REGISTERED CHARrrY NUMBER: 511469 Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 for Warrington Chureh of England Educational Trust
WarriDgloD Chureh of England Educational Trust Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 10 to 18 Detailed Ststement of Financial Activilies 19 to 20
Warrington Church of England Educational Trust Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for th¢ year ended 31 December 2024. The Inte¢S have adopted the provisions 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). OBJECTIVES AND AcfivITIES Objectives and aims The principal activities of the charity, &$ stated by the objects in the constitution are as Truske of Church of England School properties located within the borough of Warrington and in this role it provides support to the schools by way of r¢pair and capital grants. Public benefit The trustees confirn] that they have referred to the guidance contained in the Charity Conllnissions general guidance on Public Benefit when reviewing the charitys aIll and objectives and when &ciding on grants. Grantmaking The charity has normally provided grdnts up to 50/0 of building repairs, improvements and capital projects required by the school of which the charity is a trustee. ACHIEVEMENTS AND PERFORMANCE Review of the Year In the year there has been continuing demand on the Tnt for grants to assist with the governor's proportion for building improvetnent projects which are currently in progress at th¢ Trust's schools. In the year 15 building grants were settled amounting to £66,641 (2023 £Nil). The trustees have continued discussions with Liverpool Diocese regarding the proposed lease of the old infant school at St Margaret's Church and it is anticipated that a fornMI lease will be finalised shortly. Four schools have now converted to academies with two schools joining the Liverpool Diocesan Schools Trust All Saints, Glazebury and St Helens, Hollinfare and two schools joining the Chester Diocesan Academies Trust St Matthews, Stretton and St Thom&s' Stockton Heath. In the year total income amounted to £41,959 and total expenditure amounted to £86,505 which resulted in a net flow oufflow of resources before other recognised gains and losses of £44.546. At the balance sheet date the general reserve amounted to £65.972,302.. Investment strategy The Truste¢s have appointed investment brokers and the brokers have been instructed to adopt a prudent approach to the management of the investment portfolio to attempt to maintsin capital value whilst still generating an acceptable retLUn. At the year end the investment portfolio amounted to £1,478,991 and in the opinion of the TNstees the uninvestrd surplus reserves are held as insurdnce given the curreni unpredictabiltty of the current world econoTlly in respect of the market values of the Charity's investsnents. FINANCIAL REVIEW Investment policy and objectives The Trustees after taking Professional advice have invested the Charity's free reserves in a mixture of unit trts. listed investments and deposit funds. The market value of such investmenls atnounted to £1,478,991 at the year end. The investment advisers indicate an anticipated annual return of 2 % is forecasL generating £29.155 per annum to cover the expected expenditure of the Charity. Page I
Warrington Cburch of England Educational Trust Report of the Trustees for the Year Ended 31 December 2024 FINANCIAL REVIEW Reserves policy The Trustees have established a policy whereby the unrestricted fimds not committed or invested in tangible fixed assets are to be invested. so that the return they generate is suffickent to meet the expected expendittjre for the next 12 months. The Trustees policy also establishes a provision for future major capital projects as in order to discharg¢ the Trust's discretionary payments on capital projects it can make a commitment of 50/0. At the current time it is anticipated that building works will not be at such a high level due to the government's austerity measures and therefore the Trustees are careIlY reviewing their Medium terni fjnancial commitments. The Trustees feel that this will ensure the Charity will be able to rnaintain its CUTrent activities in the absence of any other fimding or incotne. STRUCTURE, GOVERNANCE AND MANAGEMENT Management of the Charity The Charity is governed by its constitution as approved by Her Majesty in Council on 23rd May 1952. The Charity is llnaged by its board of trustees of vlhich a minimum of 8 must be present at any one meeting. All matters are detennined by a majority of the votes of those trustees present. The body of trLLStees of the charity should consist of a panel of twenty two persons comprisityg of: . l. One ex-officio trustee, the Rector of wa]ngtOn, 2. Eighteen nominated trustees. one of which to be appointed by the Liverpool Diocesan Board of Education and the further Seventeen to be appointed by each Parochial Church Councils, where there is a trust school 3. One representative trustee. to be appointed by Warrington Borough Council &s Local Education Authority, 4. Two COThOPtative trustees, to be appointed by resolution of the Inle¢S Tems of appointment of trustees: l. The representative trustee shall be appointed for a tenn of three years. 2. The notninated trustee to be appointed by the LiveTpooI Diocesan Board of Education shall be appointed for a temi 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-optative trustees shall be appointed for a terni of five yeatS. A Standing Committee has been appointed to lake responsibility for the day to day athninistration of the Trust, subject to policies and guidelTrnes laid down by the trustees. This comprise5 Of: _ Mr P S Speed Mr R H Bingham Mr J D Bygate Dr C Kressel Reverend S Cowan Mrs J K Hodgson Risk management The trustees 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 etTOr. Page 2
