Charity registration number 527411 ST HILD AND ST BEDE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ST HILD AND ST BEDE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trts8$ Canon L Burton Ms S Cooper Prol. S Forrest Dr A F¢)wlor Miss S Milner Mr P Rick8ard Ms E Soulsby Mr M Stand Mr J Walsh Revd E wil"ns0n Charlty numb•r 527411 Audltor Allen Sykes Ltd S Henson Close South Church Enterpris8 Park Bishop Auckland County Durham DL14 6WA Bank•rn {Unb'l 23 June 2023> National Westminstw Bank 12 Market Place Durham County Durham DH13NG {Frorn 6 JU 20231 The CTroperatsve Bank PO Box 250 Dew Housè Southway Skelmersda WN8 6wr
ST HILD AND ST 8EDE TRUST CONTENTS Trustees, Report Statement of TN8tees' responsibilities IndeperKlent Audrtorfs report Statement of Financial Activrties Balance Sheet 10 Notes to the Financial St8tement8
ST HILD AND ST BEDE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Tru8tees presont theirannual rewt and ItnarKial 8tatemerts trthe year eThJed 31 March 2024. The finana81 statements have been prep8red in corden¢t rylh the wuntirMJ pokies set oul In t)ote 1 to th& fin881 8tatemnts 8rMI conipty th the TrusV$ gong drrent, the Charities Act 2011 8nd'AccgJuntyng aTh Reporting by Charrtie8.' Statement of Recommended Pradice awable to ¢harrb6s prepgring their accounts in accordance the Finanod Re[ SIderd oppkablè n the UK and RebI of Irelarrtl {FRS 1021. loffective 1 Janu8ry 20191. Obi•ctl7m and actM15•• The Trust's objectNe is lh• adVancn of hj1 fimther in the are8 comprising the DSoce88s of Durham and Newca8tk in such ways as the managng Trustee8' may from tiffleto IlTh determine. The poliq adopted rthefanr of this objective i8 the advarKement of in af9xrdar wrth the doctrIS of the Church of England 8nd the needs o131udenls undergoing trwning as leathers. and pafbojlarty of thos8 vtho are memtsths of the Uni¥orsity. There has boen no thawJe in ttse during the year. The TwJtees hav• paid duB Teg8fd lo ts gUwJa on toffi i18ur•J ty lh• Charity CommrdS)n Sn docading wh91 actJvitie8 the Twsi should undertake. Thts follovAng amounts pahl tr¥er to Ihe loknww.. North Ea•t Rellglou• L••mlng Ro•OUr¢ C•ntr• Llmlt•d Chathy numb8f 105285, company number 3188730. The tsvo resource centr&8 8t Durham grKI NstIO are run iointty and comprtse matersa18 for referenc4 or108n to tho88 rnvc4ved in religKJuB educalh)n in Ihe aiea, and Ihe of a(Ivice. gudance. trainkng and as$lsl8n¢e to those involvéd in the teathinq ol •du¢alp)n. £i¢J).CW {2023 £124.1)) w88 PaKI tMrdJ Ihe$& ¢•ntre8' during the year. Collég• of SL Hlld •nd SL 8•d• £31,628 (2023 £30,847) to th? D0 of Durham in rvspect of tho thaFdan. £2.4W12023 £2,400) in ol(yn %holarships, £2,? (2023 £2,¢J)01 to SUFVOrt the rk olthe chaplaln and £2,0cQ123 £1,OC(11 in respeth Theo91 sC81ShiPs to Ourtwm Uni¥er81ty. SL Hlld'• Coll•g• C of E School £2,171 (2023 £5.3321 kn resp&X of [rU[Urn develonI arvj forts9¢( go¥emor tralnlng coure89. Nv4¥¢a•tl¢ Doocwn Educatlon 8ord £32.040 12023 £31.3541 to support RE Advi8er¥ to S8 wd ac•d8m508 in diocese8 01 NewrAS1 and Durham. C¢)ntlnulng mlnl•t•rbil (knlownentl•du¢•tk fllNn lh• Dioc•M ol Ourlwm £8.1)0012023 £4.CfJJ). Contlnulng mlnl•t•r141 d•v•1opmentl•duco0n wlthln DloG•M of 14v¢utl• £4,CO)12023 nll). Chapl•lncy ProJ•¢t {DirKese ofDurtwnl £10.49012023 £10.5). Llndisfarn• Coll•g• ol Th•ofogy £2.CO8 12023 £1.3231 in respect of fAt of hours openlng of NERLRC fci 8ludentB WhStburn Acadomy IAE Tucher Tlainlng Hubl £3.(K(J12023 nit) Chri¥tian EdatIOn (North East RE Hub) £15.C60 (2023 nir) Indlvldual• undertaklng post9raduats •tudlgs £7, {2023 £5.950). In assessing applill0nS fof grants Irom indNJuals. the Trustoes shall give kMiorsty to.. al applicants undertaking research into the contenl and rh¢)d oflea¢hing and ming, espeoalty religious education. b) aWie4rrts undertakin9 ¢our8e8 in te8¢her training, e5¥allY in religu$ edliOn arKI 8180 kn trning for Cmstian Miristy {ordained acryedil&Jl ff grants are nc avai18tle from othw sources. The Trusl wdl rK)t a5¥t applicants who have already completed Milar projects or x•urstt at a partia( level le.g. FE or HE or rewrcl to thtKJrpl rTres or kv01 at the same16¥81.
