REGISTERED CHARITY NUMBER: 511469 Report of the Trusttes and Financial Statements for the Year Ended 31 December 2022 for WArriDgton Church ol England Educational Trust
Warrington Church of EnglaDd EducatioBal Trust Contents of the FiD3Dcial Statements lor tbe Year Ended 31 December 2022 Page Report of the Trustees Report of the Illdepelldent Auditor5 StatemeDt of Finatteial Activities BalaDet Sheet Notes to the Financial Statements 9 to 17 Detailed Statement of Financial Actii'ities 18
Warrington Church of England Edllcational Trust Report ofthe Trustees for the Year Ended 31 December 2022 The tTU5tees present their report iyith the fmancial stsiements of the charity for the year ended 31 Decetnber 2022. The tNsiees have adopted the provisions of Accouniints and Reporting by Charities.. Statement of Re¢ommended Practice applicable to chariiies preparing their accounts in accordance ivith tbe Fillancial Reporting Srandard applicable in the UK and Republic of Ireland (FRS 102} (effective l January 2019). OBJECTIVES AND AcfivITIES Objective5 and airns The trustee5 confwm that they have referred to the guidance contsined in the Charity Commissions general guidance on public benefit ivhen revieii'ing the charitys aims and objectives and in planning tUre activities. The principal aciiviiies of the charity, as stated by the objecis in the Memordndum and Articles of Association are as Trustee of Church of England School properties located within the borough of Warrin¥on and in this role it provides support to the schools by way of repair grants. GrantmAkiNg The charity has nom)ally provided grants up lo 50/0 of building repairs improvernents and capital projects required by the school of which the charity is a trustee. ACHIEVEMENT AND PERFORMANCE Rei'iew of the Year In the }'ear there has been continuing demand on the Trust for grdnts to assist iTrith the govemorfs proportion for building improveTn¢nt projects ii'hich are cuttently progres5 at the Trusis SChIs. In the year no building grants were senled. The trustees have continued discussions '1th Liverpool Dioc¢se regarding the proposed lease of the old infant school at St Margaret's Church and li is aniicipated that a fornul lease ivill be fmalised shortly. Two schools have converted io academies joining the Liverpool Diocesan Schools trust. All Saints. Glazebury and St Helens. Hollinfare. In the year total incotne atnounted to £25.726 and ioial expenditure atnounted to £14.144 h1¢h resulted in a net f]ow infloii. of resources before other recognised gains and losses of £1 1,582. Ai ihe balance theet date ihe geneTal reserve amounted to £65.874,630. InTr'e5trnent strategy The Trustee5 hai'e appoinied investmeni brokeTS and the broker5 have been insirncied to adopt a prudent approach to the ana£tment of the invesimeni portfolio to attempt to mainthin capital value ¥Trhilst still generating an acceptable retum. At the >'eai end the investment portfolio amounted to £l,i07.?55 and in the opinion of the Trustee5 the uninvested surplu5 reserves are held as insurance giyen the current unpredicthbility of ihe current ivorld econom}, in respect of the markei values of the Charitys inve5tmenis. FINANCIAL REVIEW Ini'e5tment polici. objeetii.es The TIusiee5 after tak"in? professional advice have invested the Charityls free reserves in a lAtUre (Trf unit trust5, listed investments and deposii fiinds. The Tnark-et i'alue of such ini'esmients amounted to £1.307 ?55 ai the year end. The investment advi5er5 indicate an aniicipaied annual ieiurn of 1.6010 is fore¢, generating £20,916 per annum to ¢ov¢r the expected expendiiure of the Charity..
