REGISTERED CHARTTY NUMBER: 511469 Report of the Trustees and Finaneial Statements for the Year Ended 31 December 2023 for Warrington Church of England Edtional Trust
WarringtOD Chureh of EnglaDd Educational Trust Contents ofthe Financial Statements for the Year Ended 31 December 2023 Page Rew)rt of the Trnstees Report of Ihe IDdependent Auditors ststement of FiDaneial Activities Balance Sheet Notes to the Financial Statements 10 to 17 Detailed Statement of Finaneial Activities 18 to 19
Warrington Churcb of England Educational Trust Report of the Trustees for the Year Ended 31 December 2023 The trustees present their report with the fllJancia] ststements of the charity for the year ended 31 December 2023. The trustees have adopted the pr()visions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AND AcfiviTIES Objectives and aims The principal activities of the charity, as stated by the objects in the constitution are as Tnee of Church of England School prop¢rties located within the borough of WaTrington and in this role it provides support to the schools by way of repair and capital grants. Public benefit The tnteeS confirni that they have referred to the guidanc¢ contained in the Charity Commissions general guidance on Public Benefit when reviewing the charitys aims and objectives and when deciding on ts. Grantmaking The charity has normally provided grants up to 50/0 of building repairs, improvements and capital projects required by the school of which the charity is a trustee. ACHIEVEMENf AI¥D PERFORMANCE Review of the Year In the year there has been continuing demand on the Trust for grdnts to assist with the governorfs proportion for building improvemeTht projects which are currently in progress at the TnL8t's schools. In the year no building grants were settled. The trustees have continued discussions with Liverpool Diocese regarding the proposed le&se of the old infant school at St Margaret's Church and it is anticipated that a fortnal lease will be fmalised shortly. Three schools have now converted to academies with two schools joining the Liveryyool Diocesan Schools Trust All Saints. Glazebury and St Helens, Hollinfare and one school joining the Chester Diocesan Schools Trust St Matthews. Stretton. In the year total incom¢ amounted to £33,388 and total expenditure amounted to £19,053 resulted in a llet flow inflow of resources before other iecognised gains and losses of £14.335. At the balance sheet date the general reserve amounted to £65,955,467. Inve51ment strategy The Trustees have appointed investment brokers and the brokers have been insinicted to adopt a prudent approach to the management of the investment portfolio to attempt to maintain capital value whilst still generating an acceptable return. At the year end the investment portfolio amounted to £1,418,899 and in the opinion of the Tntee9 the uninvested surplus reserves are held as insurdnce given the current unpredictability of the current world economy in respect of the market values of the Charity's investments. FINANCIAL REVIEW Investment policy 2nd objeetives The Trnstees after taking professional advice have invested the Charitys free reserves in a mixture of unit trusts, listed investments and deposit funds. The market value of such investsnents amoijnted to £1,418,899 at the year end. The investment advisers indicate an anticipated annual return of 2.10/0 15 forecasl generating £29.720 per annum to cover the expected expenditure of the ChLty. Page I
Warrington Chureh of England Educational Trust Report of the Trnstees for the Year Ended 31 December 21)23 FINANCIAL REVIEW Reserves policy The Trustees have established a policy whereby the Unrestricted fimds not committed or invested in tangible fLxed assets are to be investe(L so that the return they generate is sufficient to meet the expected expenditure for the next 12 months. The TteeS policy also establishes a provision for fvture major capital projects as in order to discharge the Tnt'S discretionary payments on capital projects it catt make a commitment of 50/0. At the current time it is anticipated that building works will not be at such a high level du¢ to the govemmenvs austerity measures and therefore the Trtee5 are carefijlly reviewing their medium term financial commitments. The TnLStees feel that this will ensure the Charity will be able to maintain its CUTrent activities in the absence of any other funding or income. STRUCTURE, GOVERNANCE AND MANAGEMEI¥T Management of the Charity The Charity is governed by its constitution as approved by Her Majety in Council on 23rd May 1952. The Charity is managed by its board of trustees of which a minimum of 8 must be present at any one meeting. All matters are deternlined by a majority of the votes of those tntstees present. The body of ttwtees of the charity should CODSiSt of a panel of twenty two persons comprising of: _ l. One ex-oificio trLLStee, the Rector of Warringto 2. Eigbteen nominated trustees, one of which to be appointed by the LiveTpooI Diocesan Board of Education and the fiffther Seventeen to be appointed by each Parochial Church Counctls, where there is a trust school 3. One representative tntee, to be appointed by WarTington Borough Council as Local Education Authority, 4. Two co-optative trustees, to be appointed by resolution of the trustees Tern]s of appointment of trustees: l. The representative trustee sball be appointed for a terni of three years. 2. The nominated trustee to be appointed by the Livery)ool Diocesan Board of Education shall be appointed for a term of three years 3. The nominated trustees to be appointed by the Parochial Church Councils shall be appointed each for the tern] of one year. 4. The co-oplative ttvstees shall be appointed for a terni of five ytrdrs. A Standing Con)mittee has been appointed to take responsibility for the day to day administration of the TrusL subject to policies and guideline5 laid down by the ttustees. This comprises of: . Mr P S Speed Mr R H Bingham Mr J D Bygate Dr C Kressel Reverend S Cowan Mrs J K Hodgson Rpsk management The tStee5 have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Page 2
