REGISTERED CHARITY NUMBER: 525787 KEPOR'f OF TIIE TRUSTEES A]YD UNAUDITED FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 JULY 21124 FOR ST MARY'S COLLEGE TRUST (BANGOR) Williams Denton Cyf Chartcrcd Ccrtificd Ac¢ountÈDiS Glaslyn Ffordd y Par Par¢ Menai Bangor Glwedd LL57 4FE ST MARY'S COLLEGE TRUST (BANGOR> CONTET4TS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 1024 Page Report of the T￿￿te¢S I to 2 Independent Ex*miner's Report St•t¢ment of Financial Activilies Balattet Shett Notes to tbe Fln*ncl*l St*temeDts 6 to 10 DetAlied St*tement of FIDAndal Aetlvltles ST MARY'S COLLEGE TRUST (BAIYGOR) REPORT OF THE TRUSTEES FOK THE YEAR ENDED 31 JULY 2024 The trustees Present their rep(Trrt with th¢ fwallcial 5(at¢￿ents. of the charity for the year ended 31 July 2024. The trustees have adopted the provasions of Accounting and Reporting by Charities.. Stat¢m¢nt of R¢commended Practice applicable to charities Preparing their a¢wunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effe£tive l Jauuary 20191. OBJECTIVES AL¥D ACTIVITIES Objectlves alld aim$ The advancemen¢ of higher and furtb¢r ethi¢ation by.. la) The maintenance for m¢mbers of ihe UTriversity College of religious seryiccs,. Ib} Furtheran¢e of the work of a Chaplaincy at the Univcrsiry colleg¢; Ic) The pronK)tion of r¢s¢ar¢h in, and development of religious education. {d} The education and training of p¢rsons who are. or intend to become, engag¢d as t¢ach¢rs or oth¢rwis¢ in WOTk connected with r¢ligious education,. (e) The granting of financial &ssistance io institutions olhigher OT furth¢T education established for eharitable purposes only at whi¢h provisions are made for thc training of tea¢hcrs. Publit bener Th¢ tnL$t¢¢s have pfiid due regard to the Charity Commission's guid&nc¢ on public benefit in deciding the activities und¢rt8k¢o during thc year. The tnjslees are satisfied that the information provided in the report and a¢c4)unts meeis the public benefit rep)rting requiremen ACHIEVEMENT AT4D PERFORMAtYCE Charitable aetivities The charity has maintained its support for Angli¢att a)ÈpiaitV to Bangor University in line with aims (a) and (b) by using approximately balf of lis incom¢ to Contribute to the stipend and costs of an Angli¢2n pri¢st attached to Bangor Cathcdral to undertakc this role. The remaining half of the income has been set Qside to invite applications for grants from th¢ Diocese of Bangor and thc Dio¢cse ol St Asaph Boards of Educatson or the Chur¢b Schools in those dio¢¢ses in lin¢ with aims (c) and (d). Grajjts hav¢ been Tnade #s detsiled in the Accounts, and furth¢r appIl￿tiOnS ar¢ forth¢omikng. Aim (e) is n)et by th¢ ¢ndown]ent of a a1￿Ual prize for wduands of Bangor Univ¢rsity. FINANCIAL REVIEW FinAnci*l p￿1¢100 Income for the year is ¢onsistent with last year. subjeet to the movemen¢ in Yalu¢ of iryveskn¢Dts. Expenditure for the year has tncre8sed by £38,245 to £61.335. Net income for the year is £70,627 aft¢r net gaills on inyesttllents of £92.640 compared tt) net ¢xp¢nditure of £17.516 in the previous year laft¢r n¢t Ioss¢s on investTnents of £35.1351. Total reseryes at the y¢aT end w¢r¢ £1,403,673 (2023 £1,333,046). made up of £1,391,333 unrestricted reserves, and £12.340 T¢Stri¢ted