Warrington Church of England Edutational Trusl Report of the Trustees for the Year Ended 31 December 21J22 FINANCIAL REVIEW Reserves policy The Trustees have established a policy ivhereby the unrestricted fiJnd5 not Cotnmitted or invested in tangible fixed assets are to be invested, so that the return they generdte is suificient to rneet the excted expend1fte for the next 12 months. The Trustee5 policy also establi5he5 a provision for future major capital projects as in order to discharge the TNst's discretionary payments on capiial projects ir can make a cotntnittnent of 5Q/o. Ai the current lime it is anticipated that building works will noi be ai such a high level due to the government'5 austerity measures and therefore the Tte¢S are carefully revieiving their medium term flljancial commitmen The Trustees feel that this will ensure the Charity will be able to maintain its CUTreiit activities in the absence of any other fiding or income. STRUCTURE, GOVERNANCE AND MANAGEMENT Management of the Charit). The Charity 15 governed by its eottstitution &$ approved by Her Majesty in Council on 23rd May 1952. The Charity is managed by its board of tswstees of which a minimum of 8 mu5É be present ai any one meeting. All matteT5 are determined by a majority of the voles of those tswsiees pre5enL The body of trustees of the chariry should consist of a panel of tsventy Iwo persons comprising of.. - l. One ex-officio mlee, the Rector of wlgton, 2. Eighteen nominated ttustees, one of ii.hich io be appointed bj the Liverpool DiiKesan Board of Educaiion and the further Seventeen to be appointed by each Patochial chlCh Councils, ii'here there is a tN5t school 3. One representaiive irusiee, co be appointed b), Warrington Borouthts Council as Local Education Authority, 4. Two co-optaiive trustees. 10 be appointed by resolution of the trustees Temis of appointment of trustees- l. The representative trustee shall be appointed a lem of ihree years. 2. The nominaied Irusiee io be appoinred by the Liverpool Diocesan Board of Education shall be appointed for a term of three )'ears 3. The nominaied trustees to be appointed by the Parochial Church Councils shall be appointed each for the tem of one year. 4. The co-optative truslees shall be appointed for a terni of five years. A Standing Committee ha5 been appointed io take responsibility for the day to day administration of the TNst, subject to policies and guidelines laid do1 by the In]ste¢s. Thi5 cornprises of:_ Mr P S Speed Mr R H BinJo am Mr J D Bygate Dr C Kressel Reverend S Cowan Risk rnanagement Ihe iru5tees have a duty to identify and review the risks io i&hich the charity is exposed and to ensure appropriate controls are in place io provide reasonable a55urance against fraud and error. Page 2
WarringtoD Church of England Educational Trust Report of the Trustees for the Year Ended 31 December 2022 REFERENCE AND ADMJNISTRATIVE DETAILS The trustees ivho seryed duTing the }'ear ere as folloii's.'- Reverend J L St¢venton- Chaityerson Mr P S Speed - Vice Chairnjan AppoiMted by Parochial Cburch Councits Si Elphins, Warrington Christ ChUh. Padoate St Andrews. Orford Si Ann's. Warrington St Barnabas, Warrington St James Laichford C.E., Latchlord St Margaret's, Orford St Mattheivs. Strellon St Philip's, Westbrook St Thornas,, Siocknon Heath St Wilfrid's. Grappenhall Birchwo(Kl Parish Woolston Parish Cinnamon Blow Parish Si Helen5, Hollinfare All Saini& Glazebury Si James. Westbrook St 0sa]d's. Winivick Mr E Collinson Reverend S Cowan Dr C Kres5el Mrs F Ireland Mrs J K Hodgson Mr P S Speed Mr J D Bygate Mr N Fainveather Reverend T McLoughlin Mr S Brisioiv Ms V Piowting Mr5 J Rodd}' Mr P Smalley Dioee5an Tru5tee5 Mr S Harrison Livetpool Diocese LEA Trustee Councillor D Friend (deceased 21st May 2023) Co-opted Trustees Mr R H Bingham CHARITABLE STATUS Registered Address ? I Palin)'ra SquaTe, Warrington WAI I BW Charit>. Number 511469 Auditors Voise>' &- Co LLP, 8 WinmarleiJts StreeL WaTrington WAI IJW Prineipxl BaNkers National Wesrmin5tei Bank PLC. 23 Sanke). Street w8ingtOn WA I IXH Solicitors Ta)'1gr Rose TTKIV Limited, 1-5 Palm}Tr Square South. Warrinoion WAI I BZ Ini'estment Manager Evelji) Partners, Ro)al Liver Building. Pier Head, Liverpool L3 INY Page 3
