BISHOP WORDSWORTH'S TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charlty Number: 309475
BISHOP WORDSWORTH'S TRUST CONTENTS OF THE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Trustees, Report Legal and Administrative Information Independent Examinerfs Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-11
BISHOP WORDSWORTH'S TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their annual report together with the financial statements of Bishop Wordsworth's Trust {the°Trust") for the year ended 31 August 2024. Legal and administrative information set out on page 3 fomis part of this report. The Trustees confirm that the annual report and financial statements of the Trust comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) FRS102 Accounting and Reporting by Charities" OWECTIVES AND ACTIVITIES Bishop Wordsworth's Church of England Grammar School (the 'School') is an academy trust that provides secondary education for boys aged 11-18 and for girls from 16 to 18 years of age. It offers a balanced and broadly-based curriculum until the age of 16, an 'A' Level curriculum from age 16 to 18 and prepares students for exiemal examination and subsequent entry to higher education in a wide range of academic disciplines. students are mainly drawn from the Salisbury area at age 11 and from a wider area across South Wiltshire and West Hampshire at Sixth Form entry. As well as academic work, the School offers an extensive programme of extra-curricular activities across the entire age range. The School is a selective school and is designated with a religious character as Church of England. The Christian ethos is central to the core values of the School. The objeds of the Trust are to assist the educational objectives of the School by receiving donations and granting and holding monies to fund school activities either directly or by financial assistance to students individually. ACHIEVEMENTS AND PERFORMANCE The Trust owns some land and buildings (the Bishopgate Site) immediately opposite the entran of the main school site. During the year, the Trust and the School negotiated a 125-year lease for the School's use of the Site, the first 25 years being chargeable, the remaining 100 years being peppercorn. Bishopgate had previously been used by the School but this arrangement will provide long-term security of tenure. FINANCIAL REVIEW During the year the Trust received £103,167 {2023: £137,279) and expended £22,066 {2023'. £30,250). This generated a surplus for the year (including unrealised gains on investments) of £107,682 (2023= £77,929 deficit). taking the year end funds to £1,075,706 (2023.. £968,024). CONTINGENT LIABILITY Trustees are cognisant of some significant expenditure requirements for the School in the next few years, in particular a proposal to build a new teaching bl(xk on the Bishopgate Site. Trustees have considered how best to support the School in that venture and have undertaken to grant £210,000 towards the project in the event that construction proceeds. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust was registered with the Charity Commission on 5th December 1962. Its governing document was updated under a scheme by the Charty Commission on 30th September 2021, including a change of name. The Trust is administered by the Trustees, who met once during the year to receive reports on the state and developments of the affairs of the Trust and at other times online to consider routine business. The Trustees are listed on Page 3 to this R8POrt.
BISHOP WORDSWORTH'S TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the Charty and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP 2015 (FRS 102}', Make judgements and estimates that are reasonable and prudent; stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the chariiy and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. Approved by the Trustees on . and signed on their behalf by-. QCW, Julia Cox Trustee
BISHOP WORDSWORTH'S TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 Status.. The organisation was registered as a charity on 5 December 1962. Charty Number.. 309475 Registered Office.. Bishop Wordsworth's School Exeter Street Salisbury SP12ED Trustees: Mr G Branagan (until 101h October 2024) Mr G Lloyd (until 11th March 2024) Mrs J N Cox (from 91h December 2024) Mr B L Smith MrJRBBlake Mr N Williams Bankers.. Lloyds Bank plc Blue Boar Row Salisbury SP1 1DA Independent Examiner.. Simon Ellingham FCA Fawcetts LLP Chartered Accountants Imndover House St Ann Street Salisbury SP12DR