Warrington Church of EnglaDd Educational Trust Report ofthe Truslee5 for the Year Ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DETAILS The trust¢es who served during the year were as follows:. Reverend J L Steventon - Cbairperson Mr P S Speed - Vice Chainnan Appointed by Parochial Church Councils St Elphins, Warrington Christ Churcm Padgate St Andrew4 Orford St Ann's, Warrington St Barnabas, Warrington St James Latchford C.E., Latchford St Margarevs. Orford St Matthews, Stretton St Philip's. Westbrook St ThonTrs', Stocknon Heath St Wilfrid'5, Grnppenhall Birchwood Parish Woolston Parish St Helens. Hollinfare All Saints, Glazebury St James, Westbrook St Oswald's, Winwick Mr E Collinson Reverend S Cowan Dr C Kressel Mrs F Ireland Mrs J K Hodgson Mrs C M Whiteway Mr P S Speed Mr J D Bygate Mr N Fairweather Mrs J tkach Mr P Smalley Diocesan Trustees Liverpool Dioces¢ LEA Trustee Councillor S Parish Co-opted Trustees Mr R H Bingham CHAIUTABLE STATUS Registered Address The Rectory, 129 Church StreeL WwTington WAI 2TL Charity Number 511469 Auditors Voisey & Co LLP, 8 Winmarleigh Stre¢L Warrington WAJ IJW Principal Bankers National Westminster Bank PLC. 23 Sankey Street Warrington WAI I XH Solicitors Taylor Rose TTKW Limite4 1-5 Palmyra sqlla South. Warrington WAI I BZ Investment Manager Evelim PaTtners, Royal Liver Buildin& Pier Head, Liverpool L3 INY Page 3
Warrington Churcb of England EducatAoDal Trust Report of the Trusttts for the Year Ended 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILrriES The trustees are responsible for preparing the Report of the TTUStees and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Repirting Standard applicable in the UK and Republic of Ireland" The law applicable to Charities in England and Wale5. the Charities Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the ttee5 to prepare financial statements for each fll)ancial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial ststements, the tnte¢S are required to select suitable accounting policies and then apply them consistentty; observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and pnMlenL piepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The tteeS are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tirne the fllwicial position of the charity and to enable them to ensure that the financial staternents comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 21)08 and the provisions of the trust deed. They also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of tte¢S on 25 April 2024 and signed on its behalf by: Mr P S Speed - Tntee Page 4
Report of the Independent Auditors to the Trusttts of WarringtOD Church of England Eduealional Trust Opinion We have audited the financial statements of Warrington Church of England Ethicational Trust (the 'charity) for the year ended 31 December 2023 which comprise the Statement of Fitwicial Activities, the Balance Sheet and notes to the fmancial ststements, including a summary of significant accountlng policies. The financial reporting fratnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice). including Financial Reporting Swkdard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements: give a true and fair view of the state of the charitys affairs &s at 31 December 2023 and of its incoming resources and application of resources. for the year then ended. have been properly prepared in accordance witb United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. have been prepared in accordance with the requirements of the Charities Act 2011. Basis for OPiniOD We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fiwther deKribed in the Auditors. responsibilities for the audit of tbe fmancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fllW]cial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the fu1claI staternents is appropriate. Based on the work we have perfornie4 we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least twelve months from when the flnancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of this report. Other information The trustees are responsible for the other inforntion. The other inforniation comprises the information included in the Annual ReporL other than the financial statements and our Report of the Independent Auditors thereon. Our opinkon on the fmancial statements does not cover the other infOrntIon and except to the extent otherwise explicitly stated in our repoQ we do not express any fotm of assurance conclusion thereon. In connection with our audit of the fmancial ststements, our responsibility IS to Tead the other inforniation and, in doing so, consider whether the other information is materially inconsistent with the fmancial ststements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements. we