Warrington Church of England Educational Trust Report of the Trustees for the Year Ended 31 December 2022 STATEMENT OFTRUSTEES, RESPONSIBILITIES The trusiees are r¢5pon5ible for preparsno ihe Report of the Trustees and the financial staiements in accordance with applicable laiv and United Kingdom Accounting SraThdard5 (United Kingdoln Generally Aeeepted A¢counting Practice) including Financial Reporting Standard 102 "The Financial Rewjrting Sthndard applicabl¢ in the UK and Republic of Ireland" The law applicable to chartties in England and Wales, the Charitie5 Act 2011, Chariry (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Mtee5 to prepare financial statement5 for each fmancial year which give a true and fair vieiv of the stsie of affairs of ihe charity and of the incoming resources and application of resources, including the income and expendiDJre. of the charity for thai period. In preparing those financial staiements, the trustees are required to select suitable accouniing wlicies and then apply them consi5tentty' observe the methods and printiples in the Charity SORP- make judgetnents and estimate5 that are reasonable and prndent. prepare the financial 5tstements on the going concern basÈs unless it is inappropriate to presume that the charity ivill continue in business. The tN%tees are responsible for keeping proper accounling records disclose with reasonable accuracy ai any time the fmancial position of ihe charity and io enable them io ensur¢ that the finoncial staiements colnply wilh the Charities Act 2011. the Charity {Accounts and Reports) Regulations 2008 and the provisions of the mist deed. They are also respoDsible for safeguarding the assets of the ctwiry and hence for iaking reasonable 5tep% for the prevention and detection of fraud and other irregulariiies. Approved by order of the board of Mte¢S on 12 March 2024 and signed on its behalf by.. Mr P S Speed- Tntee Pa4e 4
Report of the IndepeRdeTht Auditors to the Trustees of Warrington Church of England Educational Trust OpitLiOll We have audited the financial statements of waEngton Church of England Educational Trust (Ihe 'chariW) for the year ended 31 December 2022 ivhich comprise the Slement of Financial Aciiviiies. the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting fratneii'oTk thai has been applied in their preparation is applicable laiv and Uniied Kingdom Accounting Standard5 (Uniled Kingdom Generally Accepted Ateounttng Practice), includino Financial Reporting Standatd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion the fmancial statements.. give a true and fair vieiy of the State of the chari5 affairs as at 31 tkc¢mber 2022 and of its illCOtniDg resources and application of resources. for the year ihen ended- have been properly prepared in accordance iTrith United Kingdom Generally Accepted Accounting PTatiice, including Fhnancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. have been prepared in accordance the requirements of the Chariiies Act 2011. Basis for opinion We conducted our audit in ac¢ord8nc¢ ivith Inlernational Standard5 on Audiling (UK) {ISAs (UK)) and applicable law. Our responsibiliiies under those siandards are rther deribed in the Auditors. responsibilities for the audit of the financial statemetlts section of our report. We are independent o(the charity in aecordanee i%'ith the ethical requirements that are relevant to our audit of the finartcial statements in the UK, including the FRC'S Ethical Standard, and ive have fulfilled our other eihieal responsibiliiies in accordance iiith these requirements. We believe thai the audii evidence we have obtained i5 sufficient and appropriate to proTride a basis for our opinion. Conclusions relating to going concern In audiiino ihe financial staiemenis: li'e have concluded that the trustees. use of the going concern basis of accounting in the prepaiaiion of the fu]aneial statements is appropriaie. Based on the w'ork ive have perfornied, Ive have not identified an>. material uncertainiies relating io events or conditions that, individuall). or collectively, ma}, casl significant doubt on ihe chorit)'s ability. lo continue as a going concern for a period of ai leasi lie1ve months from iihen ihe fu£la1 stsiements are authorised for issue. Our responsibiliiies and Éhe responsibiliiies of the Thtee5 wilh respeci to going concern are described in the relevant Sections of this report. Other inforrnatio The trusiees are responsible for the other Infornll0n. The other inforn]aiion comprises the inforniation included in the ArUal Report, other than the fanCial Statements and our Report of the Independent Audiiots thereon. Our opinion on the financial siatemenis does noi cover the other inforn)aiion and. except io ihe exient othernvise explicitlj. stated in our report. Ive do not expre55 an), form of assurance conclusion thereon. In connection ivith our audit of the finaD¢ial statetnent5, our rpOnsIbIlity, is to read the other inforniation and, in doing so, consider ii'heiher rhe oiher inforniation is maieriall!. inconsisieni ii'ith ihe financial siatements or OUT knoii'ledge obtained in the audit or otheThi"ise