ST HILD AND ST BEDE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Clèrk to the TN8to Mr8 Fran¢xs Stenlake has s8Ned as the Cth to the Trusts8s cm a bath 6irtt 1 Juty 2022. AchIeM•nta •nd perforni•nce The overall market value of investrrents inuo81 frc¥n £9.033.107 31 Marth 2023 10 £9.722,815 on 31 March 224. The invèstmgnts are now at a higher ve1 Ihan at 31 Marth 2022. the (Iwease seen in 22r23. Investment Income has remainet1 stable over ihe peJ. Flnancl•l rnvi•w It Is the policy of the Tnjst that unrestn'cted fvnd8 l¢b ha¥è not designated for a spedfic 8hould t maintaid at a level 8qufvaknt lo bèknn three twel¥e month$ edire. The Tnjstees cOkIer that raserves al Ihls level will •n8ure that, in the ev1 of a 8ynificant dfop n investment income, they 11 be obltr to continu¥ thè Twsl's cuirent a¥88. while plannry to offer rthed offtrture grant fijnthryd. This18¥81 of Te8eNe8 has been mainlalned throughout the year. At 31 fvlarch 2024 the ctrwlty haB fr8• reaeTh¢s of£310.246 P023 £259.W5) whKh1s tdwed to In •xc8B8 01 the l•v•l reqUIj per the above reserves ICy. The TnJsl6es have made use ofa c¢Ve"Ve Bank ¢Jow>sIt to bwfft from th? Ngher r&te8 of interest vgilable, whllst malnt8lNng instant aLxe88 to fwKI8. In a¢xordartce vlth t Charity Commisswrn, Schwne, Ihe Tru81 has the lo rnkg any irNe8trnenl vthica) the Tritstees see fit. Therg h8ve ten no changes to In$1M8n16 in rec4M years. Rl•k MaMg•m•nt The Tru81ees have ass8$6ed the rnalor to which the Tru•t is eyposed, S1fi•d that 8y8lem8 are In tyace lo mity•te oxposure m•ior risks. Pollcy Do¢um•nts The Privacy Pollcy was r•vO&4d adoptad by Tw8l•es. lotIrI1h an ExpgnM8 Polky. Thg Safegyarding Polky wa8 relerred lo a fim of solicltors and a draft is 8w8rted. An UF¥l¥t•d R•ientkn Pdy, ltsgther wbth a draft Investmènt Polw wll bg 0)ndered al tha Autumn 24 Trustee mee¥d. Struc19. 9ov•rnnc• •nd m•rwgThnt The Tru8t ity 8 regislwfAI Chwty. Th? TTU8tees who 8eNed durry 8TrJ up to date of signrn ofts fmaTr2918tstem•ntA w•re.' Rl Rev. P 8uil¢r {retlr•d 29 February 20241 Canon L Burton Rev D Cleugh {appolnl•d 29 Juty 2024. re8iwed 31 Dgcember 2024) Ms S Cooper Pfol. S Fofre8t Dr A Fowler Rt Rev H Hartley lappolnted 22 Aprtl 2023, resigned 22 July 20241 Rev. M Hobrough {resigned 18 November 23) Miss. S Milner Mr P Rickeart1 lappoinled 18 No¥emb•r 2023) Rev. D Rushton Ire6igned 18 June 20241 M8 E Soulsby Kqr M Stsnd Mr J W8lsh lappc4nt8d 16 Novombgr 20231 Rovd E Wifkinson (appointed 5 December 2024) Th8 Dutham Llicte¥an Bo8rd OfFTh1 is the Custodwyn Trustee of the tharfty. The bojy vf marraging TnJst8es. vkni¢h adrThni8ters ttte Clwty. consists oynpl•t¢ of 14 comFel8nt per80ns bglng.. Four ex-offiao TnJstaeB'. Tr RHJht Re¥d Lord Btshop of Dutham. The Right Revd Lord &shop of Nowc48tl&. The VJce-Chon¢ellor of the unerSty aThJ The Head of the Cdlege of St. Hikl and St Bede Seven nonall¥e Truste8s.. Two rhjminatod by the Durham Diocesan Bo8r¢ of Education, Two by the Newcast
ST HILD AND ST BEDE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Diocesan Board ofEdu¢xlion, On6 by the DurtM DK)cesan BoardofFinanL. Onè by the Ncaslle DI(8$8n Board of Fin8nce ond One by the Dèan and Chapt•r of fv Cathedral Church of Christ aThJ Blessed Mary th8 Vir9in, al Durham. A nominale Twste& may be ixrt t ne&J to to. a memt¢r of the appoinb'ng body and shalj hokl office for a term of four years Three ¢trtsptative Trustees.. CLPtave Tm8teeJ arè aL80 be appoifted a knrm offwr years A derk is appointed by the TnJ8tees lo manage the day lo day operathY)8 of Charty. The r8pre68nlab.ve ofthe St Hlld and Sl Bed& Tru8t fof the Asso¢labl of Clxth Col Tn for the period tr) Octobor 2023 was Revd D Rushton and from October 2023 VAS Ms E SouL8by. By wrtue of Ihe or9188t has o dwity. the Robert Thompson Memoiial F(rnd. Thè purpose of the consutuent 18 lo award prize¥ to students al the Durh8m Unww3ity arg deservlng of reward