are required to deterniine whether this gives rise to a material misstaternent in the fmancial statements themselves. If. based on the work we have perfomie¢ we conclude that there is a material misstatement of this other inf0rnthti0 we are required to report that fact. We have nothing to Teport in this regard. Matters OD which we are required to report by exception We have nothing to report in respect of the following matters where the Cbarities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the inforniation given in the Report of the Tnjstees is inconsistent in any material respect with the Iwancial ststements; or sufficient accounting records have not been kept. or the fmancial statements ate not in agreement with the accounting records and returns" or we have not received all the information and explanations we require for our audit. Page 5
Report of the Independent Auditors to the Trustees of Warriugton Church of England Educational Trust Responsibilitie5 oftrustees As explained more fully in the Statement of Tntstees, Responsibilities, the trSte¢S are responsible for the prepardtion of the financial statements which give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of fmancial statements that are free from material misstatemenL whether due to fraud or error. In preparing the fll)ancial statements, the IteeS are responsible for assessing the charitys ability to Continue as a going concern. disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trSIteS either intend to liquidate the charity or to Cease operations. or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the fmancial statements as a whole are free from material misstatement, wbether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemeDt when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. The extent to which our procedwes are capable of detecting irregularities, including frdud is detailed below.. - enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspecte(t or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the charity has been subject to any litigation or any legal claim. - minutes of meetings of those charged with governance are reviewed. - audit work over the risk of management oveIde of controls is undertakeD. This includes testing of jOUTnal entries and other adjusknents for appropriatene55. evaluating the charitable rationale of significant transactions outside the nornial course of activity and reviewing accounting estimates for bias. - ana11¢al reviews are perfonned on the financial statements at all stages of the audit by comEMrison to prior years, budgets and expectations to ensure the reasonableness of the figures therein. - third party confmation is obtained from the charity's bankers to confirnl bank balances. - detailed audit testing is undertaken in specific are&s to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the charity. financial statement disclosures are reviewed and frsted to supporting documentation to assess compliance with applicable laws and regulations. Despite appropriate planning and perfonning ow wotk in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the flnancial statements and material misstatements due to fraud can be deliberdtely concealed from auditors. for example through MISpreSentation, forgery or coll10. A fjjrthei descTiPtion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibiltties. This description forn part of our Report of the Independent Auditors. Page 6
Report of the Independent Auditors to the Trnstees of Warrington Church of EDgland Educational Trust Use of our report This report is made solely to the charitys tis, &s a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work h&s been undertaken so that we might state to the charity'5 trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity aod the charitys trustees as a body, for our audit WOTK for this repo¢ or for the opinions we have formed. Co LLP 8 Winmarleigh Street Warrington Cheshire WAI IJW Z*fk 2)1 Page 7
WarrRngton Chureh of England Educational Trust Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 Unrestricted fund 31.12.22 Total fimds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 422 22 Charilable activities Property insurance premiums 5,173 4,597 tnvestment income 27,793 21,107 Total 33,388 25,726 EXPENDITURE ON Raising funds 10,370 10,363 Charitable activities Property insurance premium5 Management and administrdtion 5,173 3.510 4,597 (816) Totsl 19,053 14,144 Net gains/{losses) on investments 66.502 (62.302) NET INCOME/(EXPENDITURE) 80,837 (50,720) RECONCILIATION OF FUNDS Total fimds brought forward 65.874,630 65,925,350 TOTAL FUNDS CARiUED FORWARD 65,955,467 65,874,630 The notes forn) part of these fmancial statements
Warrington Church of England Educational Trust Balance Sbeet 31 December 2023 31.12.23 Unrestricted fund 31.12.22 Total funds Notes FIXED ASSETS Tangible assets Investments Investments Investment property 63,718.415 63.718,415 1.307,255 750,000 1,418,899 750,000 io 65,887.314 65,775,670 CURRENT ASSETS Debtors Cash at bank 11.683 60,790 7,028 94.092 72.473 101,120 CREDITORS Amounts falling due within one year 12 (4,320) (2,160) NET CURRENT ASSETS 68,153 98,960 TOTAL ASSETS LESS CURRENr LIABILITIES 65,955.467 65,874,630 NET ASSETS 65,955,467 65,874,630 FUNDS Unrestricted funds 13 65,955,467 65,874,630 TOTAL FUNDS 65,955.467 65,874,630 The fmancial statements were approved by the Board of Tttts and authorised for issue on 25 April 2024 and were signed on its behalf by: Mr P S Speed- Trustee The notes fonn part of these fllwicial statements Paoe 9
