REGISTERED CHAIUTY NUMBER: 525787 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS VOR THE YEAR ENDED 31 JULY 2025 FOR ST MARY'S COLLEGE TRUST (BANGOR) Williams Denton Cyf Cbartcred Certified Accountants Glaslyn Ffordd y Par Par¢ Menai Bangor Gurynedd LL57 4FE
ST L¥IARY'S COLLEGE TRUST IBANGOR) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 P#ge Report of the Trnsttts JDdtpendent Ex))mlDer's Report Statement of FinanciAI Aetlyltles Balance Sheet oles to the Fin4n¢ial St•tements 6 to 10 De¢ai]ed Sttemenl of Finthci*l Activities
ST MARY'S COLLEGE TRusf (BANGOR) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 The tnLStees pr¢s¢n( tb¢ir r¢port with th¢ f]nancial slatemenis of th¢ ¢harity for th¢ year ¢nd¢d 31 July 2025. The trustee5 have adopted the provisions of Ac¢ounting and Rq)orting by ChaTiti¢s: Statement of Re¢omm¢nd¢d PrnrtiC¢ applicable to chariti¢s pr¢paring their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic oftreland (FRS 102) (effe¢tive l January 2019). 0CTIVEs AND ACTIVITIES Objectlves and ¥im5 Th¢ advancement of higher and further ¢ducation by.. (a) The maintenanee for emberS of the University Colleg¢ of religious services. (b) Furtherance of tb¢ work of a Chaplainey at the Untycrsity college., (c) The promotion of research ill, and developmeni of rehgious ¢thication' (d) The education and training of persons who are, or intend to b¢wm¢, eng&ged as teachers or othwwi5¢ in WOTk conn¢ctcd witb religious edu¢ation,' (e) The granting of finala] a55iStance to irlstitutioos of higher or fiuth¢r UCatIon ¢stablishcd for ¢haTitsble purposes only at which provision5 8re made for the training of t¢achers. Pllb]i¢ benefit The trust¢¢s hav¢ paid due rcgard to the Ctmrity Commission's guidall¢¢ on public benefii ill d¢¢iding the activities undertaken during ihe ycar. The trnstees are 5alisfi¢d that the information provided iti th¢ r¢port and accounts meets th public benefit ieporting requircments. ACHIEVEMENTS AND PERFORMANCK Cbaritsble ACthTitie* Th¢ charity h&s maintained its support for Anglicall chaplain to Bangor University in line witb aims {a) and (b) by using approximaiely half of its income to contribuk to the stip¢nd and costs of an Angli¢an priest atta¢h¢d to Bangor CAthedral to undertake this role. The r¢ynainin8 half of the incorne has been s¢t aside to invite application5 for grants from tbe Diocese of Bangor and the Dioc¢s¢ of St Asaph Boards of Education or the Church Schools in those dtoceges in lin¢ witb aims (cl and (d). GTants hav¢ been made as detsiled in the acwunts, and fiJrth¢r applications are forthcojnitig. Aim (e) is met by the endowment of a annual prize for 8raduands of Bangor University. FINANCIAL REVIEW Flnanclal po$ldoD Income for th¢ year is consistent with last year, subject to the mov¢ment in value of investments. Exp¢ndillwe for the year has in¢r¢ased by £21.097 to £82.432. N¢t expenditure foT the year is £2,497 atler net gains on investments of £38,466 compar¢d io net income of £70,627 in thc previous ycar (afi¢r net gains on investments of £92,640). Total r¢serves at tb¢ y¢ar end wer¢ £1.401,194 (2024 - £1.403.673), mad¢ up of £1,388,170 unrestrict¢d re8ce& al £13,024 r¢stri¢ted res¢rv¢s. InvestmeDt pollcy and obje¢tlves The tru$te¢s aitn lo a¢hieve a fair weM on eapitsl investments. Inv¢sttn¢nt incotne will be led to pay grants ill accordanc£ with the charity's objectiv¢s. Re$¢rves polify The thjstecs aim to maintain r¢serves at ib¢ existing level in order to generafr 8utTi¢ient investment ineome to meet our charitsble objectives. FUTURE PLANS Th¢ tru5tecs belicv¢ tbat they hav¢ fow)d a stabl¢ approach to grant making in r¢¢ent years which both meets th¢ir aims and objectives, and dclivers a clear and defabl¢ public benefit for tbe Uttivcrsity of Bangor and the teaching of R¢ligious Edueation in the two Anglican diocese5 of Bangor and St Asaph. This approaeh will bc reviewed annually to ensure its effectiv¢n¢5s and ip]eMentatiO but will otberwis¢ fornk the framework of 8fdnt making for the foreseeable ture. Pag¢ I