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BISHOP WORDSWORTH'S TRUST I report to the charty trustees on my examination of the accounts of the charity for the year ended 31 August 2024 which are set out on pages five to eleven. 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 Charty Commission under section 145(5)(b) of the Act. Independent examinerfs 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: accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. 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. on Ellingham BA FCA DChA Fawcetts LLP Windover House St Ann Street Salisbury SP12DR
BISHOP WORDSWORTH'S TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Funds Unrnstrlcted Rostrlcted 2024 Total 2023 Total Note INCOME AND ENDOWMENTS FROM: Donations and legacies 16,599 71,503 110,344 Charitable activities Other trading aciivities 22,500 22,500 14,002 Investments 9,164 9,164 12,933 Total income 86,568 16,599 103,167 137,279 EXPENDITURE ON: Raising fvnds Charitable activities 17,941 4.125 22,066 30.250 Total expenditure 17,941 4,125 22,066 30.250 Realised gainsl(lossesl on disposal of investments Unrealised gainslllossesl on investments (23,371) 26,581 26,581 (5,729) NET INCOMEI(EXPENDITURE} FOR THE YEAR 95,208 12,474 107,682 77,929 Transfers betsveen funds NET MOVEMENT IN FUNDS 95,208 12,474 107,682 77,929 RECONCILIATION OF FUNDS: Total funds as at I September 2023 881,040 86,984 968,024 890,095 TOTAL FUNDS CARRIED FORWARD 976,248 99,458 1,075,706 968.024 There were no other recognised gains or losses other than those stated above. The notes form part of these financial statefflents
BISHOP WORDSWORTH'S TRUST BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Nots FIXED ASSETS Tangible assets Investments 501,589 341,602 843.191 504,715 315,021 819,736 CURRENT ASSETS Cash at bank and in hand Debtors 232,122 2,500 148,288 CREDITORS: AMOUNTS DUE WITHIN ONE YEAR (2,107) NET CURRENT ASSETS 232,515 148,288 TOTAL ASSETS LESS UABILITIES 1,075,706 968,024 FUNDS Unrestricted funds Restricted funds 10 11 976,248 99,458 881,040 86,984 TOTAL FUNDS 1,075.706 968,024 The fin nc al statement5 were approved and authorised for issue by the Board of Trustees on .2u. .3S.... and were signed on its behalf by. Julia Cox Trustee The notes fomi part of these financial statements
BISHOP WORDSWORTH'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared under the historical cost convention and in accordance with applicable Accounting Standards in the United Kingdom, the accounting regulations issued under the Charities Act 2011, the Statement of Recommended Practice {SORP) FRS102 "Accounting and Reporting by Charities issued in October 2019. 1.2 INCOME AND EXPENDITURE Incoming resources are accounted for as and when entitlement arises and the amount can be reliably quantified. Expenditure is included on an accruals basis and is recognised when there is a constructive or legal obligation to pay. 1.3 TANGIBLE FIXED ASSETS Depreciation is provided on tangible fixed assets other than freehold land, at rates caculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows: Land and buildings 20/0 Straight line 1.4 FUND ACCOUNTING UnrestrFCted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds are funds which are used in accordance with specific restrictions imposed by donors or have been raised by the charity for particular purposes. DONATIONS AND LEGACIES Total 2024 Total 2023 Unrestrfcted Restricted Donations (including Gift Aid claimed) Legacies 54,904 16,599 71,503 110,344 54,904 16,599 71,503 110,344 2023 total 65,939 44,405 110,344 TRADING ACTIVITES Total 2024 Total 2023 Unrestrfcted Restrlcted Rent received 22,500 22,500 14,002 22,500 14.002 22,500 14,002 14,002 2023 total
BISHOP WORDSWORTH'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 4. CHARITABLE ACTIVITIES - EXPENDITURE Total 2024 Total 2023 Restricted Clubs and events Prizes and award5 Donations to other charities Depreciation Support costs 6,489 640 1,050 3,075 7,539 3,715 14,004 6,310 8,162 1.563 211 3,126 7,686 3,126 7,686 17,941 4,125 22,066 30,250 2023 total 18,039 12,211 30, 250 5. INVESTMENTS 2024 2023 Invesljnent funds: Market value at I September 2023 Acquisitions at cost Disposals at opening market value Unrealised gainsl(losses) on investments 315,021 884,121 1543,371) 15,729) 26,581 Market value at 31 August 2024 Historic cost of investments 341,602 315,021 248,699 248,699 6. FIXED ASSETS Land and building8 Cost At 1 September 2023 Additions Disposals At 31 August 2024 506,278 506,278 Depreciation At 1 September 2023 Charged in year On disposals At 31 August 2024 1,563 3,126 4,689 Net book values At 31 Augusl 2024 501,589 At 31 August 2023 504,715 The Bishopgate Site includes land valued at £350,000 which is not depreciated.
