## **ST BONIFACE TRUST** ## **WARMINSTER** formerly known as St Boniface College Charity Registration Number 309500 ## **STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020** ## **CONTENTS** ## Page - 1 - 3. Trustees' Annual Report 4. Independent Examiner's Report 5. Receipts and Payments Account - 6 -7. Statement of Assets and Liabilities - For trustees' use only 8 - 9. Notes to the Accounts ## **CHARTERED ACCOUNTANTS** **FLETCHER & PARTNERS** **SALISBURY** **ST BONIFACE TRUST WARMINSTER TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020** Page 1 The Trustees present their report along with the financial statements of the Charity for the year ended 30 September 2020. ## **LEGAL STATUS** The Trust is registered Charity number 309500. It was established under an Indenture dated 23 July 1913, as amended by a Charity Commission scheme dated 7 January 2004. This scheme was replaced by a scheme dated 6 July 2012 and a Deed of Revocation and New Declaration of Trust dated 9 July 2012. ## **MEMBERS OF THE COUNCIL AND TRUSTEES** EX OFFICIO: The Archdeacon of Sarum : The Ven Alan Jeans * The Rector of St Denys, Warminster : Rev Jacques T M Desrosiers (Priest in Charge) NOMINATED: The Bishop of Ramsbury : The Rt. Revd Dr Andrew Rumsey (by the Bishop of Salisbury) (appointed January 2019) CO-OPTATIVE: * Rev R Davies - re-elected 13/07/18 * Rev D Hayes - retired 14/07/20 *# Rev E J Perry - re-elected 14/07/20 * Cdr W H E Phillimore - re-elected 14/07/20 * Rev Preb P Rapsey - re-elected 14/07/20 * Vice-Admiral Sir P Spencer - re-elected 13/07/18 The Ven R Turner - re-elected 13/07/18 (nominated Chairman from 17/3/06 and re-elected Chairman from 10/7/15) * Rev Canon A G Watts - re-elected 12/07/19 Rev J Willard - re-elected 14/07/20 Rev I Zass-Ogilvie - re-elected 14/07/20 (* - Standing Committee member, # -Standing Committee chairman) ## CUSTODIAN TRUSTEE: The Salisbury Diocesan Board of Finance, Church House, Crane Street, Salisbury SP1 2QB PRINCIPAL OFFICER: Mr D Prior - Secretary ADDRESS: 4 Cley View, Warminster, Wilts, BA12 8NS ADVISERS: Bankers : Lloyds Bank Plc, 37 Market Place, Warminster BA12 9BD Solicitors : Farnfields, 37 High Street, Warminster, BA12 9AJ Independent Examiner : Mrs N A Halls, Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury SP1 2LZ Surveyors : Cooper & Tanner, 48/50 Market Place, Warminster, BA12 9AN Investment Advisers : Charles Stanley & Co, 55 Bishopsgate, London, EC2N 3AS ## **OBJECTS** The objects are defined as "to apply the trust property for such charitable purposes as shall advance the Christian religion in accordance with the principles of the Anglican faith, for the public benefit in all parts of the world and in particular by the provision of education and training of priests and lay people of the Anglican Communion by the award of scholarships and maintenance allowances." **ST BONIFACE TRUST WARMINSTER** Page 2 ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020** ## **(Continued)** ## **POLICIES** St Boniface College in Warminster ceased to train priests in 1969 and the freehold property is now leased to provide income for the charity. The rent and other income from investments provide funds for making grants to individuals and institutions in accordance with the objects. Until merged on 17 June 1996 the Charity also administered various subsidiary Charities which have been put under its control by Charity Commission Schemes of 9 January 1980 and 19 June 1981. ## **ORGANISATION** The Charity is operated by a Council, which meets once a year, and a Standing Committee of eight which meets four times a year to consider grant applications and matters requiring attention during the year. The Secretary deals with the day to day administration of the Charity on behalf of the Trustees. Co-optative members of the Council are appointed for terms of three years and vacancies are filled by personal recommendation. New trustees are inducted and trained by the Secretary, the Chairman and the Chairman of the Standing Committee. A new post of "Nominated Trustee" was appointed by the Bishop of Salisbury for a term of three years. ## **INVESTMENT POWERS AND POLICY** The Trustees' powers of investment are as set out in the Trustee Act 2000 which came into force on 1 February 2001. The Trustees aim to maintain and enhance the real value of the trust's assets over the long term. The freehold land and buildings are leased to provide rental income and the remaining funds are invested to supplement the Charity's income and seek some capital growth over the long term. ## **GRANT-MAKING POLICY** The grant-making policy was reviewed by the Standing Committee in July 2001, and a decision was made to