Warrington Church of England Educational Trust Report of the Truslees for the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAI The trustees who served during the year were as follows:_ Reverend J L Steventon- Chairperson (deceased 7th July 2024) Mr P S Speed - Vice Chainnan Appointed by Parochial Chureh Counei18 St ElphI Warrington Christ ChurclL Padgate St Andrews, Orford St Ann's, Warrington St Barnab&s. WaTrington St James Latchford C.E., Latchford St Margaret's. Orford St Matthews, Stretton St Philip's. Westbrook St Thomas,, Stockton Heath St Wilfrid'4 Grdppenhall Woolston and Birchwood Parish St Helens. Hollinfare All Saints, GI¢bury 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 Mrs J Leach Mr P Srnalley Mrs E Thomas Dioeesan Trustees Liverpool Diocese LEA Trustee Councillor S Parish clOpted Trustees Mr R H Bingham CHAIUTABLE STATUS Registered Address The Rectory, 129 Church Street, Warrington WAI 2TL Charity Number 511469 Auditors Vois¢y & Co LLP, 8 Winmarleigh StreeL Warrington WAI IJW Principal Bankers National Westminster Bank PLC. 23 Sankey Street Warrington WAI IXH Solicitors Taylor Rose Kw Limited, The White House, Wilderspool ParL Greenalls Avenue. WTing10n WA4 6HL Investment Manager Evelyn Partners, Royal Liver Building, Pier Herf Livery)ool L3 INY Page 3
Warrington Church of England Educational Trnst Report of the Trnstees for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the TnLStees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the ttvst deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 statements, the trustees are required to select suitable accounting policies and then apply them consislently, observe the methods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent. prepare the financial statetnents on the going concern b&sis unless it is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fmancial position of the charity and to enable them to ensure that the fjnancial ststements comply with the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of tbe tnt deed. They are also responsible for safeguarding the &ssets 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 tnteeS on 10 September 2025 and signed on its behalf by: Mr P S Speed - Trustee Page 4
Report of the Independent Auditor5 to the Trusteeg of Warrington Church of England Educational Trust Opinion We have audited the fmancial statements of Warrington Church of England Educational Trust (the 'charitY) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reportlng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a trne and fair view of the state of the charit)es affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) OSAS (UK)) and applicable law. Our responsibilities under those standar(L8 are furtber described in the Auditors, responsibilities for the audit of the fuwicial 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 fmancial statements in the UK including the FRC'S Ethical Standard, and we have IfLlled 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 foi our opinion. Conclusions relating to going eoncern In auditing the fmancial staiements, we have concluded that the tnte¢s. use of the going concern basis of accounting in the preparation of the fjnancial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or coll¢ctively. may cast significant doubt on th¢ charitys ability to continue as a going concern for a period of at least twelve months from when the financial 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 RnforniatlOD The trustees are responsible for the other infotmation. The other infornlation comprises the inforniation included in the Annual R¢port, other than the fmancial statements and our Report of the Independent Auditors thereon. OUT opinion on the financial statetnents does not cover the other inforniation an except to the extent otherwise explicitly Stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the fmancial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other inforniation is materially inconsistent with the fmancial statements 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 misstatement in the financial Statements themselves. If, based on the work we have perfornied. we conclude that there is a material misstatement of this other information, we are required io report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the infonnation giv¢n in the Report of the TteeS Is inconsistent in any material respect with the fllw)cial statements- or sufficient accounting records have not been kept" or the fmancial statements are not in agreement with the accounting records and returns- or w¢ have not received all the infonnation and explanations we require for our audit. Page 5