ST IIIARY'S COLLEGE TRUST (BANGOR) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Govtrnlng document The charity is governed by its deed of trusl 3nd ¢onstityt¢s an un1ncotp0rat charity. The scheme was seald on 4 January 1972, and subsequently Yoried by the b¢m¢ dated 30 November 1976. Recrultment IlDd appoSntment of new trustees Tntstees are g¢n¢r2lly re¢rnited from related and relevant organisations. A copy of th¢ Ttust dowrnent is given to all ew Trustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 525787 PrincipAI Address Ty Deiniol Cathedral Close Bangor LL57 ILR Tnut¢es The Right Revcrcnd A T G John The Right Reverend G Cam Mrs L Bartlett Professor J C Hughes (T¢sIgn 31.1.251 Professor A C Edwards (r¢5ign¢d 31.1.25} Professor L Huskinson Dr C Andrews The Venerable A S GTeenwood The Reverend Canon T J Jone5 Professor E Burke Dr J Baldwin (resigned 30.11.24) The Right Reverend D T Morris The Venerabl¢ R W Townsend Ms L Williams (appointed 18.2.25} Professor E M Thomas (Appointed 18.2.2S) Ms T K Sterling (appointed 18.2.25) JDdependent ExAtt)lrter Mr Owain Ap Elfed FCCA Willian)s Denton Cyf Chartered Certified Ac¢ount3nts Glaslyn Ffordd y Pa PaT¢ M¢llai Bangor Gwynedd LL57 4FE Approved by order of thc iM)ard of trustees on............................ .. . and si8n¢d on its bchalf by.. The Right Reverend D T Morris- Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST MARY'S COLLEGE TRUST IBANGOR) IndepeDd¢nt ex8tniner'5 report to the trustees of St Mary's College Trust (BAngDr) I report to the ¢harity trnste¢s on my exaTh)iuation of the accounts of St Mary's Coll¢g¢ TtU5t (Bangor) (the Trust) fot the year eDd¢d 31 July 2025. Responsibillties *nd bAsi$ of report As the charity trust¢¢s of the Trust you are responsible for the pteparation of th¢ accounts in a¢cordane¢ with thc requirements of the Chariti¢s Act 2011 {Yhe Act). I report in respect of my examination of tb¢ Trust's accounts ¢arri¢d oul under Section 145 of th¢ Act and in carrying out my examination I havc followed all applicable Directio1 giv¢n by th¢ Charity Cojnmission undcr Section 145(5)(b) of the Aet. Indeptndent eiaminer's 5tatem¢n¢ I have ¢ompleted my examithation. L confmn that no material Jnatt¢rs have come to my attention in connection with the examination giving me cause to b¢lieve that ill any material respe¢t'. accounting r¢¢ords wcre not kept in respect of the Tn1 as required by S¢¢tion 130 of the Ae( or th¢ a¢¢ounts do not accord with those recoids. or the accounts do not eomply with the appbcabl¢ requirements wn¢¢rning th¢ foTm and content of A¢¢ounts set out itt thc Ch8riti¢s (Aecounts at)d Reports) Regulations 2008 oth¢r thon any requirem¢nt thai the a¢¢OUMs give a trne and fair v2ew which is lloi a matt¢r considcrcd as part of an ind¢p¢ndent examiDation. I hav¢ DQ coijcerns tnd have come #cross no other matters in ¢ont)e¢tion with the ¢xamin8tion to which att¢ntion should be drawn in this report in order io enabl¢ a proper understanding of tbe a¢wunts to be r¢a¢h¢d. Mr Owain Ap Elfed FCCA William5 D¢D¢on Cyf Chartered C¢rtified Accountants Glaslyn Ffordd y Parc Parc Mcnai Bangor Gwynedd LL57 4FE Dat¢-.... Page 3
ST MARY'S COLLEGE TRUST (BANGOR) STATEMENT OF FINANCIAL ACTIVITIES FOR THE ITAR ENDED 31 JULY 2025 2025 Totsl funds 2024 Total funds UnTestricted fijnd Resiricted Notes IIYCOME AND ENDOWMENTS FROM Investment in¢ome 363 41,487 39,322 EXPENDITURE ON Raising funds 11,647 11,647 9,277 Ch4ritsble activities Grants paid 70,785 70,785 50210 1,848 Totsl 82A32 Nd gains on investments 321 92,640 NET INCOMEI(KXPENDITURE) (3,163) 084 (2,479) 70.627 RECONCILIATION OF Fuf4DS Total funds brought forward IJ9AJ33 12J4 1,403,673 1,333.046 TOTAL FUNDS CARRIED FORWARD 1401194 1403 673 Th¢ not¢$ forni part of th¢se financial statsments Page 4
