Chanty registration number 527411 ST HILD AND ST BEDE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ST HILD AND ST BEDE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Canon L Burton Mr G Carter Ms S Ciww Prof. S FcKrest Dr A Fowler Miss S Milner Mr P RKkeard Ms E Soulsby Mr M Sland MrJ Walsh Revd E Wthinson Charlty Thurnr 527411 Audltor Aln Sykes Audit Ltd 5 Henson Close South Church Enterpnye Pa Bi8hop Au¢kLqnd cnty Durham DL14 6WA 8ank•rn PO 8ox 250 Delf Ht)US8 Soulhway SkelmeTsdale 86WT
ST HILD AND ST BEDE TRUST CONTEKrs Trustees, Report Statement of Trustees. responsibilities Independenl Auditorf8 report Statement of Financial Activftie8 Balance Sheet 10 Notes to the Financ4al Statements
ST HILDAND ST BEDE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The TNst•es pr08enl Ir amual rert and finanwl stat•mts for the yw ended 31 IAarth 2025. Th8 Ial 8tatenwits haw in ar0)rdA WTth the ac£ryJntrng 8et out in note I lo the lInals[ statThnts and cpty with Ih• Trusfs goveming dUmant, the Ch8ritie5 Act 2011 d.AccOunting and ReportirKJ by CharilN%.' Statwmnt of Recc¥nrnend&J practi appllcabl8 to tharths preparing Ihèir accounts in accord8rth wth Ihe Financial Raportlng Stsndard appluble in the UK And RewblK of I10d IFRS 102). (effective 1 January 2019). Oblectlve8 and acfjvttl• The Tru8t'$ obieclfve IJJ the atfvanc¥m8nt ol hrgher and fvrther &Jucation in th• arèa CoMpr1rj the Diocgses of Durham and in $uch ways as th• manggng TnJstee8' mayfrom time time detem)ine. Th8 poII¢¥ 8doplfr in furtherance of thw4 obiethe 18 th¥ advarument ol e£lLralion in ¥cordanc• wth the d¢rI3 of the Church of Englan¢J and noodg ol slud¥nls undeffgoro traInI a$ tsacfrws. paroojlarly of Itw arn member8 of th• Uniyorsty. Trre has t¢n in the80 drIng the year. Thè Tw5tee8 h8ve p8id due regard to th• g[1d on public b•n•fil18swJ ty the Charity Comm188fon in deddlt whal a¢tivthes the TN81 sPthkt undertake. Grnnts w•re mède as shM bekiw. North E4#t R•llg1o L•amlng C•ntr• Limlt•d Chwtty rwmber 11)5285, comp&YN number 3188730. Thè tsvo SOUrce ¢8ntr•8 at rharn ond N6wc•¥ll8 ère run j(xnty and compris? Materia for refere or Joan lo IhoBe in tha areg Invofv8d in r81ig)uo •d&tiOn arKI mlnraty In Church of EngLgnd. lh• provi8lM ol advice. guklar, ITaining and aJBigtanc¢ to th050 In¥0ed K) the teaching of rellgious educatKJn. InLTra8ingly th•lr spac6B ale UBed by small 9p&wiShIng lo stib logetherand by those Thing with Lini$fomo Coljege offheology. £50,OCIJ 12024 £100,1hJOI wa8 p8ha tOW8idÉ th8s• Cen8, during the year. For 2425 the fimding enab18d the Tru8te08 of the Contre8 to consider Ih8ir luture Btrate9i¢ly and devebp a y•ar pkn. Trir alm6 Ind18.. Improvtng a¢ce88 10 th• re8ource8 and In(akn hekj developlng parthr8Frf parbcuL8rty ith the D•xe8an 808rd8 of Edwation In Durtwi dl¥er81fying fvnn9 Streams to reiluce reNan on the Twsl Coll•g• of SL Hrkl and SL 8•d• £2.573 12024 £31.828) to the of Durtwm in f•8pect of lh8 ChapLg1n. The Chaplain nkni¢d b8¢k to pwi8h miibty aThJ • replement onty 8tart•J in W. 2025. Th& sx75t is no longer shared Ih the Dkjcese and a rnvisad model offuThSry 8FFty lorthjlure years. £2,OC¥) 12024 £2,400) in respoci of 0[9 8¢hc48r5hip8 and £2,(W 12024 £2.IXK)} b) 8UPFo>1 Ihe Yrk of th¢ ch8plouilchoir. Folng the temporary r•lo¢th of Ihe Ihe C1r and ow8nists are worklng wth St Cuthbert'6 Durtwn and providirg music for 8grviw there during term tsme. fijndr.ng enabl8tJ thè rknir of 30 10 run and for th6 dlrector of music and orgonists to •j¥ th?Ir musk41 edu(atKM. All were able to incre888 Ihelr underBtanding aThJ exp•r5en¢e ol sacred nSt¢ thiN both Ihe wtr Colleg& ¢c¥nm1ty 8180 Sl CLrthrt'S. £2.CW12024 £2,000) in ol Thedogkol S¢lxAar3hip8 to Durhwn UnNerstty. For 2&25 tho awards anabjed exlsling students to continue Ih•ir Se8. SL Hlld'¥ College C of E School £10,0(K) 12024 t2,1711 Fundtng w85 award8d for a Iwo ye¥ project to develop a curriojlurn lor mixed age d8sse8 for all knied8. knduding RE and ensuri thal il meet8 thg rfftd8 of 1 la8mers. particularty those with SEND. Newea•tl• Dlo¢•••n Education Board £Si.CKJ3 {2024 £32.0401 to 81¥JPQrt the RE Ath18er to sch¢>)fs and academEs in the dtheses of Newcastk and Durham. Their work inckndad New Headtegr iTrJuction8. se58ions on Plannlng and Leading Collecfvè IAbr8hip and Prtyarkn9 for SIAMS. a confvrence on Ewrty. DrveNty, ItKIu8ion and JusU #nd tem)ly netrrtirk meetings foi RE thds in schools. Continulng minlgt•rl•l de¥elopm•ntledu¢atton withln th• of rrtrn £6,CO) (2024 £6,000). Thfy fiJndlThJ Supported tsvo der9y to train as spirilual directcvs, a number of to altend urse8 and support for dodoral 5tLKlents not funded by Ihè Trust via fv wthklual gr1 s¢hemg. Contlnulng mln18teri•l fomiaoon T•lthln the Di0e of NeW$tIe £S.T1312024 £4.L)(KJ). Thts fiJTrJing gnabfed 68ries of public tW88'Thedogy&° at Ne¥8$1 Catldral and supwred a rMm)ber of cy wtth couTs8 fees for aca(1 $ty and cthef trainin9.