Report of the Independent Auditors to the Trustees of Warrington Church of England Educational Trust Responsibllities of trustees As explained more fvlly in the Ststement of Tntees, Responsibilities, the trustees are responstble for the preparntion of the fmancial statements which give a true and fair view, and for such intetnal control as the trustees deterniine is necessary to enable the prepardtion of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the fmancial statements, the trustees are responsible for assessing the charitys ability to continue &8 a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to C¢ 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 obtain reasonable assurdnce about whether the financial slatements as a whole are free from material tnisStatemenL whether due to frdud or error. and to issue a Report of the Independent Auditors that includes OUT opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economi¢ decisioDS of users taken on the basis of these fuwicial ststements. The cxtent to which our predureS are capable of detecting irregularitie4 including fraud is detailed below: - enquiries are made of management and those Charged with governance as to whether there is any knowledge of actual, suspected, or alleged frauLt whether there is any known non-compliance with laws or regulations. and whether the harity has been subject to any litigation or any legal claim. - minutes of meetings of those cbarged with governance are reviewed. - audit work over the risk of management override of controls is undertaken. TFLiS includes testÈng of journal entries and other adjustments for appropriateness, evaluating the charitable rationale of significant transactions outside the nornial course of activity and reviewing accounting estImeS for bias. analytical reviews are perfornled on the fmancial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein. - third party confThation is obtained from the charity's bankers to confTh bank balances. - detailed audit testing is undertaken in specific areas to ¢Dswe that income and expenditure is correctly recorded and is a genuine income or expense of the charity. financial ststement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations. Despite appropriate planning and perfonning our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations 15 often further removed from the events and transactions reflected in the financial statements and material misstatements due to frdud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion. A fLher description of ow responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at Mvw.frc.oig.uklauditorsresponsibilities. This description forn part of our Report of the Independent Auditors. Page 6
Report of tbe Independenl Auditors to the Trustees of Warrington Church of England Educational Trnst Use of our report This report is made solely to the charitys tnlstees. &8 a body. in accordance with Part 4 of the Charities (Arxounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys tnteeS those matters we are required to state to them in an auditors. report and for no other purtK)se. To the lIest exfrnt pern]itted by law, we do not accept OT assume responsibility to anyone other than the chariry and the charitys trstee5 as a body, for our audit work. for thi5 repor¢ or for the opinions we have fornle ,IA L Voisey & Co LLP 8 Winmarleigh Street WaTrington Cheshire WAI IJW 1% N spi 2J£ Page 7
Warrington Church of England Educational Trust Stslement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Unrestricted fimd 31.12.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 22 422 Charitable activities Property insurance premiums 5.317 5,173 Investment income 36,620 27,793 Total 41,959 33.388 EXPENDITURE ON Raising funds 10,937 10,370 Charitsble activilies Property insurance premiums Building repair grants Management and athninistration 5,317 66,641 3,623 5,173 3,510 Total 86,518 19,053 Net gains on investments 61,381 66.502 NET INCOME 16,822 80.837 RECONCILIATION OF FUNDS Total fimds brougbt forward 65,955,467 65.874.630 TOT AL FUNDS CARRIED FORWARD 65,972,289 65.955.467 The notes forni part of these financial statements Page 8
Warrington Cburch of England Educational Trust Balance Sbeet 31 December 2024 31.12.24 Unrestricted fund 31.12.23 Total fimds Notes FIXED ASSETS Tangible assets Investments Investtnents Investment property 63.718.415 63.718,415 1.478,991 750.000 1,418.899 750.000 io 65,947,406 65,887,314 CURREwf ASSETS Debtors Cash at bank 10,114 16.929 11,683 60.790 27.043 72,473 CREDITORS Amounts falling thie within one year 12 (2.160) (4,320) NET CURRENT ASSETS 24.883 68,153 TOTAL ASSETS LESS CURRENT LIABILITIES 65,972,289 65,955,467 NET ASSETS 65,972,289 65,955,467 FUNDS Unrestricted funds 13 65.972,289 65,955,467 TOTAL FUNDS 65.972,289 65,955,467 The financial statements were approved by the Board of TnteeS and authorised for issue on 10 September 2025 and were signed on its behalf by- Mr P S Speed - Trustee The note5 forn] part of these financial statements Page 9