or distinction by reason ol Iheir performm in lebn9 pradice., ward beirvJ had to charthr, potsnli?I te@thi at41ty and contrfbLttion lo the communily life ofth• univerw. TnJ8ts88 ore en[ to knifiath Ih8m•ekn ¥bith tts ain of Itt• Chwty by swthg th& Inducoon infomiallon glven lo 1m. Tho Trust wbsite pry)¥pJe8 fvrthor guidgnc•. Full TAtee8 m•eUry were held in per•on on 1& No¥nbw 2023 a1 2V Math 2024. Thé Trtee8 also met vl8 Zoom on 13th fjecenknr 2023, Specrficalty to 8pwo¥e the 2023 &unts. Th Tw8te¢8 undertook a 6kill8 audit to klentlfy areas which could 8tr¢ngthened by a nth¥ Ccwptative Truslee. Oudng the y•ar, th• TnMt ¥8Cthed it8 offrn in the Cthge of St Hild And St B•d•. An inv•ntwy. 7•Alh photCo3raph8. Wa$ prc#Juced tg cat09Ye the Trust prowrty on pThThI klan to ts College. Th• histort r8(xJrd for the charity is n<y held securely in the office of the Brshop of Durham. There 18 no exF¢tation of ihe naed hr further office ¥paca. DClosU of Infomi•tlon to •udltor Each of Ihe Iwslees h83 confimied that therg is no inlom?akn of wthich %thich 1$ rdevgnt to the audlt but ofwhith Ihe auditor unavAre. They have furlhereonfirmad that thgy have tskan appwiate 81eps to identify such relev8nl inlomiation and to e8tst4i8h that the a(Kfitor is aware of suth infonn1. The Tw¥te•s' rgport wa8 8pproved by thg Board ofTnthe8. Dr A Fowl Chalr of lh• Trustoes
ST HILD AND ST BEDE TRUST STATEMENT OF TRUSTEES REPONSIBILITIES FOR THE YEAR ENDED 31 PAARCH 2024. The Tnjslees are respsIble for preparing Ihe Truslees. Report and the financ481 stat8trnts in ac£or(IBnce wNh 8pplicab law and United Kingdom Ac£LMmting StaThlarrls (Unitgd Generalty Actepted knnunlin9 Prth). The Igw èOicgbkn to tha[1 n EnNJ Wole8 f8qLMres the Tntsts to preparn finanoal statements for each finanaa year whth give a and faif waw of tha slal• of affairs of the Trust and of lh& Sncnming resourcas and appIcaln of re[(6 of the Trust forthat year. In preparing these finanad slatemtht8. the TruBtees are njqixred by. . setht 8uit8ble pole$ and tkn •pth them ciKst'. . obsarve the rrthods and prltrw inthe Charioes SOFIP: - makejudgements and e8tlnte8 trt re880nablo arKI . state wh8lher 8PF4icabt• acrn111¥d Iw¥e b•w folryhr•J. subfva to any meriai d•partur96 dlsdosed ond eWaino1I In th8 finondal statements: * - preparé the fift8nd sts¢•merts on th• oyK•m bow 1888 it 18 inepprowi8t to prasum• that fv ¢harfty will continue in operation. The Trust•e¥ are rosponslble for keep1 sufficitint ar•Xunt1r WJ)rd¥ that di8d08e Afjth rtasonobk9 acrJJfa¢y 81 any time the financial position of the Trust and engbkn them to •rb8ure that Ihè finarKJg1 ststeMts comply wlth the Charhi•8 Act 2011. the Chanty (Accounts aThJ Reports) Regu8 2W and ihe protri8ionB of the trust dd. They are 8180 re8w$e for saf•guardln9 tr 888ets ofthe Tnnt 8nd taklno rea$abl9 stOP8 for Ihe Fyevention gno dotecllgn of tra1 •rwJ olh6r Irrngulw0S.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST Oplnion W& have audited th• fina1 ststem• of St HAd and St Bede Trust (Ihe 'd)81iW for the year ended 31 March 2024 thlch C•)mprige Ihe ststsment of finari adivrbes. slatement of finanaal posrfion and th& rdaied notes, indudlng a summary ol sMJnlfiI acrounltng pOIles. The firwncial fpporttng fr8mework that ha8 teen appld In their prep8ratNJn is 8pphcabl law and Unrted Ki0 Accountin9 Stsndards, inclLKliThJ FRS 102 The Financial ReForbng Slandard appCable in the UK 8nd RepublK of Irel8TrJ (Unrted Klngdom Genwalty ted ACcoUnta Practtil. In ouropSnlon the financ4al 8tat•nents'. give o true and fair of the state of the ahirn a8 at 31 Mafch 2024 ond of rt8 ino)ming sOUrces nd 8kWicalM)n of resr, it6 Snccme and endti. for lh• year than end8d', have been piop•ty accordanc w6th United Gen9ralty kn•ptsd AntIrj Practice.. have prepwtyj in acrdth tha ofthe ChBrid88 Act 2011. B••l• for 44)Inlon We conduet8d our audit in accordan Vlth Intem8bonal Stsndard5 