ST BONIFACE TRUST
WARMINSTER
formerly known as St Boniface College
Charity Registration Number 309500
STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
CONTENTS
Page
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1 - 3. Trustees' Annual Report 4. Independent Examiner's Report 5. Receipts and Payments Account
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6 -7. Statement of Assets and Liabilities
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For trustees' use only 8 - 9. Notes to the Accounts
FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY
ST BONIFACE TRUST WARMINSTER TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
Page 1
The Trustees present their report along with the financial statements of the Charity for the year ended 30 September 2023.
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 Susan Foster
NOMINATED: The Bishop of Ramsbury : The Rt. Revd Dr Andrew Rumsey (by the Bishop of Salisbury) (appointed January 2019 and reappointed 14 March 2024) CO-OPTATIVE: * Rev R Davies - re-elected 22/03/21 *# Rev E J Perry - re-elected 28/03/23 * Rev Preb P Rapsey - re-elected 28/03/23 Chairman from 25/10/23 (nominated Vice Chairman from 22/03/21) * Vice-Admiral Sir P Spencer - resigned 28/12/22 The Ven R Turner - retired 24/10/23 (nominated Chairman from 17/3/06 and re-elected Chairman from 10/7/15) * Rev Canon A G Watts - re-elected 29/03/22 Rev J Willard - re-elected 28/03/23 Rev I Zass-Ogilvie - re-elected 28/03/23
(* - 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 2023
(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 five which meets up to 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
In recent years the Trust has been overwhelmed with requests from individuals overseas (particularly from Africa) seeking grants towards ministerial training. Consequently, only a small percentage of such applicants were awarded a grant leaving the secretary having to give the majority of applicants the disappointing news that their applications had been declined – although it was pointed out to them when he initially responded with the application form. Another consequence was that applicants who had their request declined often made further applications. The Standing Committee discussed the matter in July 2023 and came to the conclusion that the objects of the Trust could more sensibly be fulfilled by offering block grants to overseas training institutions towards the cost of their provision for individual Anglican students. The Archbishop of every Anglican Church province from which applications have been received in the past was asked to identify their main training institutions so that these could be contacted. This would not apply to grant requests from the UK but it remains our aspiration to allocate at least 50% of our income overseas in view of the historical purpose of the Trust. The expenses of pursuing higher degrees is always excepted.
REVIEW OF ACTIVITIES AND ACHIEVEMENTS
The Standing Committee considered some 124 grant applications throughout the year of which 33 (26.6%) were approved, 91 (73.4%) were declined. The total value of new grants awarded was £98,836 of which £90,336 (91.4%) were for applications received from overseas . These grants range from a commitment of 1 to 3 years and were given to Burundi, Uganda, Rwanda, South Sudan and Tanzania.
The total value of grants paid in the year was £95,318 including further payments of grants awarded in previous years. £8,100 was contributed towards the cost of Extended Ministerial Development Leave (sabbaticals) or study leave.
ST BONIFACE TRUST WARMINSTER
Page 3
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
(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 £95,356 during the year, comprising rent of £65,000, and investment income of £30,356. A further annual instalment of £4,000 from the sale of the playing fields to the school in 2004 was received and invested. Charles Stanley & Co sold investments producing sale proceeds of £29,572, from which their management fees were deducted of £6,564, and £35,675 was used to purchase new investments. Payments totalled £109,799 of which £95,318 was spent on grants.
Following a revaluation of the College's listed buildings by the trustees, the Trust's freehold investment property, which includes the Lodge, was worth approximately £2,000,000 and the other investments, excluding uninvested capital cash, had a market value of £741,514 at the year end.
RESERVES POLICY
The Charity holds £2,652,340 as unrestricted reserves, of which £2,689,718 represents property and investments and £48,000 is owed to the charity over 12 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 free 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.
Signed on behalf of the Trustees
David Prior Secretary
Approved by the Trustees on : 9 April 2024
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 2023.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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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: 26 April 2024
Page 5
ST BONIFACE TRUST WARMINSTER
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| RECEIPTS Donations, legacies and other similar receipts Rental from investment properties Other Investment income 1 ASSET AND INVESTMENT SALES, ETC Sale of land - annual deferred instalment Sale of investments TOTAL RECEIPTS PAYMENTS Grants paid (net of refunds ) 2 Restricted Grants paid (Poole Exhibition fund) Secretary's honorarium Trustees' and secretary's expenses Bank charges Accountancy fees Independent Examination Investment management charges and LEI fees Website expenses Minster donation Legal and professional 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 2022 CASH FUNDS AT 30 SEPTEMBER 2023 |
Unrestricted £ - 65,000 28,864 |
Restricted £ - - 1,492 |
Endowment - - - |
Total 2023 £ - 65,000 30,356 95,356 4,000 29,572 128,928 95,318 - 3,500 606 785 1,762 800 6,564 190 250 - 24 109,799 35,675 145,474 (16,546) - 35,582 £19,036 - |
Total 2022 £ - 64,999 28,326 |
||
|---|---|---|---|---|---|---|---|
| 93,864 4,000 29,572 |
1,492 - - |
- - - |
93,325 4,000 86,171 |
||||
| 127,436 95,318 - 3,500 606 785 1,762 800 6,564 190 250 - 24 |
1,492 - - - - - - - - - - - - |
- - - - - - - - - - - - - |
183,496 96,589 2,786 3,500 494 884 1,684 800 7,042 190 250 180 - |
||||
| 109,799 35,675 |
- - |
- - |
114,399 67,252 |
||||
| 145,474 | - | - | 181,651 | ||||
| (18,038) - 33,017 |
1,492 - 2,565 |
- - - |
1,845 - 33,737 |
||||
| £14,979 | £4,057 | £- | £35,582 | ||||
Approved by the Council on: 9 April 2024
and signed on their behalf by:
.............................