ST HILD AND ST BEDE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Chaplain¢y Pn>i•ct {Dw8e of Durtwn) £13.751 12024 £10.41. year wr4ec has hed curche8 Jild relab"onship3 local FE coleggs and deveknp F48 for chapLaiw. Supp the de¥8k)pment of existin9 and ?t4tIal cha81 ne scIbS and on¢ sth forn 0"ng a 18arr0 c4xM¥Jrity and peer supwl netythl, trained elght pecple in th8 Bth)ps Cetbficate kn ChaplaitKy * c(¥th"td ol Ed[tronal Chapjaincy Enabler. The Dicwe has obta.ned Churth FE chaplaky prqects. buklthng on Ihe woth by Ihe Trust. Whithum Academy IRE T•ach•r Trnlnlng Hub) £3.(1)J W24 £3.(KKI). FdwIg mKtad a bursary to 8UPFJt studenls training to tèach RE. Chrl•tl•n Edtion (North Ea•t RE Hub) £15.24212024 £15.(P30) The ftvKlin9 slippd the North East reglonal Hub a8 Wl ofa naticmal pw to wnpost to inloffr&•kn res(MwfA8 in Ihdr r89)n to Support th8m in the loathing of RE. Tho R¢>o•t £10.87712024 nil) This 18 th8 fr81 year (Iwa from 2&24 due to recTuitrMnt1s8wl of a planned th Br woject to develop sthool thaplarw In post-16 c¢ntre$ In Nort1Mberland, Tho ftjnding covered salary and exp#n8e8 for a deJ0pM•t worker poJt. God and th• Blg B•ng £45,178 (2024 tw). Thi8 Is a nb)n wcry8(a thldren opporbjnty to a8k questions abo 8a6ncx and Chrigtian Falth. Tr furKlirvJ the $ary ofa Sthools Developmerbl Offur whose rol? fAwe¥ed the re¢ruitm¢nt and lrnlnlrw of undergraduate8 and W knvaduates n Dutham and N•w¢8811• 10 deliver sèuion$ in S10 in th9 Nc¥th East. Sund•rl•nd Llnlv•v•ity Chapl•lncy £1.43012024 nif) The fiJnding ombled 1S Jtudants to alteTrJ a Chaplalncy Retrnat f¢oJssing on prayer and enat4ing th to tslk abt t{r failh in a $UPPOftive environment. IndMdual• und•rtaklng po•tqrndu•ts •bJth•B £8.475 (2024 £7,¢)))). In assessbng fvr wan18 frcln indWug18. Tn8•$ sh811 gN• prnrity to.. 41 apF4kant4 undertaklr¥J research into the conlont rnetlhjd of Iwhin9 Jearring. eSP8cialty rgh'gKJu8 C81)n. bl ApICants urKl•rtaking course8 In tea¢her trainin9, e8p6¢ialty In rekgious •ducation and atso tr8ining for Christian Ministry {ord8ineil of a¢credrfedl if grnnts are not av81kgb from other $owc•8. The Twt wiff not normalty a8W81 applirAnts who hav8 alwty comF4trted similar proi•¢ts or o)urMs •t a parti9[ levol l•.g. FE or HE or r•8ear¢hl to undartakt addit1 courses Lv proi•cts al the ume level. Achlev•m8nts and rIornian¢• The overall market valu• of deueased from £9,722,815 on 31 M•th 2024 10 £9,3S3.642 on 31 IAarch 2W25. H¢)wev8r. Inve8lnwit incomo h98 irK¥•as&J slighty ¢yM the pgnod. Flnan¢l•l rovi•w 11 18 th& p)Ilcy of the Trnst that unrestriLfyd lund• vthich ha not b•an d86n8led for a 8p•Of u80 shId maintained at a level equivalent lo Ltweon Ihree months exptnditurtr. Tf Trustees eonsl¢Jor that r&ser¥e8 at this ¥81 will enJU that. the eveni of a SanrAnt drop li irN¢8tmenl wuime, th•y wil bè able lo continue Ihe Tru8f$ currenl a'e3, whil• pLgnniry to offer redw¥d I18 of fire gr•rt fuThJirg. ltrv81 ol rese8& ha$ tn m8lntsined 1hroug1)ut tho year. At 31 M8rth 2025 ch8rlty ha8 fre• rpseryes of£35722212024 £310.246) filch is belv¢d lo b• kn ex¢e3s ofth8 19vel rnqUI per the above mrv88 0y. The Tru8tee8 have made u8• ofa CLwratp Bfj d8posil 8¢>Jnt to befft froffl th• hth•r r•ta$ oflnt•reBt availabl¢. whiJBI maint8irlng instant a(%e88 lo fund•. In accord0 tm Charity Commis8ionors' Sthfft. the TwBt ha$ thg lo make Y investment which th Tru91 see fft. There been thanges to investrnents in recent years. Rbk Manag8mont The TIu8lees hav& assassed the rwor risk¥ to tr Trwt IB a1 are Satisfied that $ystem¥ ar• in place to mitigat¥ exposure lo the ma1 rryks. Poll¢y Documonts An updated Reten*on p, updated Safe9uwdl Polw, frNmal Re8W ¥n Snlwim Inve5tm•nt Pol We 8pprDved at th8 DeCeMr 2024 Trnslee meeting. As recornm by the 23.24 8udit a Fra, 8ribory and Theft Policy will be C4Jnsrdered at Auiumn W25 Tru8te• rwry.
