BISHOP WORDSWORTH EDUCATIONAL TRUST Istered Charl Number 309502 REPORT OF THE TRUSTEES AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Trustees, Report Statement of Financial Activities and Balancg Sheet Note8 to the Accounts Independent Examinerfs Report
BISHOP WORDSWORTH EDUCATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 LEGAL STATUS The Twst is a registered charity, number 309502. It was esiablished by a Conveyance dated 16 August 1898 which Is the Goveming Instrument as rnodlfied by a Charity Commission Scheme dated 12 May 1977. By an Order datsd 14 September 2006 the Charity Comm15slon has glven the trustees a general aulhorlty to amend the trusts of the charily. TRUSTEES Th& followlng s8Ned a8 tha managing trustaes during the yasr and to dat&,. Mrs K FllzsSmmons (Dlrector of Educatlon)- co opted Mrs A Faithful- co optéd- from Ocl 24 Nomlnated trustaas: Th8 R@v K Inglis Isallsbury Church6s)-app Chaimian The Rev Canon E Probert (Dean and Chapter)- to Feb 2025 Mr P Musselwhite {SDBFF app Vlce Chalrman Mrs H Allender (Rap of Bishop of S21isbury)- to May 24 The trustees are appointed in accordance wlth the Governing Instrument. one person appolnt8d by and r8pra8entlng the Blshop of SalSsbury' one person nomlnated by the Dean and Chapter of Salisbury,, one p8rson nominated by th8 Rectors of certain Salisbury parlsh$s,' one person nomlnated by tha Salisbury Dioc&san Board of Finance and two p8ople co-opted by the preceding four. The Salisbury Diocesan Board of Finance is custodian trustee of the Charity. CLERK TO THE TRUSTEES Mr5 S Clark, Emmaus House, The Avenue, Wilton, SP2 OFG ADVISERS Independent Exarnin8r Property Advlsers Investment Manager: Mrs N A Halls FCA, Fletcher & Partners, Bridge Street, Salisbury SP12LZ Myddelton & Malor 49 High Sl, Salisbury SP12PD CCLA Investmant Management Ltd, One Angel Lane. London, EC4R 3AB OBJECTS AND ACTIVITIES The Charlys purpose is to promote 8ducation in connection with Ihe Church of England. The trustees, poll¢y Is to provide grants to malntained schools in th@ Dioc8se of Salisbury for creative projects in support of Chrlsllan learnlng across the curriculum. To achieve Ihis, the trustees provide a detailed grant application form wlth approprlate guidance to asslst and encourage appropriate applications, The Clerk recelves grant appllcatlons as well as dealing wllh all corraspond8nce. The trustees usually meet once a year in the Spring to consider grant appllcations. Tha Charity's accounting records are malntalned by the staff of Salisbury Diocesan Board of Finance. whlch also prepares tha annual financial stalem8nts. ACHIEVEMENTS AND PERFORMANCE During the year 20 grants were awarded to 8chool8 for a variety of projects. The trust88s hav8 compli8d with their duty to have due regard to the guidance on public benefll publlshed by the Charlty Commission in exercising their power8 or duties. The trustees belleve that the Trust, by providing financial support to malntalngd schools lo enable them to make addltional provision to promote Christianity and Chrlstian values In educaJon, provides a public benefit to all the children attonding those 8chools. FINANCIAL REVIEW Income from invesknents during the year was £25,617 (2023 - £23,282 (rent and inveglment Incom6)), which remain the Trust's maSn sources of Incomè. 20 grants wore awarded during the year total value £18,869 (2023 - 17 grants totalling £17,711) On Its normal actlvrtlas tho Trust recorded a surplus of £3.490 (2023 - £2,232). Investment property was disPO8ed of during 2023, resulting in a realised loss of £2,358, Proceeds wgr8 reinvested with CCLA. The nel unrealis8d gain on investments for the year was £15,839 (2023- £46,692). The Trust's unrestricted resources ended the year wlth a balance of £83,291 and tolal funds of £829,109.