Audrflng (UK) USAS (UK)) and applicable law. Our responslbililies uThYer th08e 8tsThtsrEJs arp fvrther desulbed in audrtofs responjibilthgs for the a111 of the fin8nrAal statements section of rewrt. We are indewndent of thè tharity in ac¢tydance with the ethical requlrements th81 are relevant lo OUT audit of the financial 8tatem¢nts in the UK. Induding Ihe FRC'6 Ethlcal Standard, and we have fulfiled Jr other eth1 reSpunltts in aco)rdartt wrth these requlremants. Wo LwlNryve that th¢ audit NIence w• haby Obtair ¥ suffi1 mide a baBi6 for LNJfoFiniOn. Con¢lu•lons r•l•tlng to golng ¢oncern In gudlb'ng th• flnanaa ¥talem8nts, ojnthded Ihot th• Iwsl•e8' of th• going concorn bas18 of 88sed on ihe ¥rk we heve pWfomd. we have It •Jentlfied any m10r1 unrArtthll•s relating lo evgnts or condition¥ Ihal. individL1ty or cd18¢trely. m8y ra8t si9nrfirrt fyJubl on the chaty$ abilty to conlinue 8 going concem lor 8 perh?d ol at Kasl iwelve months frcffj when thè fin8ndal stalements 00 authort8ed for iue. Ouf ro$FOnbIllI1e• and Ihe re8wmsibifibe8 Ot th8 tru8lee8 tAlh re8p•d to win9 COarn are d86¢ribed In the rdtrvarrt secb¢Jn8 of th18 roporL Olh•r InfomiOn The other InformaNon comprlees lh& inlormalton in the annual r8Fth other than th8 finanaal slaternenl$ and our audito¢8 report Iher8on. The trustees ar• respon%ty8 for tha other informthn cthtained vlihin the 8nnLwr report. Our oprnion on the finonrjal statements doeg Th)t t>?r th& her Info0110n and. except to the extent olhtrrnvise explvtly Stated in our reF(¥l. we (k) not expro8s any ftrm of 8$8uiance cu)clusk)n t100. Our re$rthsibilrty 18 to r88d the otr intJrm8tion •r•J. in doirKJ to, constd•r ¥theth•r Ihe othei infoffnatton is malerlally InnsIStent vAth Ihe fin8wal slatements orourknorfA cthined in the course oftha al11, or 01[$e 8ppears lo bo materially mi38toied. Ilwe kjentfy SLth material irsIstenC1e¥ or apparent matTal misstatements, we are qUId lo detormine vthelher thts gNe¥ rfse to a rnalwial mtsststsmant in the financaal statements themselves. If, baseil on the work we have perfomRd. wo Ih8t there ts a matwfal misstatement ofthiB Othw infomwtion, we are required lo rewt that fa We havg nothirrtJ to rert In Ihi6 regard.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST MatteTr on which we ar• r•quired to rnport by •xwtioTh e have nothiry lo report in re8pe¢t of the folltriwJ matters in relation to the CharTbes (ActoJnt8 8nd Rèports) Regulations 2Ql)8 requir6 us lo report lo you rf. in our0pr." t information gt¥en in fv tru8tees' re)rt 18 irn>Jnsthrrt in any matwid rw# with thg finanrial statements.. or 8Uffent accounkn.ng CordS have not kep( or Ihe financ4al statern8nts are not in ornent with ts 8ttountirvJ r•corf8,' or we have not reeei¥ed al the infcrfmalion and exptsnakn¥ we fequlre foT our alL R•spon81bllltle• of trt•I As èxplaing(I moré fully in the statement of tnjstees, spOnbIllI1e5, the twstge8 are responsible for the preparnIn of t finandal ststem•nts and fof bwng saty5 that tw gfve a true and fair view, and for SLth tnlemal control as the Iru8lees delemine 1$ n8sSary to enab Ihe prtyaration offinanoal staiwnents that arè free frtsrn mat8rial misstatemant, whether due to fraud or eOr. In preparing the flnancaal statenlS, the twstees ar• responsible for asBessino the charty's abilty lo continue as a goiThJ concem. disdosing, as applicable. matters related lo going cortem and using the goSng nCM basis of acwunting Unle the tnjslees either tand to cea88 LI)eratMS. or havo no reall8tk alt•motl¥e but to do 80. Audttorf• rn•pon•1bill# for th• audlt of thg fln•ncl•l ststfjmtnts Our obi8cbve$ are to obtaln reasonatr4e 88SUfanc obcth w)ather th8 finarnxal statém1¥ a8 a tholo ar• fw from matèrlal misstglemenl, wfvather dueto fraud or eFTQf, 8nd to iswean alI10S report th8t IJude6 our opink)n. Rea8onabl8 a88urance 1$ a hw lev81 of a88uran¢e, bul is not 8 guarnntee that an audrt