ST HILD AND ST BEDE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strnctur•, governan •nd managomont The Trust 58 a Chvity. The TrLtee8 who s•N•d (hjring thg yoar and up to tho date of sty3n8ture ofthe fThncy•l statsm•nts re.. Canon L Burton Mr G Carter lappolnled 22 January 2025) Rev D Clgugh (appointed 29 July 2024. rngned 31 Drf•mber 2024) Ms S Cooper Prof. S Forre8t Dr A Fowler Rt Rev H Hartley (gnfjd 22 July 20241 Mi8s. S Milner Mr P Ri¢keard Rev. D Rushton (re81oned 18 June 2024) M8 E Soulsby Mr M Stand Mr J Watr8h Revd E Wlkinson l4pwnl•d 5 December 21Y24) Th• Larn DkJc¢88n 8oard of FlnAnt is th• Cu8to(lan Trustee of ts charity. The bjdy of managirvj Truste. whK adriThtsrs thts Charity. c111 c4)mFlot• 0114 cornpet•nl pef8on8 belng.. Fr ex-offldo Tru8tee8.' The Right Rovd eislw of DLtham. Th• Rlghl Revd Lord B&hop of Newca8. T ViceryChanc•llor of Ihe UnNer8ity and The Prlndpal ol tho Cdlege of St. Hild and St. Bodtr Sev&n nominative Tru8tee$.. Tw) nomlnated by th• Durham D10cn Bowd of E¢knation, Two by the NeWtre Dioce88n Board olEduc4tion. One ty th• Dutham Di0¢8san B08rd ol Frnanca, One by the New¢a8lb DI88n Board of Finaru and Ong by the D•an and Chaplei of fv catt1r81 Church of Christ and 81&88•d Mary th? }n, at Oufftam. A nominativ¢ TnMt8a nw be txrt rK4 need to be. a memb•r of th• 8ppoinllrw bothy 8r&l sh•ll hokl Off for a term of four year8 Thr•e c¢ptaI1¥fj TrLMtte8'. CTroptsti¥e TrLtyl•eB •l•o b• apptyntf•J h)r a tom offour yearn A cknrk k8 app)inted by the TruBtQ98 to manage the day lo Jay opornlwm of thè Cl4rity. Mr8 Franc8 Slenlakfr h88 served a6 dork ¢M 8 rmanent basis ¥ince 1 2022. By vithe of wveman(x. the Orls8tM ho8 a conslltuI thaffty, the Robgrt Thp50ft Memorlal Fund. Th• purp08e of the ns'tUeI to ward priz lo students at the Outham Unp4wsity w) arè dèser¥ing of rard or dl8bndh?n by rean oflheir Fknnce in t••¢hing pro¢tx'. regar(l hau lo ct¥gr&Xer, potential toachi ablllty and CtribUll0n to tho comrnty Iffg of the unfversity. New TruBte¢$ are erthuraged to l¥milkgrhg themsefve8 with tho m6 of the Charity ty 8luOying the Inducti(x) information gIn to Ihgm. The Tw81 b$lIe provkles further guklants. Ful Trust¢es me8ting• hdd in perxx) on P Detber 2Q4 and 13th March 2025 The Tru8te&s 8160 met vla Zoom on 7th May 2024, primarily to discus8 hJrKlir@ for Ihe Cdlège of St Hild and St Bede. on 15th Juty 2024 to discLffjS funding lor NERLRC. on 29th Juty 2024 lo dl8CUS8 h)drdUal nt apph'calKTh on W January lo approve the 2024 account8. Dlg¢losurn of Inforniatlon lo audltor Each oflhe tvustee$ has confirned that there Is no inforynakn of vthich they we aware wthich 1$ relevant to the a15t but ofwhich the audrtor is un•are. TY have furtherconfirm8d Ihatthey havelaken app¥opri¥te $18PS to idenlty $utti r•levant infprmation arHJ to 8st*liBh Ihat IM audlfor is 1• of inhnnathjn. The Tn13fees' wort wa$ app¥ ty tho Boanl of Trylee& Ch8lrol Daled.. e frust8&s
ST HILD AND ST BEDE TRUST STATEMENT OF TRUSTEES REPONSIBILrriES FOR THE YEAR ENDED 31 MARCH 2025 Th8 Tntstees are re8pon¥ble for parir the Tr. ReFXt and the finandal slatements in accordance whh gpplicab law and Unitod KIWOM AcUntIng Stsndarfs IUnit& ngdorn Gweralty Acceptèd Aw)unling Pric81. The law applTcable lo chartbes in EnglaThl and Wales requires Ihe Trustees to piepare financi81 statements for each financial year which give a true and lair view ol the $tsle of 8ffairs of the Tntsl and of Incrting resour and appl'cath)n of r•8wces oflhe Tntst ts tlwt yw. In prepadrvJ these slatwnents, tho Tnotee8 arn rewired to: . 88lact 8Urtat4e nt9 w1ClaS oTrJ tlw appty them con8iStentr. . ob8erye the mottb>th and p4r4&S In th• Charith SORP." . m8keludgements aNJ 08timate8 that ar• roastyth pnmkrt . 8lata vthether aFplicable a¢COting $trndards have boffi 1thd. #48¢1 tts any matorfal 9rtUreS dlK408ed arml explalnéd in th• finala1 8tat8ment8,' - prepare Ihe finan¢lal slotnents tho gory bwi8 unleM il Is inapprop¥iate to pre8um• thal th8 ¢hartty vhll The Tru8tee8 gr6 rn$ponslble for keepng suffioent acwJntir4 re¢oTd8 that th"8c408• w#h reasonab tY lime the fintnctal posifjon of lh8 Trust ènd ¢nab* them lo ensure thgt thg finanoal stsleThnls CoMY wmh Ihe Ch8rilhryS Act 2011, the Charity (ACCOts and R¢portsl RegulatW3 2 and the of tha tmst deed. Thty ar• also re8p)n8ibb lof 8af8gu•rdlrvJ th8 a$8ets oftPo Trust •nd hm fortsklrKJ r•o8onable Sleps for ltte pwenlion and deteth'on of fraud And other irrsgwlarrti88.