BISHOP WORDSWORTH EDUCATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) RESERVES POLICY The Trust's pollcy Is to malnlaln Its assels at the present level so as to generate an income in future years10 5UPPOrt Its objects. INVESTMENT POLICY The Trust's pollcy is to Invest Its avallable funds, In¢ludlng monles on deposit, through the CBF Church of England Funds, These are common investment funds establlshed and regulated by the Church Funds Investment Measure 1958 as amended by the Church of England (Miscellaneous PrDvlsionsl Measures 1995 and 20QO. RISKS REVIEW The trusloos consldor that thg Trust's only slgnlflcanl rlsk Is a lolal collapse of stock markets, whlch th8y have mitigated by placing a proportion of the Charity's invostm&nts in a property fund. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Iruste8s are responslble for prepartng the Trustees, Annual Report and the flnanclal slatements In accordance with applicable law and Unlled lfjngdom Accounling Standards (Uniled Klngdom Generally Accepted Accounting Practlcel- The law applicabla lo oharltlas In England and Wa19s requlres tha Charity trust88s to prepare financial statem8nts for each year which giv& a truo and fair view of thg Stat8 of affalrs of the Charity and of the incoming resources and application of resovrces, of the Charity for that period. In preparing the financial slat8ments, th8 Trustegs ar8 required to.. select 8ultab18 accoLJnting policies and then apply th8m con81818ntly' observ@ lh8 method8 and principles in the Charit188 SORP. make judgern8nls and 8stim8tgS that 8re r8asonablg 8nd prud8nt', slate whether applic8bl8 accounting standards have b8en followod. subject to any material departures that must be disclosed ond explained in the financial slatemenls. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeplng proper accounting records that dlsclose wlth reasonable accuracy at any time the financial position of Ihe charity and enable them to ensure that the financial statements comply with Ihe Charltles Act 2011, the applicable Charities (Accounts and Reports} Regulallons, and the provislons of tha Charitys schemes. They are also responslble for safeguardlng the assets of the charlty and taking reasonabla steps for the prevenllon and dela¢tlon of fraud and olher Iiregularllles. ne behalf of the Trustees . Vice Chaimian Mr P Musselwhite Approved by the Trustees on..,
BISHOP WORDSWORTH EDUCATIONAL TRUST Registerod Charity No. 3095021 8TATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unreslriclgd Endowm8nt Fund8 Funds 2024 2024 Totel Funds 2024 Tola Funds Note INCOME FROM: Investments TOTAL INCOME 25,617 25,617 25,617 25,617 23,282 23,282 EXPENDITURE ON: Charltable adlvllles Grants lo schools & individuals TOTAL EXPENDITURE 22,127 22,127 22,127 22,127 21,D50 21,050 Net In¢omollexp$ndlturo) beforo net gainslllosse81 on investmants Nel g3lnslllosses} on inveslmenls Not IDSS on Invastmenl property NET MOVEMENT IN FUNDS 3,490 3,490 2,232 41 15,798 15,839 46,892 12,3581 46,566 3,531 15,798 19,329 RECONCILIATION IN FUNDS: Total funds brought fOrn8rd T¢)tsl funds ¢ariied forward 11,13 79,760 730,020 809,780 10,12 £ 83,291 £ 745,818 £ 829,109 763,214 £ 809.780 BALANCE SHEET AS AT 31 DECEMBER 2024 UnsttI*d Endowrnanl Funds Funds 2024 2024 Total Funds 2024 Tola Note 023 FIXED ASSETS: Investments Investment property Llsled Inve£lmenls- CBF Church of England Funds 4.359 745.818 750.177 734,338 4,359 745,818 750,177 734,338 CURRENT ASSETS: Cash at bank and in hand CBF Deposit Fund Cash held by Sallsbury DBF 78,593 1,612 80,205 78.593 1,612 80.205 73,926 1,739 75,665 Deblors Accwed Income 894 81,099 894 81,099 944 76,609 LIABILITIES: Creditors.. amounts falllng due withln ono y&ar NET CURRENT ASSETS OR LIABILITIES 12,1671 78,932 (2,187} 78,932 { 1,1671 75,442 TOTAL NEf ASSETS OR LIABILITIES 83,291 £ 745,818 £ 829,109 £ 609,780 THE FUNDS OF THE CHARITY.. Endowment funds Unr&slrlcled funds 1d. 10, 11, 12, 13 745.818 745,818 83,291 730,020 79,760 83,291 TOTAL CHARrrY FUNDS 83,291 £ 745,818 £ 829,109 £ 809,780 These financlal slalements were approved hy the Tru$l8gs on sig on their behalf by.. and ..Vlce Chalmian Mr P Musselwhite The note3 on pageg 4 10 7 form part ofthese accounts