appears to be materiall). mi55tated. If identify. such material inconsistencies or apparent maierial missiaiemenis. li'e are required io deierniine ii'heiher iliis gieS rise ¢0 a Inaterial misstatement in the financial statements themselvts. If, based on the ii.oik ii"e have performed, ii"e conclude that theie is a maierial misstaiement of ihis other infonnation: i%'e aTe required to report ihai fact_ We have nothing to report in this regard. Matters on il'hich are required to report bi. exception We liai'e nothinq io report in respect of the folloii.ino matter5 iithere the Charitie5 {Ac¢ount5 and Report%) Re?ulalions 2008 requires us io repon io }'ou if, in our opinion.. the information given in the Report of the Trustee5 is incon515tent in alty material respect l%'Lth the financial siatemenis., or sufficient accountine records have not been kept.. or the financial siaiemenis are noi in eemeni ii'iih ihe accouniino records and reEUrnS: or i¥e have not re¢eii'ed all the inforntIon and elplanations ii"e require for our audit. Page 5
Report of the Jndepend¢Dt Auditors to the Tslee5 of Warrington Church of England Educational Trust Responsibilities of trustees As explained more fully in the Stsment of Trusiees, Responsibilities. Ihe trnstee5 are responsible for ihe preparation of the flriancial Statements which give a Ne and fair vieiv, and for such iniemal control as the trustees detemiine is necessary to enable the preparation of fmancial slatements that are free from maierial misstatement, Ivhether due Èo fraud or error. In preparing the fmancial statements. the tTU5tees are responsible for assessing the charity'5 ability to continue as a going concern, di5c105ing, as applicable, matters related to going concem and using the going concern basis of accounting unless ihe itustees either intend to liquidate the chariry or io cease operation4 or have no realisiic aliernative but to do Our responsibilitie5 for the audit of the financial statements W¢ have been appointed as audiiors under Section 144 of the Charities Aci 2011 and report in accordance with the Acl and relevant regulations made or having effeci thereunder. Our objective5 are to obtain reasonable assurance about ivhether the fmancial statements as a ivhole are free from material missiatement, Ivhether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable suranCe is a high level of assurnice, but is noi a guarantee that an audit conducted in accordance Iviih ISA5 (UK) w'ill alivay5 detect a maierial misstatemenl i¥hen it exists. Missiaiements can arise froln fraud or error and are considered material if, individually or in the wgare. the), could reasonably be expected to influence the e¢onotnic decisions of users iaken on the basi5 of these f]nancial statements. The extent to ivhich our procedures are capable of detecting irregularities. including fraud is detailed below- - enquiry of Tle¢S around actual INAeniial liiigaiion and claims. e identified the laii'5 and regulatiOE]s applicable to the charity through discussions with the trusiees. and fr(Trrn our knoivledge of other charities in the sector. the identsfied laii'5 and re£ulations Ii'ere communica[ to the audit team and %%rre considered during our audit testing work., i*'e review'ed the charity's controls and pr¢Kedure5 the Trustee& ihey ere considered (or material Iveakne55es during ihe audit. e assessed ihe extent of compliance i1.ith the laiv5 and regulaiions identified above by making enquiries of management, inspecting legal correspondence and revieiiiDg trustee meeting minuies. A further description of our responsibiliiies for the audit of the financial siaremeDts 15 located on the Financial Reporting Council's iTrebsite at wrnM.frc.org.uLlaudiioTsrespon5ibilities. This desciip(ion forn15 part of gur Report of the Independent AuditOTS. Ust ofour report Thi5 report 15 rnade solely io the Charl s m]stees, as a b(bd}', in accordance '11h Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit iTrork has been undertaken so that li'e miJu ]t state to Ihe charity'5 trustee5 those tnatter5 we ale required to siaie io ihem in an audit(Trrs' report and for no oiher purpose. To the lIest extent pemiitted by laiv, li'e do not accept or assume re5POt]sÈbilit)' io an}'one oiher than the charity and the charity's tTUStees as a body, for our audit ivork, for (his report or for the ophnion5 haye fomied. Voise). Co LLP 8 Winmarleiuh Street Warrington Cheshire WAI IJW 12 March 2024 Page 6