attempt to allocate 50% of the grant budget to overseas projects and training, in order to ensure that the Charity's worldwide missionary objects continue to be met. The remaining grants would be used for general training, book grants, sabbaticals and marriage support for clergy. The Committee also decided to actively seek out overseas projects worthy of the Charity's support, instead of relying solely on responding to applications for assistance. ## **REVIEW OF ACTIVITIES AND ACHIEVEMENTS** The Standing Committee considered some 47 grant applications throughout the year of which 17 (36%) were approved and 30 (64% )were declined . The total value of new grants awarded was £59,000 of which £42,872 (72%) were for applications received from overseas . Additionally, £19,443 was paid out for grants awarded in previous years. New overseas grants were given to Burundi, Kenya, Tanzania and South Sudan. £3,000 was contributed towards the cost of Extended Ministerial Development Leave (sabbaticals) or study leave. The trust paid the utility bills for St Boniface Lodge whilst vacant. It was agreed that the lodge would be leased to Warminster School from 1st January 2020. The trust paid the legal costs associated with the lease agreement in the year. **ST BONIFACE TRUST WARMINSTER** Page 3 ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020** ## **(Continued)** ## **PUBLIC BENEFIT STATEMENT** The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. ## **REVIEW OF TRANSACTIONS AND FINANCIAL POSITION** The Trust received income of £73,555 during the year, including rent of £40,000, investment income of £25,732 and £7,823 from the estate of Canon Townroe. A further annual instalment of £4,000 from the sale of the playing fields to the school in 2004 was received and invested and Charles Stanley & Co sold investments producing sale proceeds of £115,491 from which their management fees were deducted of £6,513, and £40,051 was used to purchase new investments. Payments totalled £66,153 of which £47,468 was spent on grants, £6,513 on Charles Stanley & Co management fees and £4,388 on The Lodge. At the year end, the Trust's freehold investment property, including the Lodge, was worth approximately £900,000 and the other investments, excluding uninvested capital cash, had a market value of £697,289. ## **RESERVES POLICY** The Charity holds £1,645,010 as unrestricted reserves, of which £1,549,464 represents property and investments and £60,000 is owed to the charity over 14 years. The trust fund is treated as held for the long term to produce income for the charity's grant -making objective. The Trustees do not hold reserves, as funds are distributed as grants throughout the year. They would view any balance of funds as designated for emergency repairs to the buildings owned by the Charity and to cover normal working capital requirements. The Trustees consider the financial position of the Trust to be satisfactory and confirm that the accounts comply with the Charity Commission guidance and with the Charity's governing document. ## **COVID - 19** Shortly following the first Covid 19 lockdown starting in March 2020, the trustees decided to offer a rent ‘holiday’ in view of the fact that the school was having to close with possible consequent loss of income. The secretary approached the school bursar and it was agreed that no rent would be expected between the date of the lockdown and when the school re-opened for normal tuition; a date that was unknown at the time, but which turned out to be 1[st] September 2020. Grateful thanks were offered by the bursar on behalf of the school. Rent was paid in the interim period which is being treated as paid in advance. Signed on behalf of the Trustees David Prior Secretary Approved by the Trustees on : March 2021 Page 4 ## **ST BONIFACE TRUST WARMINSTER CHARITY NUMBER 309500 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ST BONIFACE TRUST** I report to the trustees on my examination of the accounts of the St Boniface Trust (the Trust) for the year ended 30 September 2020. ## **Responsibilities and basis of report** As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directors 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records. 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. Signed: Name: Nicola A Halls Relevant professional qualification or membership of professional body (if any): FCA Address: Salisbury Date: March 2021 Page 5 **ST BONIFACE TRUST** ## **WARMINSTER** ## **RECEIPTS AND PAYMENTS ACCOUNT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2020** |**RECEIPTS**
Donations, legacies and other similar receipts
Rental from investment properties
Other Investment income
1