ST MARY'S COLLEGE TRUST {BANGOR) BAL4NCE SHEET 31 JULY 2025 2025 2024 Totsl n(ts Unr¢stri¢ted fund Restricted fimd funds Notes FIXED ASSETS Invethents 1,335,984 11,53 lJ47J14 1.308.854 CURRENT ASSETS Cash at b8nk 52,186 1,494 53,680 94,819 NET CURRENT ASSETS 1.494 TOTAL ASSETS LESS CURRENT LLIBILITIES la170 13,024 1,401,194 1,403,673 NET ASSETS 1,388.17 13.024 1,401,194 1.403.673 FUNDS Unr¢strÉcted fund5 Restricted fimds 1,388,170 13,1124 ,391.333 12.340 TOTAL FUNDS 1,401194 1,403.673 Thc finan¢iAI statements were approved by the Board of Trystees and authorised for issue . and w¢r¢ signed on its behalf by.. The Right Reverend D T Morris- Trustee The notes forni part of these financial stslemcnts Page 5
ST MARY'S COLLEGE TRUST (BANGOR) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 AccouNfiNG POLICIES Basts of prep*rlttg the fth•tt¢iAI $t8tements The financial slat¢ments of th¢ Charity, whi¢lL is a public b¢n¢fit ¢lltity und¢r FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'A¢counting and R¢porting by Chariii¢s'. Statement of Recommended Practice applicable to Charities preparing th¢ir a¢¢ounts in accordanee with the Financial Reportittg StOJLdard applicable in the UK and Republic of Ireland (FRS 102) (effective l J#nu8ry 2019}', Financial Reporting Stsndard 102 The Financial Reporting Standard applic2bl¢ in the UK and Republic of Irelaud, and the Charities Act 2011. The finoncial statements bav¢ b¢¢n prepared under the historical cost ¢onvention, with ihe exception of investments which are in¢lud¢d at maTk¢t value. IM¢ome All income is r¢¢ognised in the Statement of Financial Activitics onc¢ the charity has entitlement to the fip)ds. it is probabl¢ that the itteojne will be received and the amount ¢an b¢ Jneasured reliably. Exp¢ndfiture Liabi]itie5 are recognised as expenditur¢ as soon as there is a legal or constsw¢tiYe obligation cornmitting th¢ harity to that expenditure, it is probable that a transf¢r of economic benefits will be required in scttl¢ment and the amount of th¢ obligation w be measured reliably. Expenditur¢ is ac¢ount¢d for on an aceruals basis And has been c1&$5ifi¢d under hcadillgs that aggregate all cost r¢lai¢d to thc catcgory. Where costs cannot be directly attributed to particular headings th¢y hav¢ b¢¢n allocatcd to activities on a basis ¢¢)wist¢nt with the use of resources. Grants offered subject to conditions whi¢h hav¢ not been met at thc year end date noted &8 & eonllnitmentbut not accrned as expendittwe. Taxatlo The charity is exempt from tax on its charit&ble activities. Fund attoutttillg Ut]reStrltd ndS can be used in &CrdanCe with ibe cbaritsble Objectiv at the discretion of the trnstees. Restricted can only bc used for particulsr restricted purposes within th¢ obje¢ts of the cbarity. R¢stri¢tiQtt8 arise when specified by the donoT or whets funds are raised for particular restrietrd purposes. FurtlJ¢r explanation of the natUT¢ and PUrse of each fund is in¢luikd in th¢ not¢s to the fthancial $¢at¢m¢nts. Fixed a¢t investments Fixed asset investm¢rtt$ $tat¢d at market value. INVESTMETrIT II¥COME 2D25 2024 Dividends and interest 41.487 Pag¢ 6 continued...
ST MARY'S COLLEGE TRUST (BANGOR) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EP4DED 3] JULY 2025 RAISING FUNDS Ittve$tment management costs 2025 2024 Support ¢osls TRUSTEES. REhlUNERATION AND BETr4EFITS There wer¢ no trusl¢es' remuneration or oth¢T b¢nefils for the year ¢nd¢d 31 July 2025 nor for the year ¢nd 31 July 2024. Trnstee$' expemses Therc wer¢ no tTUStees' expenses paid for the year ended 31 July 2025 nor for th¢ y¢ar ended 31 July 2024. COMPARATIVES FOR THE STATEMENT OV FINANCIAL ACTIVITIES Unrestri¢ied fund R¢strid¢d fund Totsl funds INCOME AND ENDOWMENTS FROM Investment income 39,048 274 EXPENDJTURE ON Raising fimds 9277 9277 Ch*ritable a¢ttvities Grants paid 49,710 500 50,210 1,848 1,848 Tot81 60.835 500 61.335 gains on investments 92.131 509 92.640 NET INCOME 70,344 283 70,627 RECONCILIATION OF FtINDS Totsl funds brought forward 1,320,989 12.057 1.333,046 TOTAL FUNDS CARIUED FORWARD 1,391.333 403 673 Pag¢ 7 continued...