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST Oplnlon We have audi18d the financi statements of St Hild and St Bede Tntst {the '¢harity) for the year endèd 31 March 2025 %thich comprise the Statement of finawal xtmtses, statement of financial wstson and the relalgd notes, including a summary of 8ignifjcarrt acuyjnlirg e$. The finaTrid reporting framework that has been awled in their PTeparation is applble law and Unrted Kingdom AttwrrtlrKJ Standards, inclu& FRS 102 The Financial ReE¥irJ Standard applicable in the UK and RapublK of Iroland (United IQWt)m Gerwally Accepl&J Accryjnts'ng Pr•Xce). In our oplnicn the finanad sthmerts.. gNe a tru8 and fair vlthv of stsle of the charity'8 affairs as a131 March 2025 and of its Incomlng resources •nd applicatron of reSr¢88. inclL#Jing its irK(a and expeThJrture, for th8 year thèn ended.. have been prepar•d in &cordarKe ith United Jd0rn Gonwalty Accepted A¢countlng Pradice.. have te•n prOred In accordan¢• the requirem6nt8 oftha Chadbe• Act 2011. Ba•1• for oplnlon We conduct&J our audtt in acctydartt Vith IntèmatlI Standard8 on Auditsng IUKI IISAS IUKII and applicable law. Ow ro8ponsibrlilies under th080 SthJards are further descrlbed in tho audltorf8 re8ponsikilille8 forthe audrt ofll finawal ststements sectron olwr rep. We are independ8nl oflhg charity in accordance with the ethical requirements thal are rdevant to our audr¢ of the financial 8tatsments in the UK, Including Ihg FRC'S Ethlcal Stsndard. and fiJlfill&J ourolherethical re8pon$ibillUe8 in elY(lanCe vlth t80 requir8ments. Wo belleve that the audtt have obtslned 18 Sufficient and appropriats lo provlde a b8918 our opinion. Conclu•lon• rnlatlng to golTrJ conc•rn In a11•ng th8 financial statements, vffj have Concluded bw tru6teos' ua• of the wng conc6m ba818 01 accounting in the preparallon of the finawal statemrtI 18 appropriat¢. Based cn the work we have performed. we have not id8ntffied any material unc•rtaintie8 relab'ng to events or condifjon8 that, Individually or cdlectively, may cast signifi¢arrt doubt on the charity's akn'lity to continue a$ goirJ concem for a period of at least h4rlve mtxth8 from en ts ffnanual ststemènts ara aLrthor18ed for issu8. Our responslbillliès and the r68ponslt¥lillès of th• InJ8lee8 re8M lo going are detscthd In tho relevant 8eclions ol this r8&x)rt. Oth•r Infomiatlon The other infofmab'on ¢omfv thg infc¥mth"on inr1 In the annud rep other than the financiol slatements and our auditorf8 report thewn. The trusteès are respMs1b for the other inform8tion c¢ts1ned thin the 8mual report. Our opinion C the financial 8tsteMts does not ¢over the olhef InfmatIOn and. except lo the extent othenM8e exF4icitiy staled in our r8F*¥t, V+P do not express any fomi gf assurance condusion thereon. Our responstbility is to read thè other infomialton and, in d(MrKJ so, consider ether the other infmiion ig matsrially incon&8tent 7Mih the finartial 8tstements or our knowledge obtalned in the course of Ihe audtt, or Otheise appears to be malerialty mi85tated. If V•t identify such material inconsistencies or apparent material misstatemBnts, ¥ are required lo determlne ether this gives rise to a matenal misslalement In ttk financial statements themselves. If. based on the work we have pwformgd, Wg conclude that there is a matarial misstatem&rt ofthis other infmatlon. we aro rnquired lo r8pc#1 thattsct. We have nothing to rewt in this regard.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDrroR'S REPORT {coKfiNUED) TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST Matt•rn on whlch w• ar• requlrfjd to report by exceptlon We have nothing lo report in sPeCt of the folknmng matters In relatim to the Charitie8 {AcctyJnts ar¥J Reports) Règulations 2008 require us lo report lo you rf. in ¢)ur onICKl.. the information given in the Iruslees, report is iSIstenI In any material resp8GI thrflh the linancial statements. or SLrffcient accountln9 r8cords have rnt been kept." e Ihe financi81 slalement5 are not in agreement with the aceounting records.. or we have not receNed 811 the infoatiOn eWwtion8 we require for audiL RMponslbllhl•s of tn1• AS axplained more fully in Ihe statert oltrustee8' respongibilities. the tru5t888 are r8sN)n8iblg for the preparation of the financi81 staternents for Satisf that they give a t and fair view, arJ for 8u¢h intemal control as the Intee8 detemiine is nece8s4ry lo enablg the prep¥atw of financial ststements Ihal arg free from malenal mls6tstemenl. wthelher du6 to fraud or errLY. In