T¢S¢rv¢s. Inv¢$tmettt polley and obJe¢tlves Th¢ truste¢s aim lo achieve a fair return on capital inv¢sttllents. Investment incom¢ will bc us¢d to pay grants i aecordance with the charity's objc¢tives. RuerYe$ polky The trustees aim lo maintain reserves at the exisling level in order ro generate suffici¢nt investm¢nt inetsme to meet our charitabl¢ obj¢ctives. FUTURE PLANS Th¢ trustecs bclieve thai they have found a s¢abl¢ approach to grant making im recent years which both rneets their aim5 and obj¢ctives, and dclivers a clear gnd definable publi¢ benefit for the University of Bangor and th¢ tcaching of Religious Education in the ttvo Anglic8n dioceses of Bangor and St Asaph. This approach will b¢ TcVicW￿ annually to ensurc its effcciiveness and implementation. but will othen¥ise forni the framework of grant making for the for¢seeable fvbJr¢. Page I ST MARY'S COLLEGE TRUST (BANGOR) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The charity is govern￿ by its deed of tru$L and constitutes an unincorporated charity. The scheme was sealed on 4 January 1972, and subsequently varied by the s¢heme dated 30 November 1976. Re activitics on a bbsis consisteDt with the use of r¢sources. Grants oifered subject to conditions which have not b¢en m¢t at th¢ y¢ar ¢ud date are Doted as a commitment but ncjt a¢¢rn¢d as expenditure. Taxatio Th¢ ￿lty is ¢x¢mpt from tax on ils cbaritable activities. Fund *ccounting Unrestiicted fi￿dS Gan b¢ used in accordance with tbe charitable objectives al the discretion of tbe lrnste¢s. RestTiCtcd fimds can only b¢ us¢d for parti￿lar restricted puw)ses within the objects of the charity. Restrietions arise when specified by th¢ donor 01 when fiwds are raised for partAcular restricted purpDses. Further cxplanation of the mature and pury￿se of each fund is included in th¢ notes to the financial statements. Fixed 45set investments Fixed asset investments are stated at market valuc. INVESTMENT ILYCOME 2024 2023 Dividends and int¢rest 40,7( Pag¢ 6 eontinud.. ST MARYIS COLLEGE TRUST {BANGOR) NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 JULY 2024 RAISING Fuf4DS Investment man*gement Costs 2024 2023 Support costs 8.815 8.329 TRUSTEES, REMiJNERATION AND BENEFITS There were no rrusl¢¢s' r¢muneration or other benefits for the year ended 31 July 2024 nor for th¢ yw ended 31 July 2023. Trustees, expenses Trngiees, expenses totalling £18 was paid for the year ended 31 July 2024 (2023 - No tru5tK5' exp￿s¢S was paid). The expenses were made up of r¢imbuTs¢d travel expenditure. COMPARATIVLS FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrcstrict¢d fund R¢$trict¢d nd Totsl funds INCOME AND ENDOWMENTS FROM Investment income 40.434 275 EXPENDITURE OIY Raising funds 8,329 8.329 CbarStsble activitie5 Grants paid 14,761 Total N¢t gain￿{lOsses} on investments 133 135 135 NET INCOMEI(EXPENDITURE) (17,658) 142 (17,516) RECONCILIATION OF FUNDS Toral ￿ndS brought forward 1,338,647 11.915 1.350.562 TOTAL FUNDS CARRIED FORII'ARD 1320,989 12.057 Page 7 coniinued... ST MARY'S COLLEGE TRUST (BAiYGOR) NOTES TO THE FINANCIAL STATEMENTS- co*Éitilled FOR THE YEAR ENDED 31 JULY 2024 FIXED ASSET II¥VESTMENTS Listed investments MARKET VALUE At l August 2023 Additions Disposals Unrealised