Warrington Church of England Educational Trust Notes to the Financial Ststements for the Year Ended 31 Detember 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Cbarities: 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),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the bi5torical cost convention, with the exception of investments whicb are included at market value, as modified by the revaluation of certain assets. The Charity is a Public Benefit Entity registered &s a charity in England and Wales. It was fornied by approved onstitution on 23 May 1952 and registered as a charity on 22 June 1982. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing th¢ financial statements. The presentation currency is £ sterlin& Monetary amounts in thes¢ financial statements are rounded to the nearest £. FiDantial reporting stsndard 102 - reduced disclosure exemptions The charity bas taken advantage of the following disclosure exemption in preparing these financial statements, as permitted 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 judgemenls 2nd key sources of estimation uncertainty In the application of the Charity's accounting policies. the Trust is required to make judgements, estimates and assumptions about the canying atnount of assels and liabilities 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 frotn those estimates, and underlying assumptions are continually reviewed. Revisions to estimates 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 fvture periods. The following are the areas of critical judgernents that management have made in the process of applying the entity'5 accounting policies. Going Concern After making enquiries. the ttwtees have a reasonable expectation that the Charity h&s adequate resources to continue in operational existence for the foreseeable tuture. For thi5 reason, it continues to adopt the going concern basis in preparing these fuwicial statements. There are currently no sources of estimation or uncertainty that are judged to cause a significant risk of material adjustment to the financial ststements. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fimds. it is probable that the income will 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 normally upon notification of the interest paid or payable by the bank. Dividends are Tecognised once the dividend has been declared and notification has been received of tbe dividend due. This is nornlally upon notification by our investment advisor of the dividend yield of the investment portfolio. Page 10 continued...
Warrington Chureh of England Educational Trust Note5 to the Financial StatemeDts - continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Expenditure Liabillties are recognised &5 expenditure as soon as 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 basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dtrectly attribufrd to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a con]tnitment but not accrued as expenditure. Grants offered subject to conditions whicb have not been met at the year end date are noted as a conunitment but not accrued as expenditure. Raising funds The costs of generdting funds consist of invesljnent management costs and certain legal fees. Allocation and apportionment of costs Overhead and support costs have been allocated between cbaritable 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 carried out by the Ecclesiastical Insurance Office in September 2021. Included in the valuations are provisions for the cost of hire of buildings to provide temporary accommodation after damage to or destruction of schools. surplusedefiClts arising on the revaluation exercise. less any loss on disposals, are shown on the Statement of Financial Activities. Depreciation: In accordance with the ternis of trust on which they are held. 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 forni of basic financial instrument and are initially recognised at their trdnsaction value and subsequently me&sured at their fair value &s at the balance sheet date using the closing quoted Tnarket price. The statement of fmancial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instnunents. The main forn] of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risK and changes in sentiment concerning equities and within particulat sectors or sub sectors. Realised gain5 aDd10sses All gains and losses are laken to the Statement of Financial Acttvities they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening caTrying value or their purchase value if acquired subsequent to the fwst day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carying value. Realised and unrealised investsnent gains and losses are combined in the Ststement of Financial 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. Page 11 continued...
Warrington Cbureh of England Educatiooal Trust Noles to the FiDaneial Statements- continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- contlDued Fund 8CCOUllting Restricted fimds can onty be used for particular restricted purposes within the objects of the charity. Restrictions aris¢ when specified by th¢ donor or when fidS are rnised for particular restricted putposes. Further explanation of the nature and purpose of each fund is included in the notes to the fllwicial statements. INVESTMENT INCOME 31.12.24 31.12.23 Rents received Dividend income Deposit account interest CCLA deposit fimd interest Stockbrokers account interest 1.750 31,865 397 2,396 212 24,482 429 1,952 930 36,620 27,793 RAISIIYG FUNDS Investment management Costs 31.12.24 31.12.23 Portfolio management 10,937 10,370 SUPPORT COSTS Governance costs Management and administration 3,523 Support costs. included in the above. are as follows: 31.12.24 Management 31.12.23 Total activities administration Auditors, remuneration Sundries Secretaries fees 2,160 13 1,350 2,160 1,000 3.523 3,160 Page 12 continued...