..................................
Trustee Rev Preb P Rapsey
Trustee Rev J Willard
Page 6
ST BONIFACE TRUST WARMINSTER
STATEMENT OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| CASH FUNDS: | |||||
| Current Account | 13,284.46 | 11,845.81 | |||
| CBF Church of England Deposit Fund | 1,000.00 | 1,000.00 | |||
| Cash held at Charles Stanley (capital) | 1,943.66 | 20,574.24 | |||
| Cash held at Charles Stanley (income) | 2,808.10 | 2,162.79 | |||
| Total Cash Funds | £19,036.22 | £35,582.84 | |||
| OTHER MONETARY ASSETS: | |||||
| Due after more than one year | |||||
| Deferred sale proceeds of land | |||||
| £4000 p.a. due over 11 years to 2034 | 44,000.00 | 48,000.00 | |||
| Due within one year | |||||
| Deferred sale proceeds of land | 4,000.00 | 4,000.00 | |||
| Prepayment - Insurance | - | - | |||
| Investment income receivable | - | - | |||
| Total Other Monetary Assets | £48,000.00 | £52,000.00 | |||
| INVESTMENT ASSETS: | |||||
| a) | Property held for Investment Purposes and belonging to Unrestricted Funds: | ||||
| 2023 | 2022 | ||||
| Freehold Property: | |||||
| St Boniface College buildings | £1,500,000.00 | £400,000.00 | |||
| Boniface/Townroe Lodge | £500,000.00 | £500,000.00 | |||
| £2,000,000.00 | £900,000.00 | ||||
| The College buildings were valued by Messrs Cooper & Tanner, Chartered Surveyors on 30 September 2005 and | |||||
| revalued on 9 April 2024 by the trustees based on the trustees' estimate of the insurance valuation. | |||||
| 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: | 2023 | 2022 | ||
| Unrestricted Funds | 689,717.84 | 697,809.74 | |||
| Restricted Funds | 51,796.50 | 52,022.91 | |||
| £741,514.34 | £749,832.65 | ||||
| The investments at the year end are held in the following categories : | |||||
| Fixed income (12%), UK Equities (36%), International Equities (45%) Property (3%) and Alternatives (4%). | |||||
| The largest shareholding is: | |||||
| % | 2023 | % | 2022 | ||
| Global Equities | |||||
| CBF Church of England Investment Fund, 4,400 Income shares | 13 | 94,409.70 | 11 | 94,822.22 |
Restricted Fund
2414 CBF Investment Fund units (included above) are held in the Poole Exhibition Fund, used for the benefit of the former College of the Ascension, Selly Oak, 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 2023
(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 2022 Investment income received Grants paid Unrealised gains/(losses) on investments Balance at 30 September 2023 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 Creditors |
2023 2,000,000.00 689,717.84 6,260.16 1,000.00 4,751.76 48,000.00 (97,389.75) £2,652,340.01 |
2022 900,000.00 697,809.74 7,804.73 1,000.00 22,737.03 52,000.00 (93,221.94) |
|
|---|---|---|---|
| £1,588,129.56 |
Page 8
ST BONIFACE TRUST WARMINSTER
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 1. Investment Income Listed securities Deposits 2. Grants Paid 3 grants to institutions (2022: 7) 66 grants to individuals (2022: 68) General Training (UK) (4) Lambeth Conference Travel Grant Non Stipendiary Support (2) Extended Ministerial Development Leave (14) Books Poole Exhibition Fund Overseas Training - Reactive |
2% 0% 0% 8% 0% 0% 90% |
2023 30,326.26 29.53 £30,355.79 2023 8,019.00 87,299.00 £95,318.00 1,631.00 - - 8,100.00 - - 85,587.00 £95,318.00 |
5% 5% 1% 7% 0% 3% 79% |
2022 28,315.99 10.51 |
|---|---|---|---|---|
| £28,326.50 | ||||
| 2022 19,750.90 79,623.96 |
||||
| £99,374.86 | ||||
| 5,000.00 5,000.00 1,100.00 6,600.00 200.00 2,786.25 78,688.61 |
||||
| 100% | 100% | £99,374.86 |
3. Payments to Trustees
During the year expenses of £458.29 (2022 : £360.08) were reimbursed to 2 trustees (2022: 2 trustees). These were for travel expenses to attend meetings. No trustees received any remuneration from the charity.