Income tax recovered on investment income
Reunion income
Book Sales : "The Warminster Venture"
**ASSET AND INVESTMENT SALES, ETC**
Sale of land - annual deferred instalment
Sale of investments - icon
Sale of investments (including legacy)
**TOTAL RECEIPTS**
**PAYMENTS**
Grants paid (net of refunds )
2
Restricted Grants paid (Poole Exhibition)
2
Lodge expenses (net of refunds)
3
Reunion expenses
4
Secretary's honorarium
Trustees' and secretary's expenses
Bank charges
Legal and professional fees
Accountancy fees
Independent Examination
Investment management charges and LEI fees
Website expenses
Minster donation
Ex gratia payment
Sundry expenses
**Expenditure sub-total**
**ASSET AND INVESTMENT PURCHASES**
Purchase of investments (net of equalisation)
**TOTAL PAYMENTS:**
**NET RECEIPTS / (PAYMENTS) FOR THE YEAR**
**TRANSFERS BETWEEN FUNDS**
**CASH FUNDS AT 30 SEPTEMBER 2019**
**CASH FUNDS AT 30 SEPTEMBER 2020**||Unrestricted
£
7,823
40,000
23,766
-
-
-|Restricted
£
-
-
1,966
-
-
-|Endowment
-
-
-
-
-
-| |---|---|---|---|---| |||71,589
4,000
642
115,491|1,966
-
-
-|-
-
-
-| |||191,722
44,844
-
4,388
-
3,500
355
1,055
1,613
800
6,513
190
250
21|1,966
-
2,624
-
-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-| |||63,529
40,051|2,624
-|-
-
| |||103,580|2,624|-| |||88,142
-
18,540|(658)
-
3,714|-
-
-| |||£106,682|£3,056|| |||||| Approved by the Council on: March 2021 and signed on their behalf by: .............................................. Trustee ................................................. Trustee Page 6 **ST BONIFACE TRUST WARMINSTER** ## **STATEMENT OF ASSETS AND LIABILITIES** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2020** |**CASH FUNDS:**
Current Account
CBF Deposit Fund
Cash held at Charles Stanley (capital)
Cash held at Charles Stanley (income)
Total Cash Funds|2020
27,685.99
6,000.00
75,256.69
796.15
£109,738.83|2019
11,416.97
3,000.00
5,780.77
2,056.63| |---|---|---| |||£22,254.37| The CBF Deposit Fund holds £2,000 set aside and designated for a bursary for the 2020 Lambeth Conference which has been postponed until 2022. |**OTHER MONETARY ASSETS:**
**Due after more than one year**
Deferred sale proceeds of land
£4000 p.a. due over 14 years to 2034
**Due within one year**
Deferred sale proceeds of land
Prepayment - Insurance
Investment income receivable
Total Other Monetary Assets
**INVESTMENT ASSETS:**|56,000.00
4,000.00
-
-
£60,000.00|60,000.00
4,000.00
512.00
-| |---|---|---| |||£64,512.00| |||| a) Property held for Investment Purposes and belonging to Unrestricted Funds: |Freehold Property:
St Boniface College buildings
Boniface Lodge|2020
£400,000.00
£500,000.00
£900,000.00|2019
£400,000.00
£500,000.00| |---|---|---| |||£900,000.00| The College buildings were valued by Messrs Cooper & Tanner, Chartered Surveyors, as at 30 September 2005. The Boniface Lodge was valued by Savills, Chartered Surveyors, as at 3 April 2019. |b)
Other investments at market value at 30 September, belonging to:
Unrestricted Funds
Restricted Funds|2020
649,464.16
47,824.72
£697,288.88|2019
779,564.56
45,314.16| |---|---|---| |||£824,878.72| The investments at the year end are held in the following categories : Fixed income (15%), UK Equities (28%), International Equities (45%), Alternatives (6%) and Mixed (6%) The largest shareholding is: |The largest shareholding is:||||||| |---|---|---|---|---|---|---| ||%||2020|%||2019| |Global Equities||||||| |CBF Investment Fund, 4,400 Income shares||12|86,972.05||10|82,593.94| ## Restricted Fund 2414 CBF Investment Fund units are held in the Poole Exhibition Fund, used for the benefit of the former College of the Ascension, Selly Park, West Midlands, now the Selly Oak Centre for Mission Studies. ## Unrestricted Fund The remaining investments are held in the Unrestricted Fund. **ST BONIFACE TRUST WARMINSTER** Page 7 ## **STATEMENT OF ASSETS AND LIABILITIES** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2020** ## **(continued)** ## **FIXED ASSETS FOR CHARITY USE:** ## a) Heritage assets The charity owns the Chapel cross, vestments, silverware and candlesticks. The original cost of these assets is not available. |**LIABILITIES:**
Accountancy / Independent Examination accrual
Charles Stanley - Quarterly Investment Management charges
Selly Oak Mission Centre
Income received in advance- rent
Grants payable - within one year
Grants payable - after more than one year
Total Liabilities
**RESTRICTED FUNDS:**
Balance at 1 October 2019
Investment income received
Grants paid
Unrealised gains/(losses) on investments
Balance at 30 September 2020
Being:
Investments at market value (2414 CBF Investment Fund shares)
Cash at bank
Creditors
**UNRESTRICTED FUNDS:**
Freehold Property
Investments