cefflducted accordance with ISAS IUKI wlll 8Iwgy8 det8ct o materi81 mis8tatemgnl when it exts. Misslatemenls can 81ise from fr&LxI or errof and a eonsider8d malwlal if, Individualty or In 8ggroggte, they cOd rea8(Y t¢ expthl lo irth•rK8 tho dlOn8 of users taken on tho baws crflhese financi 8talem8nts. Irwularities. In14 fro, are of non-oJTrpli&rv with Jwws rewlatm. We don in ling vhth our resF<)nbIlllS. Outlined above, to detect mal•iaal ThI8Stat•ment8 in rospeca irregularitses, indudirwj fra(Kl. The exlenl to which our prcdreS ¥re c4p9ble of deteemg 1ffegUnlles, induding fraud 18 detailed belcw". Ow approach to identyng and 888e881ng the risks of material rnA88t8lenwrt In respecl ol irregularttie8. IrJUdIng fraud and non-Cx)m lance Laws and regulations, was 88 follm". thg engagement partnei ensured thal the engagrt team collKaively had the appffowlale compet, capabililieB and skills to iderrtify or rgwjnise nofvcomKlian¢¢ aFf4ic8te aThJ ulatIOns.. we identified the laws and regulations applkabl• lo the tharity thrtph d18CU88$ wrfth aThJ oih management, and from our cJ)mmercTal knovledge and experièn of Ihe se&or t focu8ed on $m'fic laws and regulalions which we rJ)nsJeod may have a Iyirect material eff8d on Ihe finanual statement8 orlhe Oat$ of the tharity. IrKIrj the Chantles kl 201 l. tsxation legisl&tI. data protedon. gnti. bribery, envlronmtrntal and heamh and safety IsbOn., we a88e888d tho extent of L¥)mlanCe th the and regulalh)n8 identifd al through making erqukl88 of manao$ment ant1 inspects'rvJ leo81 corresporthnce. and identsfied lawg and regulalon$ tre communicateil ¥thln tho ten regulgty aTrJ tho le•n reMn&j alert to instsnce8 01 non-clpIllnce thnXJgIUl thè audil. We as8e88ed the ouscwiblrty of thè fift1 slaternrits to materia miMtstement. indudirvj obtaining an und•rstandln9 of how fraud wht oceJJr, ty.. makirrfJ enqri&S of mana9enl as to ¥re Ihoy COnded there was $uscepts'bilty to fraud, tslr kned9& of actual. suspected and alleg¢d fraLJ." considering the intemal nOIS in pl to Ngate risk8 oflraud and norK(Thpliance with laws and reguiquons. To address the of frd thUgh m8n8gement bkgs end ovemdo of ¢))ntroL4. we.. perform8d analytkAI prctedures to i1rfY any unusual of un8XPeCted rdatKJnshlps; lesled journal entr to identify unltsual transa¢b"on8' assessed sthether jL#Jgements and owmptpJn$ fflade in dèterwninirvJ the acco11 estimates indkative of pot8ntial kn"as'. and investigated the rationth behThJ any Klentifi sgtrfrant unuBual trans8ckns.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST HILD AND ST BEDE TrUST In response to the iisk of irregularitw a1 ¥bryth rWlion8. dewgrJ prdureS whith Induded, tr¥Jt wsre not limilA to.. agreeing financial st8tement disrknures to LmdthrKJ suppJting thment8tkffi,' enquiring of marwjement a$ to and Wential ltsJats)n and dairrts., an rewewng cOrpOndenCe HMRC, reltrlant reguMor8 the tharity's W thoors. There are inherent limitalions in our prcceOJre8 doscriw atove. The rne rgmoved that kw3 and regulation8 are from financial ts¥nsath'ons. le88 rt 18 Ihat we )Uld bè(>yne awwo of non-tsyTrpliqnce. ¥tsndards 8180 limrt the audrt procedures required to hjentify non-¢XXnl vfifh W and re9ulallsJts to enqulry of the directors 8nd other managemont and the inspedth of regufatory and legal cxvresFoTrloTrx. if y. Material mi8statem•nts that arfse to fraud Can be hard•r to d8t8ct tIv)8e that arise from 08 th8y may 6nvckne deliberate nCealment or co1$1¢. AS Part ofan audit in accorfarth wth ISA8 {UKI. we txeTd8e yots8sh)ngljiidgment and maintain professional 8copllclsm IFghOut thè audit. We ¥Lso'. Identify and 88sess thè rt8ks ol matsriBI rnlsStstemt of fin•[ stataTrnts, vknethar due to frnud or error deSn and peflorm 8udrt proc(Jures reS$ve lo tho8e rt8k8. and obtain audit evthn¢ Ihat 1$ ¥ufllcient and appropriate lo provid• a basis for our opinion. The risk of ntst detacaiThJ a material