Warrington Church of England Educational Trust Statement of Financial Aeti%"ities for the Year Ended 31 December 2022 31.12.22 Unrestricted nd 31.12.21 Total fijnds Noies INCOME AND ENDOWMEf4TS FROM Donations and legacies 22 Charitable activitie5 Property insurance premiums 4,597 4,153 Investment income 21,107 17,413 Total 25.726 21,588 EXPENDITURE ON Raising funds 10,363 10,209 Charitable activÉties General Property insurdnce premiums Management and adrnini5tration (840) 4,597 24 11.160 4,153 Total 14.144 25.522 Nei gains1(losses) on investments (62.302) 153,653 NET INCOMEI{EXPENDITURE) Other recognised gains1{losses) Gains on revaluation of fi.xed psseis (50,720) 149,719 1,829,457 Net moi'ement funds (iO,7?0) 1,979,176 RECOINCILIATION OF FUNDS Total fund5 broughi foTri'ard 65.925,350 63,946,174 TOT AL FUNDS CARRIED FORIVARD 65,874.630 65,925,350 The notes forn] part of these fmancial statements
WarringtoTh Cburch of England Educatiollal Trust Balance Sheet 31 DeCeber 2022 31.12.22 Unrestricted fid 31.12.21 Total nds Notes FIXED ASSETS Tan(Tible assets Ini'e5tments Investment5 Invesmient property 63,718,415 63.718.415 1,307,255 750,000 1,368,547 750,000 10 65,775,670 65,836,962 CURRENT ASSETS Debiors Cash at bank 7,028 94,092 4,207 91,141 101.120 95,348 CREDITORS Arnounis falling due iyithin one year 12 (2,160) {6.960) NET CURRENT ASSETS 98,960 88,388 TOT AL ASSETS LESS CURRENT LIABILITIES 65.874.630 65.925.350 NET ASSETS 65,874.630 65,925,350 FUNDS Unrestricted funds 13 65,874,630 65,925,350 TOTAL FUNDS 65,874.630 65,925,350 The financial statetnents ivere approved b), the Board of Trnsiee5 and authorised for issue on 12 March 2024 and ii'ere signed on its behalf by- Mr P S Speed- Trustee The notes forn) pan of these financial siaiements
WarriDgton Church of EnglaThd EdueatioThal Trusl Notes to the Fillancial St3ternents for the Year EDded 31 December 2022 ACCOUNTING POLICIES Basi5 of preparing the financial Stateellts The financial stateznents of the charity,, u'hich is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 10?) 'Accounting and Reporting by Chatitie5= Statement of Recommended Practice applicable to charities preparing their account5 in accordance ivith the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Stmdard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Aci 2011. The r]nan¢ial ststements have been prepared under the historical cost conveniion. with the exception of investments i%'hich are included at arket value. as modified b). the revaluation of certain asset5. The fmancial statements are presented in Pounds Sterling. Monetary amounts in these fmancial statements are rounded to the nearesi £. Finan£tal reporting standard 102- reduced disclosure exemptions The charity has iaken advantaoe of the folloi¥'ino disclosure eitp(ln& in preparing ihese financial 51atements, as pernjitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of SectÉon 7 Statement of Cash Flows. Accounting judgements and ke!. 50urce5 of timation ullcertainty In the application of the Chariry's accountin policies, the Trusi is required to make judgeFnents, estimates and assumptions about the carryin£ amount of assets and liabilities that are not readily appareni from other sources. The estimates and associated 355UmPtion5 are based on hisiorical experience and other factors considered of relevance. Actual results ma), differ from ihose estirnates, and und¢rl}'ing assumptions are continuall), revieived. Rei'isions io estimates are recogJi5ed in the peri in ivhich the estimate is rev15ed if the revision affects onl}, Ihat period or in the period of revision and future periods if the revision affects boih Cuen[ and fijture periods. The following are the areas of critical judgemenis thai management have Tnade in the process of appl>'ing the entity'5 accounting policies. Going concern After rnak-ig enquiries. the irnsiees haye a reasonable expxtation ihai the Chartti. has adequate resource5 to ontinue in operaiional exisience for the foreseeable fuiure. Foi this reason. it Continues to adopt ihe going coneem basi5 in preparing these financial statements. There ale eurrently n(Tr sources of esiimaiion or uncertainty, that are judged io cause a silf1¢an1 risk of material adju5ttnent to the financial siaiements. All income is reco)iS¢d in the Statement of Financial Activities once the charit). has eniitlemeni to the fiinds. it 15 probable that the income ii'ill be receii'ed and the amount can be measured reliablN'. Interest on fvnds held on deposii is included ii'hen rffeii'able and Ihe amouni can be measured reliabl}. b}. the chariti thi5 is normall}. upon noiificaiion of ihe interest paid or pal'able bi. the bank.. Dividends are recounised once the dividend has been declared and notification has been received of the dividend due. This is norn)ally upon notification b). our ini'e5tmeni adi'isor of ihe dividend )"ield of th¢ investmeni portfolio. cofttinued...