BISHOP WORDSWORTH'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 7. TRUSTEES, REMUNERATION AND EXPENSES None of the trustees received any remuneration or reimbursement of expenses during the year (2023.. nil). There were no employees during the year (2023: none). 8. CASH AT BANK AND IN HAND 2024 2023 "School Fund" account "Income Appeal" account 147,426 84,696 98,673 49,615 232,122 148,288 9. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR 2024 2023 Accrued expenses 2,107 2,107 10. UNRESTRICTED FUNDS 1 Sept 2023 Incoming resources Outgoing Gainsl{losses) Balance at resources & transfers 31 Aug 2024 General fund 881,040 86,568 17,941 26,581 976,248 881,040 86,568 17,941 26,581 976,248 Comparative information in respect of the preceeding period is as follows.. 1 Sept 2022 Incoming resources Outgoing Gainsl(losses) Balance at resources & transfers 31 Aug 2023 General fund 835,305 92,874 18,038 (29,101) 881,040 835,305 92,874 18,038 (29,101) 881,040
BISHOP WORDSWORTH'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. RESTRICTED FUNDS Balance at 1 Sept 2023 Balance at 31 Aug 2024 Incoming resources Outgoing Gainsl(losses) resources & transfers Sport AGP Music Prizes 1,000 13,822 1,167 610 1,000 50 45,094 7,385 34,505 58,866 8,552 32,040 3,075 86,984 16,599 4,125 99,458 The Sport Fund represent donations and sponsorship received for the specific purpose of supporting games and sport at Bishop Wordsworth's Church of England Grammar School. The AGP Fund represents donations and sponsorship received for the specific purpose of supporting instsllation of an artificial grass pitch (AGP) at the School. The Music Fund represent donations and sponsorship received for the specific purpose of supporting extra-curricular music at the School. The Prize Fund represents donations received for the specrfic purpose of presenting prizes and scholarships to students at the School. Comparative information in respect of the preceeding period is as follows: Balance at 1 Sept 2022 Balance at 31 Aug 2023 Incoming resources Outgoing Galnsl(losses resources & transfers Sport AGP Music Prizes 500 33,671 9,824 410 500 11,423 2,962 40,405 45,094 7,385 34,505 5,401 6,310 54,790 44,405 12,211 86,984 io
BISHOP WORDSWORTH'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible flxed assets Investment Current assets Current liabilities Totsl Unrestricted General fund 501,589 341,602 135,164 {2,107) 976,248 Restricted Sport AGP Music Prizes 58,866 8,552 32,040 58,866 8,552 32,040 501,589 341,602 234,622 (2,107) 1,075,706 Note.. the Balances and Totals include unrealised investment gains. Comparative information in respect of the preceeding period is as follows: Tangible fixed assets Investment Current assets Current liabilities Total Unrestricted General fund 504,715 315,021 29,110 848,846 Restricted Sport AGP Music Prize fund 78,765 11,808 28,605 78,765 11.808 28,605 504,715 315,021 148,288 968,024 13. RELATED PARTY TRANSACTIONS During the year, donations of £11,254 (2023: £8,162} were made to Bishop Wordsworth's Church of England Grammar School, and rental income of £22,500 (2023 £14,002) was received from the There were no other related party transactions (2023: none). 14. CONTINGENT LIA81LITY In May 2022, Bishop Wordsworth's Church of England Grammar School was awarded a grant by the Department for Education to build a new teaching block. The School is seeking planning consent and the Trust has a contingent liability to contribLrte £210,000 to the project in the event of construction going ahead. li