WarriDgtoD Chureh of England Educational Trnst Noles to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basfs of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepad in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial ReportiDg Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The fmancial statements have been prepared under the historical cost Conventio with the exception of inveslments which are included at market value, as modified by the revaluation of certain assets. The Charity is a Public Benefit Entity registered as a charity in England and Wales. It was fornied by approved constitution on 23 May 1952 and registered as a charity on 22 June 1982. At the time of approving the fmancial statements, the tteeS have a reasonable expectation that the charity h&s adequate resources to continue in operdtional existence for the foreseeable future. Thus the tnteeS continue to adopt the going concern basis of accounting in preparing the financial statements. The presentation currency is £ sterling. Monetary amounts tn these fiDancial statements are rounded to the nearest £. Finaneial reporting standard 102 - reduced di10$ure exemptions The charity has taken advantage of the following disclosure exemption in preparing these fmancial statements, &s perniitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Accounting judgements and key sources of estimation uncertainty In the application of the Charity5 accounting policies, the Tnl is required to make judgements, estimates and assumptions about the carrying amount of ets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered of relevance. Actual results may differ from those estimates. and underlying &ssumption5 are continually reviewed. Revisions to estirnates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods. The following are the areas of Critical judgements that management have made in the process of applying the entity's accounting policies. Going concern After ttlaking enquiries. the trustees have a reasonable expectation that the Charity h&5 adequate resources to continue in operational existence for the foreseeable future. For this reason. it continues to adopt the going concem basis in preparing these financial statements. There are currently no sources of estitnation or uncertainty that are judged to cause a significant risk of material adjustment to the financial statements. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income WAII be received and the amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is nonnally upon notifjcation of the interest paid or payable by the barth. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nonnally upon notification by our investment advisor of the dividend yield of the imvestment portfolio. Page 10 continued...
Warring¢on Chureh of England Educational Trust Notes to the Financial Statements- continued for the Year Ended 31 Deeember 2023 ACCOUIYTING POLICIES- eontinued Expenditure Liabilities are recognised as expenditt¢ as soon there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals blS and h&s been cl&ssified under headings that awegate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subjert to conditions which have not been met at the year end date are noted as a commilment but not accrued as expenditure. Raising funds The costs of generating fimds consist of investtnent rIageMent costs and certain legal fees. Allocation and apportlODment of eosts Overhead and support costs have been allocated between charitable activities and governance. Tangible fixed assets School Buildings and Other Buildings in Use: These are valued in accordance with the building sum insured valuation for insurance purposes catried out by the Ecclesiastical Insurdnce OtTi¢e in September 2021. Included in the valuations are provisions for the cost of hire of buildiDgs to provide temporary accommodation after damage to or destruction of schools. Surplusesldeficits arising on the revaluation exercise, less any loss on disposal4 are shown on the Statement of Financial Activities. Depreciation: In accordance with the temis of trust on whicb they are hel(L the school buildings and other buildings have to be maintained in good working order in perpetuity and are therefore considered to have an indefinite useful economic life. Investments Investments are a fonn of basic financial ins¢nent and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposa15 throughout the year. The Trust does not acquire put options. derivatives or other complex financial instruments. The main forni of fll)ancial risk faced by the charity is that of volatility in equity markets and invesknent markets due to wider economic conditions, the attitude of investors to investment risl and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated a5 the difference between sales proceeds and their opening carying value or their purchase value if acquired subsequent to the rst day of the fllthncial year. Unrealised gains and losse5 are calculated as the difference between the fair value at the year end and their carying value. Realised and unrealised investment gains and losses are combined in the Statement of Fi[1¢1a] Activities. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fimds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the fmancial statements. Pagell continued...