WarriDgtoN Chureb of EnglaDd EducatlODal Trust Note5 to the Financial Statements- continued ror the Year Eded 31 December 2022 ACCOUNTING POLICIES- continued Expenditure Liabilities are recognised as eXndIture as soon as there is a legal or constw¢tive obljoaiion committing the charity to that expendille. it is probable thai a transfer of ¢conotnic benefits 111 be required in settlement and the amount of the obligaÈion can be rnea5w reliably. ExpendiNre is accounted for on an a¢crua15 basis and has been classified under headings that aggregate all cost related 10 rhe category. Where costs cannot be directly attributed to particular heading5 they have been allocated to activiiies on a basis consistent with the use of resources. R3i5ing funds The costs of generating fimd5 consist of investmeni management costs and certain legal fees. AllocatlOD #nd apportionment of c05t5 Overhead and support Costs have been allocated h¥ten clmritable activilies and govemance. Tangible fixed assets School Buildings and Other Buildintss in Use.. These are valued in accordan¢e ivith the building sum insured valuation for iTEswance pUoSe$ caTried out by the Ecclesiastical Insurdnce Office Limited in September 2017. Included in the valuation5 are provisions for the c05t of hire of buildings to provide temporary accotntnodaiion after datnaoe to or desiNcrion of schoo15. sutplusesldef1ci arising on the revaluation ¢xerctse, less any loss on disposals, are 5hoi%ih on the Siaiement of Financial Aciiviiies. Depreciation: In accordance with the temis of trust on which the). are held, the school buildings and other buildings have to be maintained in good iiorking order Én pefj)ewity and are therefore considered to have an indefinite useful economic life. Taxation The charity is exempt from tax on its charithle aclivitie5. Fund accounting Unrestricted filnds can be used in rdance iviih ihe charitable objectives at the discretion of the trusiees. Re5trieted funds can onl}. be used for particular resrricied purposes ii'iihin ihe objects of the charity. Restrictions arise ii'hen 5pecifLed b), the donor or i%"hen fi]nds are raised for particular testricied PUTpose5. Further explanation of the nature and purpose of each fund is included in the notes to the fItntial staiemenls. Grant5- Outgoing Grants are accounted for in the year they are approve(L irrespective of ihe period covered. Inl'estments Investments are a forni of basic financial insttvment and are initially recolSed at their transaciion value and subsequentl}, Tnea5ured ai their fair i?lue a5 at the balance sheet date usinti the closing quoted rnarket price. Ihe Statement of fmancial activities includes ihe nel gains and losses arising on revaluation and disposa15 throughout the )ear. The Trusi does not acquire put options. derivaiii'es or other Complex financial instruments. The niain fom of financial risk faced by ihe charl, 15 that of i'olaiiliis. in equil). mark-et5 and invesiment Fnarkets due to i*'ider economic conditions, the attitude of invesiors to investtnent risk. and changes in seniiment Concerning equiiies and ivithin panicular 5ertors or sub sector Reali5ed gains and 10sse5 All gains and losses are taken to the Siaiemeni of Financial Activities as ihe), arise. Realised ?ains and losse5 on InvestentS are caltulaied as ihe difference betsi.een sales proceed5 and their openino cart)"'ino value or Iheir purchase value if acquired subsequeni io the fit5È da!. of ihe financial )eai. Unrealised gains and 105ses are calculated as Ihe difference bett%"een ihe fair i'alue at the )'eat end and Iheir cart)"'ints value. Realised and unrealistd ini'esimeni gains and 1055e5 are combined in the Staten]ent of Financial Activities. Page 10 coniinued...
Warrington Chureh of EThgl3Nd Educational Trust Notes to the Financial Statement5- Colltinued for the Year Ended 31 December 2022 ACCOUNTING POLICIES- contlDued Grant5- Outgoing Irrecoi'erable VAT LtTecoverable VAT is tharged against the expendiwre heading for h1¢ it incurred. Debtors Trade and other debtOTS are reco]Sed at the settlement atnount due after any trade discount offered. Prepajinenis are valued ai the amount prepaid net of an). trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and shon tern? highl>, liquid investtnent5 with a short mati]rity of three months or less from the date of acquisition or opening of the deposit. The TNSI Fund opetates a current account ivith a minimum £500 balance at all times with the tnajority of fidS in an interest bearing account. Ai cenain dales there ma). be a number of cheques drai%Tr but not presented to result in the "overdra]. Position. Sufficient fid5 8r¢ held in ihe business reserve to cover these cheques on presentation by direct tran5f¢r. Creditors and provisi0Th5 Creditors and provisions are recow)ised here the charity. has a present obligaiion resulting from a past eveni that ivill probably result in the transfer of filnds to a third pani, and ihe amount due io settle the oblioation Can be measured or estimated reliablj.. Crediiors and provisions ate nOTETrall}' recogni5ed at their settlement amount after alloiving for an), trdde discounts due. Financial instruments The trust onll. ha5 financial assers and financial liabiliiies of a kind that qualify. as basic financial instrunients. Basic financial instrumenis are initiall}" recolsed at tran5attion i'alue and subsequen(l>' measured ar iheir seiilement value. INVESTIMENT INCOIME 31.12.22 31.12.21 Rents received Dividend income Deposit account interest CCLA deposii fund inieiest Stockbrokers account interest 250 20,047 54 568 188 500 16,889 22 21,107 17,413 Patsell continued...