BISHOP WORDSWORTH EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies co The account8 <fin8ncial statements) are prepared Ljnder the historical cost convention with items recognlsed at cost or trans8Ctlon value unless otherwise stated in th8 relevant notes to th8se accounts. The financial 8talements have been prepared in accordance wth the Statement of Recommended Practice: Accounting and Heporllng by Charllies pr8paring Ih8ir accounts In accordance with the FlnanGlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 102) effecllve from 1 January 2019, the Financial Reporting Standard applicable In the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. The Charfty constitut8s a public ben8fit enlity aB defined by FRS 102, The trustees ¢onslder that there are no materlal un¢ertalntles aboLrt the Charlty's ablllty to continue as a going concern. There are no 6ignSfl¢ant areas of ludgemenl or key assumptlons that affect Items in the a¢¢ounls. Wllh rgspa¢t to the next reportlng perlod, tha year ended 31 Decgmber 2025, the most signlfl¢ant areas of unc8rtainty that affect the carrylng value of assets held by th8 Charfty ar8 the level of investment réturn and the porformanc8 of Investment markets. bl Cash flow Th8 accounts do not include 8 cash flow statement b@cause the Charity, as a small reporting enlity, is exempt from Ihe requirernent lo prepar6 such a slalem8nl. Fund accountin Unrestricted funds are avallable for use at the dls¢rellon of the truslees In furtherance of the general oblactiv@s of the charity and have not been deslgnaled for other purposas, Endowment funds 8r8 perman8nt trusts whos8 incom6 is int&nded for the benefit of the charity. Income from endowmenl funds is unr8Stricl8d. d) Income reco nition All Incom8 Is racognlsgd onc8 tho charity has entillemenl to th8 incom8, th8r8 is suffici8nt certainly of recelpt and so It is probable that the income will be r8C8iV8d, and the 8mounl of income receivable can be measured reliably. Income from investments and rental income Is Included in th9 year in which it is receivable. R8nt paid in advance is carri8d forward as deferred Incoma. Ex nditure reco nition Llabllltl8s are recognisad as expenditure as soon as th8r& Is a legal or constructive obligation committing the charity to the 8xpenditure, it is probable that settlement will be required and th8 amount of the obligation can be measured reliably. All expenditure is account8d for on 8n accruals basis. Grants payable are Charged when tha offer Is conveyed lo th@ reclpient, except in those cases whero the offer Is condltlonal, In whl¢h casa the grant would b6 r6cognisgd as expenditure when th9 conditions allaching are fulfllled. Charitable activities The expenditure on charitable aclivilies includes grants to schools and other organisations plu8 SUPPOrt Costs. ort wsts Support costs have been differentiated between governance costs and other support costs. Governance costs comprise of all costs involving th8 public acGountability of the Charity and its compliance with regulation and good practice. Flxéd 888et Inv8Stments Investment properties are included in the balan sheet al their open market value and are not depreciated. Listed Investments are slated at market value as at the balance sheet date. The Statemant of Financial Activities includes the nel galns and losses arising on revaluation and disposals throughout the year, RealisBd 8ins and losses All gains and losses are taken to the Statement of Fin8ncial Activltigs as thgy arfsa. R9alis6d gains and losse8 on Investments are calculated as tha dlffarenca b8twe6n sales proc8Gds and opening mark8t valu8 (purchase dal8 if later). Unr6alls6d gains and losses ar8 calculated as the dlfference between th8 m8rk8t value at the year end and opening market value {or purchas8 dat8 if1818rl. R881is8d and unrealised gains are not separated in the Statement of Financial Activiti8s.