Warrington Church of England Educational Trust Notes to the Financial Ststemeots - continued for the Year Ended 31 December 2023 INVESTMENT INCOME 31.12.23 31.12.22 Rents received Dividend income Deposit account interest CCLA dep051t fund interest Stockbrokers account interest 250 20,047 54 568 188 24,482 429 1,952 930 27,793 21.107 RAISING FUNDS Investment management costs 31.12.23 31.12.22 Portfolio management 10.370 10,363 SUPPORT COSTS Governance costs Management and adrninistt7tion 3,160 Support costs, included in the above, are as follows: 31.12.23 Management 31.12.22 Total activities administration Bank charges Auditors, remuneration Secretaries fees 24 2.160 (3,000) 2.160 1,000 3.160 (816) TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Tru5tees' expeDses There were no trustees. expenses paid for the y&qr ended 31 December 2023 noi for the year ended 31 December 2022. Page 12 continued...
Warrington Church of England EdtIOnal Trust Notes to the Financial Stalements - continued for the Year Ended 31 December 2023 STAFF COSTS The charity does not employ any members of staff, hence. no member of staff received a salary in excess of £60,000. The Clerk to the Trustees perfOrn all of the duties required to administer the charity. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES UDresiTiCted fijnd INCOME AND ENDOWMENTS FROM Donations and legacies 22 Cbaritable activities Property insurance premium5 4,597 Investment income 21,107 Tot21 25,726 EXPENDITURE ON Raising fidS 10,363 Charitable activities Property insurance premiums Management and administration 4,597 (816) Total 14,144 N¢t gaIn(lOsSes) on investments (62,302) NET 11¥4COMEI(EXPENDITURE) (50,720) RECONCILIATION OF FUNDS Totsl funds brought forward 65.925,350 TOTAL FUNDS CARRIED FORWARD 65,874.630 TANGIBLE FIXED ASSETS Freehold property Ground rents Totsls COST OR VALUATION At l January 2023 and 31 December 2023 63,717.0(M) 1.415 63,718,415 NET BOOK VALUE At 31 December 2023 63,717.000 1,415 63.718,415 At 31 December 2022 63,717.000 1,415 63,718,415 Page 13 ontinued...
Warrington Chur¢b of England Educational Tn Not to the Financial Statements - eontinued for the Year Ended 31 December 2023 TANGIBLE FIXED ASSETS - eontinued Cost or valuation at 31 Deceniber 2023 is represented by: Freehold property Ground rents Totals Valuation in 2021 63,717,0(K) 1,415 63.718,415 The Tt'S school buildings are included at a valuation based upon a report from the Trust's insurers dated September 2021 and the trSte¢S are satisfied at these valuations. The net book amount at 31st December 2023 represents tangible fixed assets used for the direct charitable educational activity. FIXED ASSET INVESTMENTS Fixed asset investments MARKET VALUE At l January 2023 Additions Disposals Revaluations 1,307,255 122,692 (68,041) 56,993 At 31 December 2023 1,418,899 NET BOOK VALUE At 31 December 2023 1,418,899 At 31 December 2022 1,307.255 Quoted investment analysis 31.12.23 Cost Market value 31.12.22 Market value Cost Equities - UK Overseas stocks Other Fixed interest- UK CCLA Cash deposits 406.825 504,954 45.578 180,445 45,690 482,933 662.659 56.695 170,922 45,690 450.669 401,704 126,484 94.612 43,738 542.166 466.885 159,854 94,612 43,738 1,183.492 1,418,899 1.130,191 1,307,255 At the year end date the Trust held the following investments representing greater than 5 /0 of the respective fund investment portfolio. Edentree Amity European B IDcome Ishares Core FTSE 100 ETF GBP Income Market Value Proportion of Fund 77.816 5.48V/o 71,529 5.040/0 Page 14 continued...