gaiJLllloss) Unrealised {￿"nIn0S$ now realised on dJS￿)s81S 1,178,303 414,479 (330.024) 80,743 At 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 1.178.303 There were Tho ittvestmenl ¥ssei$ outside the UK. MOVEMENT FUNDS Nct movement in fi￿ds At 31.7.24 At 1.8.23 Uttre&trieted fllnds General fund IJ2D.989 70,344 lJ91J33 Re5tri¢ted fuDds Sybil Ha￿lS Award Fund 12,057 283 12,340 TOTAL Fuf4DS 33,046 1403 673 Net movcmcnt in fund& includcd in the abov¢ ar¢ as follows: IthcominB Tesources Resources expended Gain5 and 105SC5 Movem¢Dt in fuTKIs Unrestrlcted funds General fund 39.048 {60.835) 92.131 70.344 Restricted funds Sybil Harris Award Fund 274 (500) 509 283 TOTAL Fuf4DS 6] 35 Page 8 ¢ontinucd.-. ST MARY'S COLLEGE TRUST (BAf4GORI IYOTES TO THE FINANCIAL STATEMENTS- coDtffiDUtd FOR THE YEAR ENDED 31 JULY 21124 MOVEMEIYT lly FUNDS- ¢ontinued Comp4ratiV¢5 for mtsvtthent iti funds Net movetnent in filnds At 31.7.23 At 1.8.22 Unre51Tl¢ted fundj General fwid 1,338.647 (17,658) 1,320,989 Restricted funds Sybtl Hauls Award Fund 11,915 142 12,057 TOTAL FUNDS 1,350.562 17,516 Comparative net movement in funds. iD¢lud¢d in the above 8re as follows: Incoming r¢sourc¢s Resources expcnded Gains and losses Mov¢m¢nt in funds Unrestrieted fuDds General fund 40.4M {23,090) (35,(K>2) {17.658) Restrieted funds Sybil Harris Award Fund 275 (133) 142 TOTAL Fuf4DS 40.709 23.090 35,135) 17,516 The General reserye r¢pie5¢nts th¢ fuDds of the charity which are not designated for partieular puryoses. The Sybil Harri5 award fund, established in 1983. endeavours to provid¢ fina￿1￿1 h¢lp to serving teacheTS {and P8rti¢ularly those of Religious Education) to enable ih¢m to att¢nd courses and conferences. Awards ar¢ r¢stricted to the following=" (al Students wbo forrnerly attended St Mary's Coll¢g¢, Bangor before Oeiober 1977. Ib) Styd¢nts Pre￿nI]Y attending, or in former att¢ndan¢¢ in Oclober 1977 or thereafter. at the school of I,ducotion at th¢ Univeisity of Wales, Ilangor. (c} Recently an award prize of £300 ha5 becn prescntcd annually to the besi B.Ed. Student has gualifi¢d, after 5pe¢ialising in the field of Religious Education, at the University School of Education. Page 9 Continued... ST MARY'S COLLEGE TRUST (BANGOR) NOTES TO THE FINANCIAL STATEMENTS- conti￿ued FOR THE YEAR ENDED 31 JULY 2024 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 July 2024. Page 10 ST MARY'S COLLEGE TRUST (BANGOR) DETAILED sfATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 2024 2023 INCOME AND ENDOWMENTS Inv¢5tm¢nt iDcome Diyidends alld ￿terest 39 TotAI IncomlDg r¢sourc¢$ 39a22 40,709 EXPENDITURE Cb4rit4ble adivities Grants paid 50.210 12,700 Support eoJts Govern#nee costs Honoraria Indepcndettt examiners fee Sundries Professiot)al fees Room hir¢ Trusle¢s' exp¢ns¢$ 376 1,848 Jo 8,815 38 18 J57 1,7n4 8,329 Total resources expended 61 Net {expendlture)lincome before galn5 losses 122,(113) 17,619 Reallsed re¢o£nSsed gain$ and losses Realised gainsl(10sses} on fLxed assei investments Unr¢alis¢d gain￿(loSSeS)'. - r¢versed on investments disposals on Énv¢stments still held at year end 46,542 38.213 {34,647) {34,903) P4et intomel(expendlture} 70.627 17.516 This page does not forni part of the statuiory litto￿la] statements Pagell