ST MARY'S COLLEGE TRUST (BANGOR) NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED JI JULY 2025 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l August 2024 Additions Disposals Unrealised gain/(lo) Unrcalised (gainyloss now realised on disposals AJ0&855 324.360 (311.670) 32J47 {6J78) At 31 July 2025 47 NET BOOK VALUE At 31 July 2025 1,347,514 At 31 Juty 2024 1308 855 There were no investment assets outside ihe UK. MOVEMENT IN FUNDS Nct movement in funds At 31.7.25 At l.$.24 UDrestrlcted funds G¢n¢ral fid lJ91,333 (3,163) la8&170 Restrleted funds Sybil H8rri8 Award Furtd 12J411 13,024 TOTAL FUNDS 1.403 673 1401194 Net movem¢nt in fid$, in¢l1¢d in th¢ above are as follows: Incoming resow¢es RoUrceS expendcd Gains and losses Movetncnt in ndS Unrestrieted funds General fiind 41,124 (82,432) 38.145 (3,163) RestrReted fuTrds S>l)il Harris AwaTd Fund 363 321 684 TOTAL FUNDS Pag¢ 8 ¢ontinued...
ST MARY'S COLLEGE TRUST (BANGOR) NOTES TO THE Fif4A]YCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 JULY 2025 MOVEMEf4T IN FUNDS- contlnued Compgratlves for 0Vement funds Net movem¢nt in fiuids At 31.7.24 At 1.8.23 Uttrestri¢ted funds Gen¢r81 fvnd 1.320,989 70,344 1,391,333 Restrifted fuDd$ Sybil Harris AwaTd Fund 12,057 283 12,340 TOTAL FUNDS 1333 046 1,403 673 Comparative net mov¢m¢nl in fimds, included ID th¢ &bove are as follows: Incoming resources Resources expcnd Gains and losses Mov¢rn¢nt in fiulds ilnres¢rieted fund8 Gener21 fund 39,048 (60,835) 92,131 70,344 R¢stri¢tsd fuDds Sybil Harris Award Fwld 274 (500) 509 283 TOTAL FUNDS 61,335 92,640 70,627 The Gen¢ral reserve repre#ents the free fimd$ of th¢ charity which Are not d¢si8nated for parti¢ul8r punseS. The Sybil Harris awArd fulld, established iti 1983, endeavours to provftde financial help to serving teachers (and particularly those of Religious Edu¢atitsn) to enable thcm tts att¢nd llIstS and conf¢ren¢es. Awards ar¢ restricted to the following'.- (a) Students who forrnerly attended St Mary's College. BaDgor before October 1977. (b) Students presetttly attendtng, OT in former attendanee ID October 1977 or thereafter, at the school of Edu¢alion at th¢ Uttiver5ity of Wales, Bangor. (c) Recently aD award prize of £300 has b¢cn presented artnually to th¢ best B.Ed. Studcnt who has qualifi after speciali5ing in the field of Religlo8 Education, at the Univetsity School of Educatson. Pag¢ 9 continued...
ST MARY'S COLLEGE TRUST (BANGOR) NOTES TO THE FIIYAIYCIAL STATEMENIS- contlDued FOR THE YEAR ENDED 31 JULY 2025 RELATED PARTY DISCLOSURES Th¢r¢ w¢r¢ no related party transactions for ih¢ year ended 31 July 2025. Page 10
ST MARY'S COLLEGE TRiJST (BANGOR) DETAILED STATEME]YT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 21125 2025 2024 INCOME AND ENDOWMENTS Investment Income Dividends and interest Totsl ineoming resourees 41,487 39,322 EXPENDITURE Cbarltsble titieS Grants paid 70,785 50,210 Support COSts GoYern&n¢e costs Honoraria Independent ¢iaminers fee Sundries Professional fees Room hire Trnstees, expenses 335 1,920 376 1,848 30 8,815 38 18 9,392 Total resources expended Net expenditsre before gaini and losses {4O945) (22.013) Re41i$ed recwised g8ln$ ID55es Realised gain51(losses) on fixed asset inve$tsnents Unrealised g8insl(losses)= - reversed on investments disposals - on investm¢nts still held at year ¢nd 11499 46,542 (6J78) 32 (34,647) Ntt {expenditureylneome 2.479) 70,627 This page does not form part of the statytory financial *al¢tn¢nts Pag¢ll