Warrington Church of England Educational Trust Notes to the Financial Statements- continued for the Year Ended 31 December 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS The charity does not employ any members of staff, hence, no member of stsff received a salary in excess of £60,000. The Clerk to the TnteeS perfOrn all of the duties required to athninister the charity. COMPARATIVES FOR THE STATEMENT OF FINANCIAL A[VITIEs Unrestricted fund INCOME AND ENDOWMEIYTS FROM Donations and legacies 422 Charitable activities Propety insurance premiums 5,173 Investment income 27,793 Total 33,388 EXPENDITURE ON Raising fun(ts 10,370 Charitable activities Property insurdnce premiums Management and administration 5.173 3.510 Total 19,053 Net gains on investments 66,502 NET INCOME 80.837 RECONCILIATION OF FUNDS Total funds brought fonvard 65,874,630 TOTAL FUNDS CARRIED FORWARD 65,955,467 Page 13 continued..
Warrington Church of England Educational Trust Notes to the Financial Ststements- continued for the Year Ended 31 December 2024 TANGIBLE FIXED ASSETS Freehold property Ground rents Totals COST OR VALUATION At l January 2024 and 31 December 2024 63,717.000 1.415 63,718,415 NET BOOK VALUE At 31 December 2024 63,717,0(M) 1,4l5 63,718,415 At 31 December 2023 63.717.000 1,415 63,718,415 Cost or valuation at 31 December 2024 is represented by: Freehold property Ground rents Totals Valuation in 2021 63,717,000 1,415 63,718,415 The Trust's h0o1 buildings are included at a valuation based upon a report from the Tnt'S insurers dated September 2021 and the trustees are satisfied at these valuations. The net book amount at 31st December 2024 represents tangible fixed assets used for the direct charitable educational activity. At the year end date four of the Tnt'S schools have converted to Academy sthtus, as part of these aTrangements the Trust has entered into 125 year leases of the properties with the academies. The trustee5 are Teviewing the valuation adjustment now to be recognised in relation to these schools and this will be reflected in the accounts for year ended 3 1st December 2025. FIXED ASSET INVESTMENTS Fixed asset investtnents MARKET VALUE At l January 2024 Additions Disposals Revaluations 1,418,899 322,222 (311,100) 48,970 At 31 December 2024 .478,991 NET BOOK VALUE At 31 December 2024 1,478,991 At 31 December 2023 ,418,899 Page 14 continued...
Warrington Church ofEngland Educational Trust Notes to the Financial Statements- continued for the Year Ended 31 December 2024 FIXED ASSET INVESTMENTS- continued Quoted investment analysis 31.12.24 Cost Market value 31.12.23 Market value Cost Equities - UK Overseas stocks Other Fixed interest - UK CCLA Cash deposits 559,040 345,114 170.781 108.936 47,535 688,649 419,908 222.574 100.325 47,535 406,825 504,954 45.578 180.445 45,690 482.933 662.659 56,695 170.922 45,690 1213,406 1,478,991 1,183,492 1,418,899 At the year end date the Trust held the following investments representing greater than 5 % of the respective fund investment portfolio. Market Value 74,421 75,329 Proportion of Fund 5.04% 5.IOQ/o Dodge & Cox Worldwide US Stock GBP Income Ishares Core FTSE 100 ETF GBP Income Cost or valuation at 31 December 2024 is represented by: Fixed investments Valuation in 2024 1,478,991 io. INVESTMEiYT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 750,000 NET BOOK VALUE At 31 December 2024 750.000 At 31 December 2023 750,000 The Trust has two investment properties both of which are fornier school buildings as follows: a) Fairfield and Howley Community Centre, subject to a 21 year lease at a nominal rental to a local community group. The Property is reflected at the TteeS estimate of its market value of £500,000. b) St Margaret's fornier infant school, the Trust and Diocese of Liverpool are in discussion in relation to the terms of the lease to enable se by St Margaret's church as a community centre. The property is r¢fl¢ct¢d at th¢ Trustees estimate of its market value of £250.000. Page 15 continued...