preporirvj thè financial ststements, the trustees ar8 respon81ble for a886ssing the ¢hanty's abilty lo ClInUe a8 a gcing ccwcern. tlisclosry, as 8p1$1e, matters related lo going concern and using Ihg going concwn basis of accounbng iJnl888 the tru8t•es elth8r intwbj to Cease op8rations, or have realisti¢ alt•m8tive lyjt lo do 80. Audltof• r•8ponslbllltl•• for tho •udlt ol th• fln•nGlal •tt•m•nl• Our objectlves arg to obtain reasonabie assurance ato¢rt whether the financial 8talem&8 a8 a %thole are fro• from material misstatement, knlher due to frai•J or error, and lo issue an auditors report that includes our opinion. Reasonable assurance is 8 high bvel of 058urance, bLrt 18 not a 9uar8nl8e that an audlt ccnducted in accordance vAth ISA8 IUKI will 81wdy8 detect a m8terial misstatement when it exi8ts. Mi88tslemènts can arise from fraud c¢ error aThY are consldered maierial If. indMdu8lly or In the aggregato, they could rea8{blY ba e¥pectsd to influence tho econcxni¢ dgc18iM8 01 u8er8 taken on the ba81$ of these financial statements. Irregularrtles, Induding fraud. are irotarus ol non<omplkqnce wlth law3 and ragulations. W• deslgn wocedur08 In line wlh wr 188pon81bilthe8, oullined above, to detect material misslalemont8 in resp6¢1 of Irregularities. Including fraud. The extent to %thich our prtt8dure¥ are capable of detrfting irregulgriti08, includirrfJ fraud is detsiied below.. Our approach lo identifying 86s¢88ing the risks of maleri•l ml88talemoni in resp8Gt of IrrurItIes, IludIng fraud and non-compliance wth laws and ragulations, was os follm.. Ihe eng8gem8nt P8rtner ensur that the éngagement team collectNdy had the apkyopriale competen. Capabilltiès and skills to identtfy or recognise norFccffipliancg Wrth apF4ieatr4e law8 and regulation$' we idanlified tho 18W8 and wulations appllcat4e to the charity thrc4wh discuson8 Wth dlrectois and Other management, and from our commercial k)wledge and exp ofthe sector,. we Iocu8ed on sp8dfic layd and regulations vthich we consKlered may he a threct matsrial effect on the financi slatemenls of th8 operatlons of the chavlty. irdudlng the Chartli8s Act 2011. laxaOn leg181ats'on. data proleclicii, 8nli-biibery, 8nvifonmentsl and he8llh and saf8ty1oglsL8tion', we asse88ed the extent of ccfftF4ian¢e th the laws and regulalkTh rdentsfigd ab)ve thrh maklry enquiriee of managemenl and in8Wting al Corres[dence. ar¥J deniified law8 and regulali¢)ns le communicated wiihln the aLKJit ten regularty and the team remalrnd 810rt to Inslanees of nonryc0mron¢e Ihwh)ut the audiL We as8e8sed the 8usceplibilty of lh8 charivs ststeinwts to mateiid mi88tatement, incknling obtwning an understanding of how fr*Jd mbght occur, by.. making enquides of management as lo COld8d there was SU8ceptibillty to fraud, thgir kno&ge of actual, suspected and alleged fraud.. and considering the int8mal contro15 In ace io miti'gate risks of fraud and nonwcompliance law5 and regulations.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDrroR'S REPORT (coKfiNUED TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST To Jdres8 the rl8k ol fraud through management bas armj override of controls, we.. pryne analytical PredureS to identsfy any unexpected relali¢)nship8,' tested journal entn.es to identify unusual transacttons. assessed whether judgements and assumplions mado in detem)Ining th& x¢ounting estim8te5 were indlcab've of potenlid bias., MJ invesligaw the rationde behind ary id8nbfifyJ signlfi¢rt or unusual $actIOns. In resFJon8e to the risk of irrogvlarltlo8 and rwcomp1larts law8 and regulatKTh, we desvJnod procedure8 whkh Snduded, but were not limited lo.. agreging financlal ststement disdosures to underlying SUKW1v dttumentatton,. erUlring of management as lo actual and Kthntial ltyabon and claims.. end revthng corr6spondwKe Vitti HMRC. Televarrt regulath arKI the chgrfty'8 legal ad¥l8or8. Thero are Inherent limitati8 in ouraudit PladUrl de8cdbed above. The mom removod that and regulatwi$ are Irom fin8ncial transacons, the less likdy rt is that we would become awa of non<ompllance. Audits'ng standards a180 Ilmil the aLblit 1xclre5 wuirfj¢l lo idénbfy ThJn<ompliance with18vA and regulations lo 8nquiry of the th"rector8 and 0th6r maftagement and the of gUlatory and legal correspondence. if any. Material mlsstatements th8t ans6 [ to fraj ¢an be hwder to 08tect than ttm• Ihat arise from orror 88 they may invdv8 dollberale concealment or coj1us. A8 part of an athlt In aCcdar wrlh ISAS (UK), we •xwciw Fwfe88iong1 I9ment and maintain wofe881on81 8cepb'd8m througrt the audit. also.. Idenlfy aTrJ asse88 the nsks of matertal mi8statsm¢nt of the financlal slatemonls, wh8ther due lo fraud or error, deslgn and perfom audit wocedurgs re8Fonsive to trtr)88 risks, and obtain audrt eviden¢e that Is 8Lfficienl aThJ approwiale to mide a basis for our ownlon. The rlsk of not decling a mal¢rial missi8lemenl resulllng from fraud is higher Ihan for om resutting from error, as fraud may Involve collu8ion, forgery, Intenllonal omlssions, mi8rewe8enLion8, or the ov6nide of irrtemal control. Obt&n an understandlng of Intwnal control relevant lo audit in order lo deslgn audit pr¢x?duf8$ that arg 4pproprie In the clrcumstartes, trAA not for the PU)Se of expresn9 an OnIOn on the effectiveness of th• Internal conlrd. Ev8lu8te the approw1at•ne of accojrrting F¥jIe8 used and the rea80n8blene88 ol accnng eslimale8 and related disclosures made by the tw$tee8. Conclude on th8 appfopriateness of the tn48lees' use crf the gdng concgm basS8 of atxounting and, based on the audit evidence obtaln&Y, wfiethor a mgt8ri81 uncertainty exists relalad to ovents or condrtlons Ih8t may c88t significant doubt on the dwrity's abtlty to ccntinue a5 a going corKwn. If we colude that a maleM81 uncertainty exls18, we are required to draw attentlon in our audilcY'8 report lo the rela3 disclosures in thé financial slalemen18 or, il Sh disclosures are inadequate, lo modify our opinion. Chjr conclusions are based on the audit evidence obtalned up to date of audilorf$ fer•. Htrhwer. firfr everts or c(¥Ill¢8 may Cause the charity lo cease lo ¢ontSnu8 as a wing corem. Evaluate ovorall presentstion. 8lructUfe and conlerrt of the financial slalements, Induding the th'sdosure8 8rJ whether the finanGial gtatements represent the rertYing transactions and events in a manner that achieve8 fair pres8ntatiM. We communlcale Mlh those eharged %Mth wvemance regarding. am(ry otsr matter¥, the ned scope and timing of tha audit and 8ignifkarrt di1 finthThJs, rndu(IrKJ siwthcant ¢Jefic1WIes in inlemal control Ihat we identhfy duiing our audll. A further de8crity.on of r TesrhMItits Is 8vble M thg Financlal Repng cn¢11.5 *Bbsite at.. https'.11 ww.frc.org.uklaudftorsre8ponsitiilities. This Lknuipthon fms part of our auditorfs rep(wt.
ST HILD AND ST BEDE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST HILD AND ST BEDE TRUST Us• of our report Thi8 report is made solety to the CharitS InBtees. as a tody. in ac£ordance with Part 4 of the Charities (Accounts and ReFortsl Ragul81ions 2008. ()Jr auditwork has been underten sothatwe mwhl 3tale tothe charillstrusleess those matters we are ulTed to Slale to them in an auditc<s report and for no other purpo86. To the fullest axtent p8rmittgd by law. do not aePt LY assume r8s[MSItIIty lo anyone other than charity arKI the Charitys trustee8 as a body, for our Klit WLvk, for thi8 TeP)IL or for the Opinior have fomed. John P Yarrow FCA IS•nior Statthy Auditor) For and on behalf of Allen Sykes Audit Ltd Chartered Accountsnls & Statutory Atht S Hen80n C108e South Chureh Enterwise Park 8i8hop Aucklan¢J County fJrhpm DL14 6WA
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ST HILD AND ST BEDE TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Flxed a0¢¥ Inv8stments 9.353,642 9.722,815 Curr•nt a•••ts Debtor8 Cash at bank ond In hd 75.680 341.408 74.361 259.240 Cr•dtt¢x•: amount• falllnq wlthln on• y•#r 417.074 333.601 10 (59.852) (23,355> Nel oJTrent 8860ts 357,222 310.246 Totsl •••ts l•M cury•nt Ith1 9,710,864 10.033,C61 C•pltsl I Endowment hjnds Incom• fund• Unre8lrtcted fund# 8.984.160 9,323,915 740.704 709,148 9,710.864 10,033,061 .11.L•%r Th•finan¢Kll8t•tsmen¢8fa Jproved bytheTwstse8 L..................... Dr A Fovler Ch•lr of Tru•A•• 10
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2025 AcUtIN4 Charlty InfomMt14)n St Hlld and St Bed& Tn ts a Chorlty consliw der Its Trust Deed. Aceounlln9 cntIon The finanoal 81atemrt8 have been piepared in accorda wrth th8 Twsf$ gov6ming drxJJment. the CharilEs A(# 2011, FRS 102 The FInala1 Repth"ng Stsn¢Jard appltabje ) the UK and Reputy1 of IrelaThr rFRS 1021 the chariti.es SORP 'Accounting and Reporn9 by Charitie8." Statement ol Recommended Prath"ce applrAbl• to preparing they o¢cnts in acCOrdar wrth the Financial Reporting Standard aFplicat>le in Ihe UK and Republ ol Irend {FRS 102). (effective 1 January 2019). Th& Trust i¥ a 8en•fft Enoty 88 d8ffined by FRS 102. The Ttu$l has takèn advartago of ts pro¥181 Mi tho SORP for notto prepare a Statement of Ca8h Flow8. The ffinartial 8tstem•nt8 arg wepared in 8tsrfiro, 18 the fvrhknl 1ICY ofthe TnJ8t. Monetary amounts in these finatKW $18tem•nts we rounded lo the n•gre8t £. finanual statements Ik9ve bfjen prepored undEr tho hlslryical c<)8t Conve10n. mcJird lo indud• the rnvaluatson of ft<ed a888t inveBtm•nts. The piwwol &counlSng FM71188 adtspted are out below. 