A￿ser and SIAMS {8tatutsy InspeA*)n ￿.AnglIGan and Methodlst Schoo18) manager arKI tha devdcpment of the work of ts SGPhJol Effectlveness Advl8er8. st 08mund's Mvjdle School received £3,467 for the cost of a retr￿t for 181 Y8ar 7 puplls to Sall8bury Cathadral. Encounter Chrlstlanlty recerrfed £2,400 a8 funding for 3 SpecTal Ne8d8 S￿80ry Workshops. Young Carer8 Development Trust recelved £1,750 to 8UPPOrt thetr Asplrattons Corrference. c) Chaplalncy SI IAurenc8 School, ￿d10rd on Avon, received £3,000 fi)rth* Chaplaincy programme. The balance of Inslltuuorwl grants was made up of 9 grants totallng £6,533. 16 SARUM ST M CHAEL EDUCATIONAL CHARITY TES FORMING PART OF THE FINANCIAL STATEMENTS OR THE YEAR ENDED 31 DECEMBER 2024 5. ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS The breakdo￿ of support costs and how these were althabj be￿en governance (5%) and othgr support costs (95%) Is shown In the table below. Basis of Other support Govemance cos Total Total 2023 staff costs Stsff expenses Office premis&s c%)sts Offl¢e admlnlstratlve costs Legal and profes8k)nal Costs Depreciatlon Staff time staff tlme staff tlme staff tlme staff timo staff time 18,841 95 5,557 1,575 693 19,833 100 5,849 1,858 730 19,099 634 3,028 1,562 790 292 83 37 28 170 £ 25 113 .GOVERNANCE COSTS A¢¢ountants' remunerat for accountsnGy servKes for Independent examinatK)n 2,085 2,064 2,085 2,064 772 875 1,409 1,256 6,351 £ 6,259 Cost of meetlngs Supwrt costs.(5%) TOTAL supPo￿r COSTS 23 other support costs GovemanGe (x)sts 26,761 23.857 6,351 6,259 33,112 £ 30,116 The total support cost attrtbutsbSe to charltable activlties Igrdnts payable) is apportioned rata by the number of grants awarded per category of grant as sl¥Jwn In note 4. ANALYSIS OF STAFF COSTS 023 Salarles Scctal seGurlty costs Pension costs 19,740 19,099 93 19,833 £ 19,099 The average nUMt￿ of employees durfng the year NYa8 2 (2023- 2). No employees had emoluments above £60,000 In 2024 or 2023. The thaiity contrlbutes to a defined Contribution penslon scheme for empk)yees. The a55ets of the scheme are held 8eparately frun those of the Charlty. Penslon costs charged In the Statement of Flnanclal Activities represent the contiibutions payable by the charity In the year. The day to day operatlons of the chartty Is delegated by the Trustees to the Clerk who Is consldered to be the key management person. The total cost of key management personnel during the year was £12,354 Trustses received no remuneration or beneflts {2023 - n￿. Trustee travel expenses of £22.32 were reimbursed In the year to one bustee. {2023 - nll). 17 SARUM ST MICHAEL EDUCATIONAL CHARITY ES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. TANGlbLE FIXED ASSETS Computer ul Offlce men 418 Fu At 1 January 2￿24 At 31 December 2024 173 173 591 418 591 Depreclatlon At 1 January 2024 At 31 Decemb6r 2024 173 418 591 173 418 591 Net Book Valuo Al 31 December 2024 At 1 January 2¢r24 8. FIXED ASSET INVE8TMENTS End nt Funds 023 re 2024 Listed Investmonts 2023 Market value at 1 January Additsons to Invesknents at CO8t Disposals at carrying value Net galnl(106s) on revaluation Mad(et value at 31 December 6,042,893 5,793,402 157,284 1,393, 9,894 70,667 (1,385,518) {1,013,570) (ll￿,829> 370,594 293,167 4,556 £ 6,421,065 £ 6,042,893 £ 118,664 £ 125,678 125,678 65,628 (73,498) 854 Historfcal cost as at 31 Decemb £ 5,069,035 £ 4914077 £ 106,324 £ 106,062 Endowment 2024 Unrestrfct ds 20 Cash wlth Investment Manage Held at 1 January Inveslrnent Income Proceeds trom sale of I￿estr￿ents Other investsnent receipts