Warrington Church of Eng12nd Edutational Trust Notes to the Financial Staternent5- continued for the Year Ended 31 D¢c¢tnber 2022 RAISING FUNDS Investment management costs 31.12.22 31.12.21 Portfolio management 10.363 10,209 SUPPORT COSTS Governance C05t5 Finance Totals General Management and administraiion (840) (840) 24 24 24 (840) {816) Support C05ts, included in the above. are as folloivs- 31.12.22 31.12.21 Management and administration Total activities Total activities General Bank charges Auditors. remunerJtion Secretaries fees 24 24 2.160 (3,000) 2.160 (3.000) 2,160 9,000 (840) ?4 (816) 11,160 TRUSTEES. REMUf4ERATION AND BENEFITS There ere no tTusiees' remunerntion or other benefiis for the )-ear ended 31 December 2022 nor for the year ended i l Decetnber ?021. Trustees. tApenses There w.ere no trusiees. expenses paid for the >'ear ended 31 December 2022 nor for ihe )'ear ended 31 December 2021. STAFF COSTS The charit), doe5 Ilot emplo>. an}. members of staff, hence, no member of staff received a Salary in excess of £60.000. The Clerk to the Trustees perfomis all of the duiies required io administer the charit),. Page 12 coniinued.
Warrington Church of England Educational Trust Notes to the Financial Stalements- continued for the Year Ended 31 DeCeber 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMEfltS FROM Donations and legacies 22 Charitable activities Property insurance premium5 4,153 Investment income 17.413 Total 21,588 EXPENDITURE ON Raising fimds 10,209 Charitable aetii'ities General Property insurance premiuYt]s 4.153 Total 25,522 Nei gains investments 153,653 NET INCOIME Other recogni5ed gain51(105se5) Gains on revaluation of fixed a55ets 149,719 1,829,457 Net moi'ement in fuDd5 1.979.176 RECONCILIATION OF FUNDS Toial fi]nd5 brought foThvard 63,946,174 TOTAL FUNDS CARRIED FORIVARD 65,9?5.350 TANGIBLE FIXED ASSETS Frtthold propeny Ground rents Totals COST OR VALUATIOI At l January 2022 and 31 December 2022 63.717,000 ,415 63.718,415 NET BOOK VALUE At 31 December 2022 63.717.000 1,415 6i.718,415 At 31 December 20?1 63.717.000 1,415 6i,718,415 13 eontinued...
Warrington Church of England Educational Tru51 Notes to the Financial Statements- continued for the Year Ended 31 Deeember 2022 TANGIBLE FIXED ASSETS- eontinued Cost or valuation ai 31 December 2022 is represented by. Freehold property Ground reTLt5 Toia15 Valuation in 2021 63.717.000 1,415 63,718,415 The Trust's school buildings are included at a valuation based upon a report from the Trwt's insurers dated September 2021 and th¢ trusitts are satisfied at these valuaiion5. The net book arnouni ai 3 1st Decernr 2022 represents tangible fjxed assets used for the direct charitable educational aciivity. FIXED ASSET INVESTMENTS Fixed assei invesiments MARKET VALUE At l January 20?2 Addirions Disposals Revaluations 1,368.547 122,852 (115.7261 (68,418) Ai 31 DecembeT 2022 1,307,255 NET BOOK VALUE At 31 December 2022 1,307.255 AÈ 31 December 2021 1,368,547 Quoted iDTr'estment &nal!'sis 31.12.22 Market value 31.1?.21 Markei value Co Cgst Equities- UK Overseas stocks Other Fixed interest- UK CCLA Cash dep051ts 450.669 401,71YI 126.484 107,596 43.738 54? 166 466.885 159,854 94,612 43.738 392,891 389.756 86,614 176.296 43.170 494.206 500.334 126,746 204,092 43,170 1,130,191 1.307,255 1,088.728 1,368.547 Ai the )'ear end date the held the folloii'ing investTnent5 represeniing greater than 5 /0 of the re5pe¢tive nd investment portfolio. Matket Value 69,568 Proportion of Fund 5.3?Q/ti 5.280/0 Edentree Amiry. European B Income IShaTes Core FTSE 100 ETF GBP Income Paue 14 continued...
Warrington Church ofEngland Educational Trust Not¢s to the Fin•Rci31 Statements- Contilled for the Year Ended 31 DeceThber 2022 FIXED ASSET INVESTMENTS- eontinu¢d Cosi or valuation ai 31 Decetnber 2022 is repre5ent¢d by.. Fixed asset investtnents Valuation in 2022 1.307,255 io. INVESTMENT PROPERTY FAIR VALUE At l January 2022 and 31 Decetnber 2022 750,000 NET BOOK VALUE At 31 December 2022 750,000 Ai 31 December 2021 750,000 The Trust has tsi'o investment properties both of ithich are fornicr School buildings as follows: a) Fairfield and Hoivley Cotnmunity Centre. subject to a 21 year lease at a nominal rental to a local community group. The property. is reflected ai the Truslees esiimate of its markei value of £500,000. b) St Margaret's fortner infant school, the TrusE and Diocese of Liverp[ are in discussion in relation to tl)e terms of the lease to enable use b}, St Marearei's church as a community centre. The propert), is reflected at the Trll5tees esiimaÈe of its markei value of L?iO.000. DEBTORS 31.12.22 31.12.21 Amounts falline due iTr'iihin one J'ear. Other debtors 2,431 4,207 Amount5 falling due after Tnore than one >'ear". Other debiors 4,597 Agbyegate atnounts 7,028 4.207 Page 15 contijiued...