MStateMtrnt re$ulliro from fr8ud fr¥ Igher than on• resutting from a8 fraud may involvo cojthicn, fonJery, intentional gmisslon$, mi8repre$•ntstion8. or the override of internd control. Obtain an und8rstsndiThJ of Int•md relev&it to thb aud 6n otder to dewgn audlt pnKedure8 that are approprf8le in the drCUm8tsn. lyjt for wrp080 ofexpre88ltvJ an opnlon on Ihe effectiveness ofthe Internal Ewaluata the approprJotenes8 of po&?e8 used and th& ro88onablene¥s of org>)Jnling ostimate8 oTrJ related dlsck>sure$ made by the Iru8t•es. Conclude on Ihe approwiatene8s of the trust•è8' U8¢ of Ihe pcing bo80 of amx¥bting and. on Ihe audit eviderte obtain•d, whether a rnatwi urtertainty oxistB rel8led lo events or condth.ons that may cg8t significant doubt on the charitys ablth'ty to CtY)tinue 88 a going corwn. If we wiclude that a material uncertainty ext8t8, we ere requir•d lo draw att•nbon in our auditorf$ rewrt to th¥ lated disdosures in the finandal slalem¢n18 or, rf sLh discl)sure8 are in&Jequate. to rlIfy our orrf"nI. Our conduBion8 arè based on Iho audit evidence obtsined up lo the date of our auditrfs ftwi. Hoever. fvlwe evenl8 of tti)n(thI1 may cause the tharty lo cea8ei to ntInue 88 8 gfjg coftcem. Ev8luate th¢ overall prewtatKJn. stnjcture 8rN8 L¥Xrtrt of the 8tstements. indudlng tho di8dosure8, and wh•ther tha fThndal sl•l•merts repr•¥ent Itro undortfvg OtI In a m9nrnr that Khi8vo8 falr presenlation. Wo communlcate Ihw wilh go¥•mm Tegarding. ammg other maitèrs, anned 8coptr and Yming of tho audlt 8nd Bignllk8nt audit fmdlng8. Thldi any slgntknt de1• kn intemal wlrol thal idendfy during our audit. A ftNther do8uiptk of our regPOWt4libes 18 8vailab16 on the Finwcial ReF4Xb'ng n(al,$ %wb8itti at.. httpsjl vNM.frc.org.uklaUditorswpSlb1.lI1•s. Thr8 ¢Jes"pln forn FQrt of Lr wditorfs report.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST U•e of our report This report is madg sc4èly lo the chaiivs tnJste8s, as a tN)dy. in a(rordaTh Part 4 of the Charties (Attaur and Reports) Regulations 2(XJ8. Our audrt Y>rk has urJertaken so thmt we Might stale to tho choritys trustO0S8 those matters we are requlrvd to state to Ihem in an audrtorfs r8POrt and frjr rK• Other purpose. To the fulksl extent permitted by law, w• do not actapt or asyJm& r08PJrirtjrty to anyt cdher Ihan ¢1• and the drity$ tNst88s as 8 body. for our wjdit th, thi8 rem or fty the cyinb)ns have form•d. fp John P Yarrow FCA ISenirA Statutw AudOtc) For and on bth8lf of Allen Syke8 Ltd Chartered Aceountsnls & Statutory S Henson Close South Church EnteTrri80 Park Bishop Auckland County Durhom DL14 6WA
Illl ¥3? E ¥
ST HILD AND ST BEDE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flx¢d asW• Investsnents 9.722.815 9,033.107 Debtors Ca8h at bank and in horKI 74,361 259.240 71.405 237.355 333,601 308,760 Cr•dlt¢rn.' •mounts falllng du• T*lthin on• y•ar io Q3.3&51 (49,665) Net ¢ury•nt a•••ts 310,248 259.096 Total •M•ts l••• ¢uTh•rt I159• 10.033.061 9,292,202 Capltal fvnd• Endowment fund8 In¢om• lund8 Unresirktèd bJnd8 9.323.915 8,049,015 709,148 843,187 10,033.081 9,292,202 22- ol- 1025 Or A FOeT Ch•lr ofTrwtw• 10
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aeeounling p1¢19¥ Charlty Infomiallon Sl Hikj and St Bede Trust is a Charity const its Tnnt l)eed. Aeeauntlng eonvèntron The finan¢l81 st8lemenls fve been prepaTeAI in accord8rte with the Tntsfs g)veming doojment, the Chariti85 Act 2011, FRS 102 Tr Finanaal R8Fyfft Standafd 8pplrAble the UK and R¢pufJli¢ of Ireland. {-FRS 11Y2'1 and the Charithes SORP-Ac£ountty and Rwting by Charrbes.. Statem8nt of Recommended Praclice aOicat4e to charit wepomg arunts in 8ccCfdan wilh the Frn8wKSal Reporting Sland¥rd aFOrable in the UK arKI Republic of Ir8larkl (FRS 102). (eff11 1 Janu4ry 20191. The Trust Is a Puulc Ben8fi1 Entlty as defined ty FRS 102. The 7ru61 has taken athlanlage of the provisi in Ihe SORP for charrtw not lo