Cash at Lloyds Bank
Cash at CBF
Cash at Charles Stanley (capital and income)
Debtors - Deferred sale proceeds of playing field
Other debtors and prepayments
Creditors|| |---|---| ||| ||| Page 8 ## **ST BONIFACE TRUST WARMINSTER** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2020** |**1.**
**Investment Income**
Listed securities
Deposits
**2.**
**Grants Paid**
4 grants to institutions (2019: 4)
28 grants to individuals (2019: 47)
General Training (UK)
15%
Book Grants
0%
Extended Ministerial Development Leave
7%
(previously called Sabbaticals)
Overseas Training - Reactive
78%
Overseas Training - Proactive
0%
100%
**3.**
**Boniface Lodge Expenses**
Insurance
Council tax
Water (metered)
Telephone - final bill
Light & heat
Repairs and maintenance
Legal & professional
Lodge Manager's honorarium
**4.**
**Reunion Expenses**
Accommodation
Course director's and lecturer's fees and expenses
Travel and other expenses|15%
0%
7%
78%
0%|2020
25,693.73
38.32
£25,732.05
2020
7,800.00
37,043.83
£44,843.83
6,596.00
-
3,000.00
35,247.83
-
£44,843.83
2020
(242.23)
706.76
38.60
-
590.55
50.00
3,244.36
-
£4,388.04
2020
-
-
-
-|12%
1%
18%
69%
0%|2019
25,020.65
9.96|2019
25,020.65
9.96| |---|---|---|---|---|---| |||||£25,030.61|| |||||2019
4,617.00
39,289.58|| |||||£43,906.58|| |||||5,300.00
400.00
7,800.00
30,406.58
-|| ||100%||100%|£43,906.58|| ||||||2019
1,007.39
593.30
165.62
-
1,347.65
9,098.00
-
-| |||||£12,211.96|| ||||||2019
4,918.70
433.00
87.20| |||||£5,438.90|| ## **5. Payments to Trustees** During the year expenses of £197.40 (2019 : £613.80) were paid to 2 trustees (2019 : 3 trustees). These were for travel expenses to attend meetings. No trustees received any remuneration from the charity. Page 9 ## **St Boniface Trust Notes for trustees' use only** ## **1. Lease to Warminster School** The present lease of the charity's freehold investment property runs until 24 March 2039. The tenant (Warminster School) has a break option with 6 months' written notice on 29 September 2030. From January 2020, Warminster School plan to lease St Boniface Lodge. The lease agreement will run for 5 years, at which point it will be reviewed. ## **2. Rent** The agreed rent was £32,500 p.a. with effect from 29 September 2005. After taking professional advice, the trustees decided not to seek a rent review for September 2010 in view of the difficulty of justifying it in the present market. Before the next rent review on 29th September 2015 there were negotiations between the parties and they agreed rent going forward will be £40,000 p.a. with effect from 29 September 2015. The next review will be due in 5 years (September 2020) with negotiations being possible to commence six months before this. The agreed annual rent for St Boniface Lodge will be £10,000 for the first two years, rising to £15,000 per annum for a further 3 years. ## **3. Sale of playing fields to Warminster School** The terms of the sale were payment of a lump sum of £50,000 in October 2004, plus a payment of £4,000 p.a. due each year on 6 October from 2005 up to and including the year 2034. The annual sum of £4,000 was invested in the year ended 30 September 2020, following a decision of the Council in July 2016. Should the School seek to develop the land for other than school purposes, the Trust has some right of "claw back" on a diminishing scale. ## **4. Evan Franks Exhibition Fund** For many years, the charity trustees held 1,976 CBF Investment Fund units in the Evans Frank Exhibition Fund, the income of which was to be used for past students. This was transferred to "Endowment" Funds from 9 July 2012 when revised Declaration of Trust came into effect. At the time, it consisted of 1,976 CBF Investment Fund income shares which would be worth £39,147 at 30 September 2020. ## **5. School rent holiday** Shortly following the first Covid 19 lockdown starting in March 2020, the trustees decided to offer Warminster School a rent ‘holiday’ in view of the fact that the school was having to close with possible consequent loss of income. The secretary approached the school bursar and it was agreed that no rent would be expected between the date of the lockdown and when the school re-opened for normal tuition; a date that was unknown at the time, but which turned out to be 1st September 2020. Grateful thanks were offered by the bursar on behalf of the school. However, to the surprise of the Trust, rental payments of £13,333 were made on both 1st May and 1st September. In normal circumstances these payments should have been £16,666 taking into account an annual increase of £10,000 from 1st January for the new lease of St Boniface Lodge. These overpayments are being treated as rent paid in advance.