Warrington Church of England Educational Trust Notes to the Financial Staternents- continued ror the Year Ended 31 DeCeber 2022 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.22 31.12.21 Accrned expenses 2,160 6,960 13. MOVEMENT IN FUNDS Nei movement in fund5 At 31.12.22 At 1.1.22 Unrestrieted fund5 TNst Fund 65.925,350 (50,720) 65,874.630 TOTAL FUNDS 65,925,350 {50,720) 65,874,630 Net Tnovement in fwJd4 included in the above are as folloms: Incoming resources Rcsources expended Gains and losse5 Movemeni in funds Unrestricted fuDds T)vst Fund 25.726 (14.1441 (62.302) (50.720) TOTAL FUNDS 25.726 (14.1441 (62.302) {50.7201 Comparatii'es for tNoTr'ement in funds Nei movement in funds At 31.12.21 Ai 1.1.21 Unrestricted funds Trust Fund 63,946,174 1.979,176 65,925,350 TOTAL FUNDS 63,946.174 1.979.176 65.925,350 Comparative net ¥novemeni in fi]nds, included in the above are as folloivs.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Trust F4ll)d 21,588 {25,52?) 1,983,110 1,979,176 TOTAL FUP4DS 21,588 {?5,5??) .983,510 1,979,176 Pag¢ 16 continued...
Warrington Church of England Educational Trust Notes to the Financi81 Statements- continued for the Year Ended 31 December 2022 13. MOVEMENT IN FUNDS- coDlinu¢d A current year 12 months and prior year 12 months combined positiOD is as follows: Net ovetnent in funds At 31.12.22 At 1.1.21 Unrestrieted funds Trust Fund 63,946,174 1,928,456 65,874,630 TOTAL FUNDS 63,946,174 1,928,456 65,874,630 A current year 12 months and prior year 12 months combined net rnovelnent in funds, included in the above are as follows.. coming resources Resources expended Gaitts and 105ses Movement in fund5 Unrestriettd fund5 Trust Fund 47,314 (39,666) 1,920,808 1,928,456 TOTAL FUf4DS 47.314 (39.666) 1,920,808 1,928.456 14. OTHER FINANCIAL COMMITMENTS In the event thai one of the school buildings i%thich the Trust adminisiers becomes surplus to requirements as a result of pupil demographic chanoe5 in the local area. In ihis circum5tan¢e if the trustees then decide to sell the land and buildinJo of ihe school io a third part). and not reinvesi Ihe proceeds into a neiv school buildinr In this event the iTU51ees ma). be liable to iepai, all Wdnis made b}. goi'ernment fi]ndino ortsanisations in relation to the school building. As ihe misiees Yleii" the likelih(*od of these events as remote no assessTnent ha5 been undertgken for each school of the atnouni o(grants 'hICh ivould be repa)'able. 15. RELATED PARTY DISCLOSURES There ivere no related partj. ttansaciions for the }'ear ended 31 December 2022. 16. FUNDS Unrestricted fiJnd% cornprise those funds il'hich the tee5 are frtt to use in accordance ii'ith th¢ charitable objeciives. Page 17
Wayrington Church of England EducatioD*l Trust Detailed Stat¢rnent of Financial Actii'itie$ for the Year Ended 31 December 2022 31.12.22 31.12.21 INCOME AND ENDOWMENTS Donations and leg3cies Donations 22 22 Investment intorne Rents received Dividend income Deposit aceount interest CCLA dep95jt fund interest Siockbrokers account inieresi 250 20,047 54 568 188 500 16,889 22 21.107 17.413 Charitable acti%itie5 Insurance recharge income 4,597 4,153 Total incoming resources 25,726 21,588 EXPENDITURE Ini'tstment management tosts Portfolio management 10,363 10,209 Charitable actii'itie5 Insurance 4,597 4,153 Support cost5 Finance Bank Charges 24 Go&ernance cost5 Auditors, iemutjeiation Secretaries fees 2,160 {3,0001 2,160 9.000 {8401 Total resources eipended 14,144 25,522 Net ineornel(expeNditure) before gains and 1055es 11.582 {3.934) Realised recognised gains and losses Realised losseainS on fixed asset investtnent5 6,116 6,133 Net income 17,698 2,199 This paoe does not form part of the 5taMtor)- financial statetnents Page 18