WarriDgton Church of England Educational Trust Notes to tbe Finydncial Ststements - continued for the Year Ended 31 December 2023 FIXED ASSET INVESTMENTS- contlDued Cost or valuation at 31 Decernber 2023 is represented by. Fixed investments Valuation in 2023 1,418,899 io. INVESTMENT PROPERTY FAtR VALUE At l January 2023 and 3 l December 2023 750.000 NET BOOK VALUE At 31 December 2023 750,000 At 31 December 2022 750,000 Th¢ Tnl has two investment properties both of which are former school buildings follows: a) Fairfield and Howley Cornmunity Centre, subject to a 2) year lease at a nominal rental to a local community group. The property is reflected at the Trustees eStinte of its market value of £500,000. b) St Margaret's fortner infant school the Trust and Diocese of Liverpool are in discussion in relation to the tern]s of the lease to enable use by St Margaret's church as a community centre. The property is reflected at the Trustees estitnate of its market value of £250.000. ii. DEBTORS 31.12.23 31.12.22 Amounts falling due within one year: Other debtors 11,683 2.431 Amounts falling due after more than one year: Other debtors 4.597 Aggregate amounts 11,683 7.028 Page 15 continued...
WarringtOD Chureb of England Educational Trnst Notes to the Financial Statements- eoDtinued for the Year Ended 31 December 2023 12. CREDITORS: AMouNfs FALLING DUE THIN ONE YEAR 31.12.23 31.12.22 Accrued expenses 4,320 2,160 13. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At J.1.23 Unrestrlcted funds Trust Fund 65,874.630 80.837 65,955,467 TOTAL FUNDS 65.874.630 80.837 65.955,467 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Tt Fund 33.388 (19.053) 66.502 80,837 TOTAL FUNDS 33,388 (19,053) 66,502 80,837 Comparatives for movement ID funds Net movement in funds At 31.12.22 At l.la2 Unrestrieted funds Trust Fund 65.925.350 (50.720) 65.874,630 TOTAL FUNDS 65.925,350 {50.720) 65.874,630 Comparative net movement in fimds, included in the above are as lollows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Trust Fund 25,726 (14,144) (62,302) (50,720) TOTAL FUNDS 25,726 (14.144) (62.302) (50.720) Page 16 continued...
Warrington Church of England Educational Trust Notes to the Financial Ststements - Continued for the Year Ended 31 December 2023 13. MOVEMENf IN FUNDS- conlinued A current year 12 months and prior year 12 months combined pjsition is as follows: Net movement in funds At 31.12.23 At 1.1.22 Unrestricted funds Trust Fund 65,925.350 30.117 65,955,467 TOT AL FUNDS 65,925,350 30,117 65,955,467 A current year 12 months and prior year 12 months combined net movement in fimds, included in the above are &8 follows: Incoming resources Resources expended Gains and losses Movement in fimds Unrestricted funds Trust Fund 59,114 (33,197) 4.200 30,117 TOTAL FUNDS 59,114 (33,197) 4,200 30,117 14. OTHER FINANCIAL COMMITMEKrs In the event that one of the school buildings which the Tnt adminisfrrs becomes surplus to requirements as a result of pupil demographic changes in the local area. In this circumstance if tbe trustees then decide to sell the land and buildings of the School to a third party and not reinvest the proceeds into a new school building. In this event the trustees may be liable to repay all grants made by government funding organisations in relation to the school building. As the trustees view the likelihood of these events &s remote no assesstnent h&8 been undertaken for each school of the amount of grants which would be repayable. 15. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2023. 16. FUNDS Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objectives. Page 17
warrinOn Cburch of England Edueational Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donatlons and legacies Donations Other income 22 400 22 422 22 Investment income Rents received Dividend incorne Deposit account interest CCLA deposit fund interest Stockbrokers account interest 250 20,047 54 568 188 24,482 429 1.952 930 27,793 21,107 Charitable a¢liviti¢s Insurance recharge income 5.173 4.597 Total incoming resources 33,388 25,726 EXPENDITURE Investment management costs Portfolio management 10,370 10,363 Charitgble activities Insurance Room Hire 5,173 350 4,597 5,523 4,597 Support costs Finance Bank charges 24 Governance costs Auditors, remuneration Secretaries fees 2.160 1.000 2,160 (3,000) 3,160 (840) Total resources expended 19,053 14.144 Net income before gains and losses 14,335 11,582 Realised recognised gains and losses Carried forward 14,335 11,582 This page does not forni part of the statutory fllwicial statements Page 18
WarringtOD Chureb ofEngland Educational Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 Realised recognised gains and I0e$ Broughi forward Realised gains on fixed asset investments 14.335 9,509 11,582 6,116 Net ineome 23,844 17,698 Thi5 page does not fonn part of the statutory financial statements Page 19