prepa a Statomont of Ca8h Flow¥. The financiat 8tat•m8rrts ore prepaTed kn 8lerfing. is the fund•1 of the Trust. Monetsry amount$ in the8e one£81 sl8tements are rounded to n•arest £. The financid statemerrt• hg¥e been yepar8d uyler fv historical ¢>Jst cArnnth)n. modfjfd lo indude the r•valuaVon ofknd amet inbwlfflent8. Th• ljnIOr¥d F)f8 adopt8d ar8 Set out b8kpw. 1.2. Golng conrn Al the time of appro¥¥i9 the finwwl $tatsm•nts, tm TnAt••B haw a roa8onabbg •xpthalK)n that the Trust haB adequate re80urce8 lo cCne in werabon¥l existence for the IeSeeable futu. Thus the Trustees contirKK to adopt the goirg CO•M t4w"$ of xcryJrfin9 prepariThJ the finanaal ststgm8nts. 1.3. Ch•rltable lund• Unresmded fund8 am availatl for 81 douthI oftr Tru8t8eB in furthernra of thw'r dlaritable oblectlves. RestrKa8d subject lo specific Con1rrt by donor8 as to they mby be u6ed. The pu3 and US of the reStted fvnd8 0 Set tsjt In the Th)tes to tho finandal $t8tem•nts. End¢ment fvnd8 aro 8ubia( to 8peofic dh)n$ by donor8 Itt c¥tal be mainthin•d by the Trust. 1.4. Incom• Income is reoognls¢d 4th•n the Tru8t 68 kgdly en1li11 to il 8ft•r any perfomiarKe ConthlrrI hgve been mei. the amwnts Can te me88urod reliabty. and il is probatAe th81 Iro)m& 11 be rttelved. 1.5. Exp•ndlturn Liabilities we rned 88 OXF•nditure 88 8n 4 th•r• or c4Jn8twctt¥e oblytKn ¢)mmitting the tharrty lo lh expendrture, rt is prObae thgt a Iransfer of economic beneffts wll t requlred In settment ¥nd the arn1 ofthe c*ligAti1 bg mèa8ur•d lialY. Expend4ture acefyjnled for on an xcnjak b8sis afKI beon ela88ifi•J urmler h8ading6 that aggregate all cost related to the (alegory. costs w)1t be directty atin'buted to pwb'¢ul8r headings they havo tegn alkjcated to a¢livi8 on a basis consnt th Ihe use of re6ourc•$. 1.8. Flx8d a88•t Inv•stmonts Fixed 435el irweslmenls are inilially M&aS( 8t exj1j transth costs. and aro 8ubsequenUy me8sured at fair value at repth.ng date. Ch8nges in fair value are recowld in net incomellexpwdituro) fpr the ypar. Transaction cosls arè expsed as Ied. 1.7. Ca•h and cash •qufval•nts Cash and cash equwaknts indude cesh n hand, deposits hold at cg11 vrith trmnks, other short-lemi Ilquld investments 4th Ofbginal matUf98 ofthTe8 monts or and bonk owrtlrnts. Bank overflrafts afe ¥hown wthin tOrr0v'ngs in ojrrnnt li?bililp5
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polklos IContinu•d) 1.8. Flnanclal IMtrwn•nts The Trust has dxted to apk the kYovision$ of Wion 11 'Basic Finar#ial IrKstrwients' and secaK 12 'Other Finan¢ig1 Instrument$ Issues, of FRS 102 to afi of tts fmatKial instruments. Financi instrurMnts are recogni8•J in TnrnY8 toL9t tho Tnt becomes party to th• ntr8CtU81 pfovi8ions of the i%trumenL Finarrjal ass•t$ and liabilrlie$ off3et, the noi ncnts sented in the finaal stat8m¢nts. vthen Ihere is a legally enforceable light 10 Set off th• r¥u)gni8ed amounts and Is an intention to 8etUe on a nsl basi8 or lo reali8e the 8s$8t 8nd setlle the lith.lrty simultaneoL. Basic fln•ncl•l •ss•ts Basic fin8nclal assets, Ud0 dobtorn cash bank balwKos, art irutially me88ured at transacbon price indudlng tran8actJn sts and are sub5equenly canied at amortisod cost usirvJ 11 effective inlerest method unle&8 the arrang¥rn1 con$tltutos a finaKiTrJ Ir8nsactM)n. vthere the transadon Is mea8ured 81 Ihe preserf wae of Ihe ftrture re¢¢ipts discot•d at a market rnle of interest. Finarxio108sets do88th8d as wthin one yegr 8rn not •ThJrtiwJ. a¢ fln•n¢l•l Il•blllV•s 88C fmano81 liabilfties, indvjng ueditm and bwk k)arffj we knobally rWfr88d at trans•¢tion PriCA8 unless tre arrangernent o)nstitutes a fin8ntsng trans&Sb)n, where the dobl in8tnJmenl is measured at the present value of the fijture payments ¢so)unted at a market r8to of interest. Frya1 h'abilities ckg99ifiod a8 payabkn ono yw nol an)rbsed. Debt instrumerrt8 ar8 8ubwuerrtty CArrigd at #m118•d cost, •ffoclfve Inlor•8t r8te melhod. Trade