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 fOrn￿8rd 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 Un￿st￿tI*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