Warrington Church of England Educational Trust Notes to the Financial StAtements - continued for the Year Ended 31 December 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors 10,114 11,683 12. CREDITORS: AMOUNTS FALLING DUE WTTHIN ONE YEAR 31.12.24 31.12.23 Accrued expenses 2,160 4,320 13. MOVEME IN FUNDS Net movement in fimds At 31.12.24 At 1.1.24 Unrestricted funds Trust Fund 65,955,467 16,822 65.972.289 TOTAL FUNDS 65.955.467 16,822 65,972,289 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in fimds Unrestricted funds Trust Fund 41,959 (86,518) 61,381 16,822 TOTAL FUNDS 41,959 (86,518) 61,381 16,822 Comparatives for movement in funds Net movement in fiu)ds At 31.12.23 At 1.1.23 Unrestricted fuDds Tst Fund 65.874.630 80.837 65,955.467 TOTAL FUNDS 65.874,630 80,837 65,955,467 Page 16 continued...
Warringlon Church of England Edueational Trust Noles to the Finaneial Slatements- continued for the Year Ended 31 December 2024 13. MOVEMENT IN FUNDS - conlinued Comparative net movement in fimds, included in the atK)ve are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Trust Fund 33,388 (19,053) 66,502 80,837 TOTAL FUNDS 33,388 (19,053) 66.502 80,837 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.24 At 1.1.23 Unrestrieted funds Trust Fund 65,874,630 97,659 65,972,289 TOTAL FUNDS 65.874,630 97.659 65,972,289 A current year 12 months and prior year 12 months comblned net movement in funds, included in the above are as follows: tncoming resources Resources expended Gains and losses Movement in funds Unreslricted funds Tst Fund 75.347 (105.571) 127,883 97,659 TOTAL FUNDS 75,347 (105.571) 127,883 97,659 14. OTHER FINANCIAL COMMITMENTS In the event that one of the school buildings which the Tnt administers becomes sutplus to requirements as a result of pupil demographkc changes in the local area. In this circumstance if the tnlstees then decide to Sell the land and buildings of the school to a third paty and not reinvest the proceeds into a new school building. In this event the tne¢S may be liable to repay all grants made by government funding organisations in relation to the school building. As the trustee5 view the likelih¢)od of these events &s remote no assessment has been undertaken for each school of the amount of grants which would be repayable. Page 17 ontinued...
Warrington Church of England Educational Trust Notes to the Financial Statements- continued for the Year Ended 31 December 2024 15. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2024. 16. FUNDS Unrestricted fimds comprise those fimds which the trustees are free to use in accordance with the charitable objectives. Page 18
WarringtoD Church of England Educational Trust Detailed SlatemeDt of Financial Aetivities for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donations and legaci Donations Other income 22 22 400 22 422 Investment income Rents received Dividend income Deposit account interest CCLA deposit fund interest Stockbrokers account interest 1.750 31,865 397 2,396 212 24,482 429 1.952 930 36,620 27,793 Charitable aetivities Insurance recharge income 5,317 5.173 Total incoming resources 41,959 33,388 EXPENDITURE Investment management Costs Portfolio management 10,937 10,370 Charitable activities Insurance Room Hire Grants for building repairs 5,317 5,173 350 66,641 72.058 5,523 Support costs Governance c(ts Auditors, remunerdtion Sundries Secretsries fees 2,160 13 1,350 2,160 1,000 3.523 3.160 Total resources exp¢nded 86,518 19,053 Net (expenditure)lincome before gains and loss¢s (44,559) 14.335 Realised recognised gains and losses Carried fOard (44.559) 14,335 This page does not fonn part of the statutory financial statelnents Page 19
WarringtOD Church of England Educational Trnst Detailed Statement of Financial Activities for the Year End 31 Decembtr 2024 31.12.24 31.12.23 Realised recognised gains and k)sses Brought forward Realised gains on fjxed &sset investments (44.559) 12,411 14.335 9,509 Net (expenditure)lincome (32,148) 23,844 Thi5 page does not fonn part of the statutory financial staternents Page 20