1.2. Golng concern At the timo olapprovhg fman¢l stalgments, the TrLtee8 hav¢ 8 re8$onabta peCtatI)n that t TrLtyI ha$ adequate Ta8our¢es to wllnua In cyerats)n 0Xtste for the fore8e•abk ftrturg. Thu8 th Tw•l•os conttnua to adopt the golNJ crn b&81$ 01cnn9 in preparing the financkal 818lem8nts. 1.3. Chrhbl• fundj UnrestrKted lunds We avfjilth for use •1 Its dmuetknn oltho TrusleeB kn lurthor•nco of tWr th8ril•b oblte8. R•slrkt8d fund$ we But¥"e¢l to ¢ondition8 by (kJYx8 a$ lo hth¥ t may bts usad. The purpoBO8 qnd uses ol the re8twlci•d fvnd$ are out in thg noles to th& ffinancyal 8t8lem•nts. EndOWn fvr)d8 arn suty'ect to Specif cuMJitm by that must bg mèintalned ty the Tru81. 1.4 In¢om• IrKome 1$ retcJni3ed Tru8t 18 legalty enlilled to it aft•r any pwlomwnce cL)ndrtlon8 h•ve t•en met. the amounts can b• measled reh'ably. 9Th1 it 16 Probab Ihal i1me be r1¥&d. 1.5. Exp•ndltur• LlabilitSe8 are iecogni$ed as FendItUre 88 soon ai ther• 1$ a legal or cMstructlv8 Obligat o)mmittirvJ lh¢ chanty to that exp¢rnYiture, it is thgt a transfer of econorrfc b•nefits wil be required in 8•tt18ment Jnd th¢ amoty)l oflhe oblig01v be m••Jurgd reltabty. ExpeTrdKuTe is accounted for on an a¢cnJal8 bas8 has been classilled under tadKbg$ that 8g9regat all cost related Its Ihe category. costs cannot be dw8¢ty atiril)uted to P8rts'wl8r h¢adings Ihey have boen allxatad to athitteo on a ba81$ constenl w7th Ihe us• of rW0ur. Flx•d ag8•1 Inv••lm•nts Fixe(l assèt irbvesfvnts are Inth"alty measured at trartsactt¢Jn prfce 8xduding Irans8ction co818. and are $ubs¢quentty measured 81 lair value at ¢ach reporb'ng dale. Ch&rMJes in fair value Alè recognised in nèt incomel{exp8n(titui&} for year. Tranwtion cx)st8 88 Incurred. 1.7. Csh and ca•h equlv•l•nts Cash and cash equivaknts indudo ¢ash In h, etrts ld al call ith bank5, othw shJrt-teryTr liwid invo8tm&nl8 wllh oTwJinal maturities of threa morrtts or less. and bank overdrafts. Bank overdraft8 8 BhowTr wilhin b)rfthwngs rn ojrffjnt babthbes
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlro wtcl•• IContlnwl} Flnanci•l Imtrumefts The Trust ha¥ eted lo appty the WDVtsb)ns of 11 '8ask Fi)8Th>g1 1n8trnents. and Section 12 'Olher FinaneAal IMtrl¥nts Issuos, of FRS 12 to all of rt8 fmanL?al in8tnTh8nts. Finaw81 Inslrurrthts are reets3ni8ed in the TrL$ bal8TrX Vrtn the Twst bets)me8 Party to I conlTactu•l provlsloM of the inslnjment. Fin8nrAal assè18 a1 lialxlities are off8th. vAth the net anntS pres•nled in th• finan¢3al $18tements when theie is a legaty &nfOe8b nght to sel off th• recognS5od amount8 and thern18 an intention to on net b•sis or to rgalise the asset And Settle the h"8t¥llty MhDe0sfy. Bo•k fin•ncl•l Basic fnanclal 8ssots. 7knich mcrJe debtors and cash and ba)k baLa8. are initvlly measured 41 trBn8action price irxjuding transaction costs a1 are 8ubsequ&nty rrd •t amortised cost uslrg th •ffective irrtere8t m•lhc•J unless the aThangtrftt constitute6 a 17narring trarwctton, where th9 transaclion is rtasure al Ihe presènt value olthe future receipts disca)unl8d al a mark81 rate of intere•¢. Fln8rKbal 888ets d8wfied 8$ rncelvatO whln on• year are rt all19•d. B••lc finanelal 1Sablllti Bast finandal liabilitw. L¥editors and bank kians ar• inKlally rwnised al tran8XtKX) prr unless the arTang8ment constitutes a fM)8ncing trwis•ct)n. whore the (hbl in$lrum•nl18 Thasured al the presenl valuts of the hJture pgyments disr)>Jnted at 8 mart(at rnto of Inter•8t. Fila1 Ikibilrti88 cla6sffigd ¥8 payable ¥thIn year arn not qmorti8ed. D•bl Instruments or• 8ubBoquth at wnortt•od cost. uthg th8 •ffeclbY Intero81 rate Melld. Trade Croth are obllg8tions to pay for or 8eNKe8 that hève beM acquired In the ordinary cour8• of operation5 from sLwFlgf8. Amounts payab a da88ifi8d as current liabilit8 W pgyment18 ¢Jue within on• year or19s8. If not, they afe 8•nI•d #s n-InI li411. Trade ¢reditorn are recognised initialty at transolDn pri¢• and 8ub8equenty measured at amortrsed co81 usirvd the effeth.ve intere8t rne1. D•r•¢ognltion of flnancl•l Il•blllll•• Ffjnaal 