BISHOP WORDSWORTH EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECMEBER 2024 k) Cash 8t bank and in hand Cash at bank and in hand includes cash on deposlt avallable on demand and cash h8ld by Salisbury DIoc8S8n Board of Financ8. l} Creditors are recognlsed where the charity has a present obligation resulting from a pa51 event that wlll probably result In the Iransfer of funds lo a Ihird party and the amount due lo settle the obligation can be measured reliably. Credllors are normally recognised at thelr settlement amount. m) Financial Instruments Flxed asset Investments are a form of baslc flnanclal Instrument and ar8 initially recognisad at thalr transaction cost and subsequently measured al falr value at the Balanc8 sheet dato. Investment galns and lossès, whether realised or unrealised, are comblned and shown In the heading 'Net gainsl(Iossesl on Investments, in tha Statement of financial activities. Income from investmen18 2024 2023 2.373 17.803 3.106 £ 23.282 R8nts receivable Dlvidends Inter8st on cash d6posits 21,768 3,849 £ 25.617 All income from investments received in both y8ars was unrestricted. Cost of charitable activilies rants ald ci)sts (Note 4) 18,869 3,258 22,127 £ 18,869 £ 3,258 £ 22.127 024 Grants to s¢hools 21,050 £ 21,050 All wsts of charilable activities in both y8ar8 W8r8 charged ID unrèstricted funds. Recipients of major grantS- Bishop Wordsworth's School st Michae15 C of E VA Primary School, Aldbourne Mllldown CE Acadamy. Blandford Forum, Holy Trinily CE Primary Academy, Great Cheverell Broad Chalke CE Primary School Bishops Cannings CE Prlmary School DCC Slobomugh CE VA Primary School st Mary's CE Mlddle School, Puddlètown stav8rton CE VC Prlmary School Winterslow CE Primary SGhool Heddlngton CE Prlmary Schixjl Chapmanslade CE Primary School Others Ino more than £500} £ 3,500 £ 2.993 £ 1,926 £ 1.000 £ 1,000 £ 1,000 £ 1.000 £ 1.000 £ 1,000 900 750 700 £ 2,100 £ 18,869
BISHOP WORDSWORTH EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Governance Other su Gosls ort Total su costs ort costs 2024 2,040 218 1,000 3,258 Total su ort costs 2023 2,111 268 960 3,339 Support Costs Clerk's honorariLtm Diocesan financial management fees Ind8pendent examiner's fees 2,040 218 1,000 1,000 £ 2,258 £ Related party transaclions, trustees, expenses and remuneration and key management personnel The charily conslders its key management personnel comprlse the trustees and the Clerk, No r8muneratlon or expenses were paid to any of the trustees durlng the year (2023- nil), The Clerk received an honorarium of £2,04D (2023- £2,111). The charity had no other related party transactions during the year12023 - nil), slrlc Flxed asset Investments - Llsled Investments 12llLLed funds 2024 ow Tota funds 2024 funds 2024 funds 2023 Market value at 1 January Acquisitions at cost Gainl(105s) in the year Market value at 31 December 4,318 730,020 734,338 187,646 500,000 46.692 £ 734.338 41 15,798 15,839 4.359 £ 745,818 £ 750.177 Historical cost at 31 December 2,564 £ 563,624 £ 566,188 £ 566.188 Unreali8ed gains at 31 D8Comber 1,795 £ 182,194 £ 183.989 £ 168,150 The Trust's policy is to hold all ils inv8stments in the CBF Church of England charitable common investment funds with the aim of long term capilal and income growth. At 31 Dacember 2024, the value of the investments was represented by 90 /012023:90/0) in the CBF Investment Fund and 100A (2023:100/ ) in the CBF Property Fund, The main risk to the Charity from flnancial Instruments lies in th8 combination of uncertain investment markets and volatlllty In yield. Freehold property - Investment property Endowment Total funds funds Total funds 2024 2024 2023 500,000 500,000) Market value at 1 January Disposal in the year Market