credltor8 are oblg8tlons to p•y for oxJs or that Iw¥e been wuiTed In the ordinary caur8e ofop8ratlon8 from supplr5. Amount8 pgyabb a dassrfd as rrent liaknlities rf payynent 13 due wrthin one year or less. If not, they are pr8sen¢gd as IjJrren1 liabilrtie8. Trade creditors are recognised InltLglly at tr8n88(thn prl¢e and 8ubsequ•ntty nasured 8t affK¥ti88d o)st using the gffectrve inter&8t method. D•rnco9nldM offin•n¢l•l Il•blllll•s Finano81 IIAbllltte$ 8re defeoJgniryed vknwt th• TnJBfs contrathal oblig•tron$ eypire or ar• dlxhargod or Carello(l. Crfdcal •¢¢ouniing •8SmatsS •ndJudg•n•nl¥ In the applicat of ihe Trust'8 a¢)Unng tho Tru8tett are requir•d to make judgemw)ts, e8lknates and assurnptics 8t the carrwThJ amounl c4 assots and Ihgbililies that 8re nol readily app8ient from other s(MKces. esifmates and 88Bociated assumptions arv hislorical experien and oth•f factors that ar# c£ffi8idered to bo rejevant. fvdual results moy differ frcln th$e 08tim8teB. The e$timales and underfylThJ aSsum0K)r are revie1 on an ongoing ba616. Rwisions to èccounts.ng e8tlmates are recOgnffj in period the ostimots 18 re¥isgd where th• attects only that P8ri0d, or in the of the Te%iS1 8fKI futyre V•we the revisx)n affKts L*)th current and fUte period$. Unr•¥trict•d Funds Unre6trlGtod Fund8 2024 2023 InvostnI Income Bank inlerest Olher 284,808 1.214 12
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltoblo actlvltlo¥ UNMtrkted FuThl• UnTe5trhX FLmds Grant funding of &tiwtle8 (S nots 4) 219.887 219,171 8upwi costs (uè noto Sl Governance ¥1¥ 180e nol• 51 10.813 10.246 ,cNJo 236.700 235,417 Qrants p•yabl• 20 2023 North Easl R1g5 L•afr RKuC C Sl Hild & St B¢de Coll•90.' Chapl&nw Eyrth Thec4ogltal S((4arsh Organ 5cholar8hip8 St Hild'$ College ChL¥th of England sd St Hild & St Bsde Cc41ege Chapl8in Dutham Oitese Contjnulng Mirri8t•rial D•t0pmtt New¢a8tle Dicc•8¢ Continuing Mirrigterial DevdCpmt NewcaBtle Dc•Srt Educ•llon Bowd IRE wJpwt for Schools & AMi•l) Chrl8ty8n EcatIon INot1h East RE Hlkn) Ourt)am Dioce86 chaplaincy Pro Whitbum A¢a¢Jerny IRE TeaLw Trwn¥vJ Hub) ndisfamè CcAlege olTh•c40gy ICQ.OOJ 124,000 2.4 5.332 30,847 2,171 31.628 31,354 15,0) 10.4 10,985 1.323 5,960 219,887 219.171 45 support co•ts co•ts 2023 Clerklng eo Rent Office dewaFKe Postxge. Stattorwy. Telephony etc Travel exptsn8e8 Sub8criptit>n8 In8urance8 Bank Charges 6.10) 6,1¢Jl 4.200 3,500 724 523 $23 107 236 1.381 1,719 1,719 Audit and A¢Utal fee 6,NJO 10.813 16.813 10,246 16.246 GovernanL ts)sts are AlIt fs of£6.C(Q (2023 £6.LKJ)I 13
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 None ofthe Trustses any pw80ns conne(tsd with them) 1Ved any romunWaon or benefi18 frorn th8 Trust during the year. 7. Employee4 The Tru81 pays for the ofa dwk Ixrt (k¢8 not have any •Moyee5. Flx•d ••ry•t In8trn¢nts St Hlld and Bede Tfwt Mn•1 Prfz• V•lu•Oon At 1 April 20ZJ Valuation thar a648.091 674,815 9.033,107 e89.708 14.808 85 At 31 March 24 9.322.gC6 9.722,815 All •rts IKtsI {•tsrwith CCL4 or COIFI. 24 2023 Amount• falliry du• TthIn on• y••r. Ac£rthryd Inrn• (thd¥nl Ind thr••t duel Piepaynwtto 71,405 363 74.361 71.405 10 Crltor•. amwnts hlllng wlthln y4v 2023 Oth•r c4•dilors Accrya18 and defwr•d inwm8 17,355 6.CX)O 23,366 49,865 14
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 AMly•i• of net au•t• b•tY•n lunds F8 Fund¥ 2024 Investrnents Cufrent assets Credrtors 18SS than 1 9,323.915 9,722,816 333.801 123,3551 333.601 123,3551 709.146 9.323.91S 10.033.061 UArn8trth Ttxgl Fund8 FuThJs Fund 2023 In$bants Current assèts Creditorn th Ihan 1 >or &649.015 9.033.107 306,760 149.66S} .760 149.6651 643.187 8,849.015 9,2¥k,202 12 R•l•t•d P•rty Tr¥n••¢Jon• Mlss S Milnffi, Iru8te6, 18 9 direct of North East Re&gKyJ8 Leamin9 Resourc85 Centr• Limilthy and during Ihe yeaf tho thorlty paid grnnts totsllirvJ £1CQ.OYJ12Q3 £124.¢X#)) to the North East ReligU$ Learning ROUrCe* Centre Lbnitod. 15