1iabrfll1 are derecognwd when t TNsfo contrKttwl exrirn or are olBchargad or cance118d. Crltlcal ccountlng Mtlm•t•¥ •nd Judg•m•nts In the applicatn of the Trust's a(X4)unthng Fdide8. the Trtee6 arn requlrod lo make Judgements, estimates and assumptth8 8b¢)ur t carying amwnt ofassels Ma1itieS th81 are not re8dl apparent from oiher sources. The estimates and aBsoc4atsd #¥5umptson8 8r8 basod on hislorbcal expwience and other ladw5 that are c81dered lo t rele¥anL Acluw results may diff8t from the8 The gS1imat08 and Lmdetykig a8$UmplI71 a re¥vwed on an 001r9 basi8. R•vislon8 to xgjuntsng 08timatos are r•cogni88d in the in the estrnat8 IS lse where th8 rIDn affects only that period, or in the period of the r8vi81l and fijture period5 Wha the re¥oK)n aff•cts both rren1 and lulure period$. Incorn• Llnre•lrl¢t•d Fundj Unre8trithd Fund5 2025 2024 Investnl Income Bank intgre8t 293.765 1.899 1.244 During the year £3.048 of pfft 2m urts5Wrt 9Wt morw w85 r¥tUm to tt Tn&*t 12
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltablo acll¥ltl•• Unrtrlctsd Funds unrIrthd Funds 2024 Grnnt f¢Jnding ofadlve• ncts 4) 219,887 Support ¢x)sts1$èo note 51 Govemar¢ r4)sts16eo note 51 10,813 13,448 251.736 238.7C Grant• p•yabl• 2026 North East R•1195 Learning R•8ourc$ Cw St Hihd & St Bade colla.. Chaplaincy Exwn3e8 Theological Scol8rship8 Lkgan S¢holarshiF¢J St Hild'8 CO1 Church of Engl4j Sc St Hild & St B•de c1898 Cwain Durham DNxe8• Contlnulnq ministwi D¢V&oprrrt NKaltIe Di¢xe8e Continuing Min181wial Devdopmont N8w¢)BtJe DloGe88n EdUcatn 808rd IRE wJpport for Schot4$ & Ae•demie81 Christian Edu&qlon (North East RE Ourham Dioe•e Chaplaincy Projext Ihhitbjm Académy IRE Teatw Trwnirg Hub) 'ndlsfame Coll•ge olTheology The Roojl God 8nd the Bio 8Jng SunE1erfand Univer9Ry ChaplAln 100.OJO 2,000 2.40) 2,171 31,628 8,0 4,OQ) 32.040 10.C•JJ 2.573 5,773 51,( 15.242 13.751 15,0 10,490 10.877 45.178 1,430 8.475 7,000 219887 6 Co•t• Support a0•1• 2021 Support Gobwnanc 2024 Clerkln9 CCt8 6.354 6,1C 2,5 724 6,100 2.5C¥) 724 Postage. statits. Telephony elc Travel 0XFenws Insuran Bank Charges Legal 8¢fvice etr re9ardirwJ endowrnent Le9aJ athce on u8rdirrfJ Audh a¢countarw fs 749 107 1.381 1,775 107 1,381 1.775 4,214 4214 2.034 13.448 10,813 6.000 16,813 Govemance t9 arn £13.448 iJIng aLKlIt fees of £7.2CKI12024 £6,1)Jo) 13
ST HILD AND ST BEDE TRUST NOTES TO THE FINANCIAL STATEMEKrs {coKriNUED) FOR THE YEAR ENDED 31 MARCH 2025 6 Tru•t••g None of the Twstees (or any perscTh nnected wrth them) r•c•i74ed any remuneration or bèneffit8 from the Trust during th8 year. 7. Employ The Trst pays forthe semces ofa dork Ixjl does fKI havo any empbyee8. Flxod •Mt InvMkn•nts Totsl Sl Hlld •KI 81 V•luaon At 1 April 2024 ValuaJon Ch9•• 9,322,X {359.7081 9,722,815 1369,1731 19.4181 At 31 March 2025 8.983.198 9.353,642 All #iVe•1m •re CCLA or COIF). 2024 Amount• f•lllng du• ¥Athln on• yw. £¢Tued IrKom• IDlvid•nd• and intor1 du81 Prepayments 75.294 73,998 372 75,888 363 74,381 10 Crndltorn: •mowts fllllnq 4th1n on• y•v 2026 20 Other crediior8 Acrxuels 8nd d•l¢rred 1crfne $2,852 7,200 17,355 59.e02 23.366 14
ST HILD AND ST 8EDE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2025 11 AMly81• of n•1 a8••ts botwmn lund• UnrestrthJ Erth•Arwt Tdal Fund• FuThJ8 2026 Investments 8,964,160 9.363,642 417,074 Current 417,074 Crnditorn k886 Ihan 1 year 159,8521 159,862) 746.704 8,964.1fAJ 9,710,064 Tolal Fur 2024 Funds Fund8 Inveknnt8 9,323.915 9.722,815 333,601 123.3551 CuThent A¥gOt8 Cr8dltor5 ¥¥ th•n 1 333,601 123,3551 709.146 9,323,915 10,033,C61 11 R•i•t•d Partl•• Miss S Milner, tru81ee, 18 8 director of th• Nlorth East R•19$ L•amir4J Resour Centre Lknrted 8Tr udng the year th& charity p4hY grants lOtdllNd £50,(MKI (2024 £1(K),OW) lo th• F4Jrth Easl Religh)u8 Leaming R060urce8 Centra Limltod. Mr G Carter. trustee. is a govemor of St HIS Cdlege C of E Prfmary S¢>lcKA. Canon L Burton. Iw8ts8, w88 go¥emor of Sl Hild's College C of E Pnmary Sctwjol until F&bNary 2025. Ouring th• yw a grant of £10,(KIO was pak1 to St Hld's Cdleg8 C ol E Primary Sch)ol. Prof S Forrest. InJBlee. is the Prindpal ol Ihe Collegg of Sl Hlld & St B•de. Duthtffi UThv•rnily. Cwring the year grants payab lot811irvJ £8,( M*re paid to Ihè Collego. Rev E Wlkinson, Injstee, is a dlr•ctor of Chjthgm t(an 808fd of Finan. Ofthe £22,324 in grant3 pa duflng thg y8gr aTha aw8r(led to Durham DiwMan Board ol Finance prlor to her 8ppoinlm•nl. £7,188 h8$ be paKI sin her apwinlment 88 8 tru8t88. 15