value at 31 D8C8mb8r The Trust was the beneficial owner of property at 97198 Exeter Street, Salisbury for which the Trust's historical cost is £194. The property was disposed of during 2023, resulling in a realised loss of £2,358. Proceeds were reinvested with CCLA. Cash held by Salisbury Diocesan Board of Finance The Charity does not hold a bank accounl in its own name. Banking facilities are opgrated through a general designated Trusts Account and a separately deslonated CBF Deposlt Fund held in the name of Salisbury Diocesan Board of Financa. Creditors: amounts falllng due thIn one year 2024 2023 Accruals 2.167 1,168
BISHOP WORDSWORTH EDUCATIONAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysis of charitable funds Analysls of Funds movements Balance al -Jan-2 Balance at 31-Decry24 nco ndllur9 Endowment fund8 Unrestrlcted funds 730,020 79,760 809,780 £ 15,798 41 15.839 745,818 83,291 £ 829,109 25,617 25,617 £ (22,1271 {22,1271 £ 11. Analysis of charitable funds . previous year Analysi8 of Funds movements Balanc6 at 01-Jan-23 Balance a 31-Decw23 come endilure losses Endowment funds Unrestricted funds 688,016 77,198 763,214 £ 44,004 330 £44.334 730.020 79.760 £ 809,780 23,282 23,282 £ (21,0501 121,0501 12. Analysls of net assets between funds Unrestrlcled Funds Endowment Funds Totsl Fullds Flxed asset investments Current asset8 Current liabilities Total 4,359 81,099 (2,1671 83,291 £ 745,818 745,818 750,177 81,099 (2,167 £ 829,109 13. Analysls of net assets between funds - prevlous year Unrestricl FLtn Funds Funds Flxed asset investments Current assets Current liabilities Total 4,318 76,610 (1,1671 79,760 £ 730.020 730,020 734,338 76,610 (1,167) £ 809,780 14. Flnanclal Instruments Nol8 2023 Flnanclal assets measured at falr value Ihrough profit and loss: Investments held at fair value 750,177 £ 750,177 734,338 £ 734.338 Income. expense, gains or losses, Including changes in fair value, recognised on- GainsllLosses) on Financial assets measured al fair value Interest on cash d8posits Income from listed investments 15,839 3,849 21,768 41,456 48,692 3,106 17,803 67,601
BISHOP WORDSWORTH EDUCATIONAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 I rfjport to the trustses on my examlnallon of the acccunts of the Bishop Wordsworth Education81 Trust Ithg Trust) for the year ended 31 December 2024 whlch are set out on paggs 3 to 7. Re$ponsibllllles and basls of report As th8 charity trustees of the Trusl you are respon8ibla for th8 pr8P2ration of the acccsunls In accordance with the requirements of the Charfties Act 2011 {'the AcV}. I report In respact of my exemlnatton of the Trust's accounts carried out under section 145 of the 2011 Ad and In carrying out my @xaminatlon I havè followed all the appllc8ble Dlrectlons glven by the Chartty Commls$ion under saction 145{5)(bl of tho Act. Independent examlneffs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examinatlon giving me Cause lo believe that in any material respect.. accounting records were not kept In respect of the Trust as required by soction 130 of the Acl; or 2. the accounts do not accord with those records- or 3. the accounts do not comply wlth the appllcable requirements Goncernlng the form and Content of accounts set out In thg Charilias (Accounts and R9POrts} Regulations 2008 olher than any requlrement Ihat Ihe accounts give a true and falr vlew which is not a Matter considered as parl of an independent examinalion. I have no concerns and have Gome across no other rnattgrs in connection wfch the examination to which attention should be drawn in this rgporl in order to enable a proper understandlng ol th8 accounts to be reached. Mrs N A Halls FCA Fletcher & Partner5 Crown Chambers Bridge Street Sallsbury