THE CORNELIUS TRUST ACCOUNTS ST 31 MARCH 2024 CONTENTS Page Trust Administration Report from the Trustees . Statement of Trustees Responsibilities.......... Independent Examiners Report................................ Statement of Financial Activities.... Balanrx Sheet Notcs to Financial Statcments............................. 10-14
Page 2 THE CORNELIUS TRUST ADDRESS 4 Curlew Drive Chippenham Wiltshire SN146YQ PATRONS The Rt Hon the Lord MacKay of Clashfern KT The Lord Alton of Liverpool Major General A N Carlier CB OBE The Very Reverend Dr J. Harkness CB OBE QHC MA Wing Commander D R Gleed RAF Rtd TRUSTEES Lt Col JPJ Judge (Chainrlan) Mr R P Sheldon late RE (Secretary) Mr R J Campbell ffreasurer) Lcpl P Steen (Grant Secretary) Lt Col V J Roberts RE Lt Col W Faux Sqn Ldr J Palmer MBE RAF Revd MF Chatfield RN Revd (Wg Cdr) AR Nicoll RAF The Revd M Diett CF Lcpl J Lee SOLICITORS Neale Turk Rochfort 12 Kings Ride Camberley Surrey GU15 4JG CHARrrY REGISTRATION NUMBER 1002371 GOVERNING Tr4STRUMENT Trust deed dated 14" November 199U
THE CORNEUUS TRusf-TRusfEES' REPORT2023124 AIM AND PURPOSE The Trust seeks to support serving and ex-serving members of the Amied Forces and MOD CNII Servants, as well as their dependants, in developing and strengtheningtheir Christian faith through attendance at camps, conferences, courses and at Christian leisure ntres. We particularly seek to support and encourage those engaged in evangelism within the Militsry and those who wish to consider the claims of the Christian Gospel. We also provide wider benefit by assisting Christians from the Armed Forces of other countries. OBJEcfivES AND AcnviTIES In accordance with our aim the trust provides financial grants to: Support members of the Armed Forces and MOD vil Service community to attend events organised by the various Military Christian Organisations IMCOS) or other Christian events for rest, recuperation, fellowship and teaching. Support MCOS in their prowsion of cOnferenS, courses or activities. Support other activities aimed at propa8atlng the Christian gospel within the Am)ed Forces. Bids from junior service personnel are partlcularly encouraged. CONSTITUTION AND TRusfEES The constltutlon was revieweil in January 2022. There have been no significant changes deemed necessary as the extant constitution contlnues to allow sufficient freedom of action to satisfy the objettives of the Trust. We have said farewell to one trustee who left due to existing commitments in his work as serving Chaplain. We have however been blessed with an additional servin8 trustee. This sees the number of trustees remain at 11 in total. We also expect another trustee to move on shortly though we have recently started the onboarding process for a new trustee. We remain fortunate to have several generously long- servin8 trustees and office bearers who continue to give deeply valued seriice, and continue to manage the succession of our longest serving and experienced trustees. a trust serving a predominantly 'young' constltuency we are always conscious of the need to encourage and bring in new trustees, particularlv those Junior Rates and Ranks from the three Services, whom we most routinely aim to support. COMPLIANCE, ACHIEVEMENT5 AND PERFORMANCE Investments The financial year 2023124 saw an income frorn our underlyin8 investments of £44.8K, which are professionally managed on our behalf by Brewin Dolphin. The Trust aSso owns property in Shropshire as part of the investment portfolio which generates an income of just under £18K annually. The income, from which grants are made, has been reasonably stable (see accounts for details) and, as a result, in this financial year, we have been able to satlsfy in some measure nearly all bids which have met our criteria. As noted above, we rent out property in Badger vlllage and our property lead continues to oversee the management of these on our behalf via a letting agency Bloore & King. We have continued the process of reviewing our property holdings due to their age and location placing an increasing maintenance burden on the Trust, not to mention the legal constraints associated wtth a listed property. Of the four flats two are now vacant and we expectthe other two to also be vacant toward the end of the next FY1241251. We intend to convert the flats into 2 x semi-detached dwellings which will subsequently be sold with the proceeds invested into another, more manageable, property portfolio.
Grants Grants this year have totalled over £31.2K. We have helped numerous applicants attend retreats, conferences, courses and pilgrimages. We also provided a significant subsidy for attendance at the Gatherin& a weekend event focussed on men's ministry with inCa$lnE links to the military. Similarly, we continue to subsidise a Christian holiday camp for sen4ice children, military families attending summer house parties and young soldiers, sailors and aimien attending Christian festivals. These attivities are typical of the broad range of acttvitles that we support across all three serrfices including both serving and retired military familie5 and their dependants, thus dernonstrating a tangible wider public benefit. We encourage and welcome new bids, especially from those with novel ideas. We continue to work, where possible, with other estsblished MCOS including Mllitary Chaplaincies, but at the same time encourage bids, large or small, from individuals and non-military organisations where they support the wider military community. We continue to work with the Armed Forces Christian Union IAFCUI and the Soldiers and Airmen Scripture Readers Association ISASRAI which provides support to members of all three services, and our grants subsidise the cost of their numerous events. MANAGEMENT OF THE TRUST We are fortunate to have a body of wllling trustees who give freely and generously of their time and, being either serving military or ex-military, brin8 knowledEeable, mature and reasoned jud8ement to their task. The trust does not have permanent employed staff or offices," Its administration is condurted on the Internet using a secure well-produced and maintained Trusteeg forum. This reduces cost and is time efficient. The Trust also maintains a publlc web site from which anyone may gain infonnation and submit a grant applicatlon. Trustees Committee meetings are held three times a year and are recorded In minutes as required by Charity Commission rules. We plan to migrate to MS365 next year using thelr nonprofit package. Administration costs are negligible. The accounts continue to be maintained to an extremely high stsndard by ourtreasurer Mr R J Campbell and we are well supported and advised by our Brewin Dolphin fund manager. The accounts are properly externally examined in accordance with Charity Commission rules and they are filed with this report for scrutiny as required. Rlsk Analysls The Trustees consider the princlpal risks affecting the charty to be: A decline in t value of investments. Whilethere may have been some decline in real terms (accounting for inflation) durin8 the period, the performance was in line with the wider market and therefore reflettive of systemic, Olical forces rather than any weakness in the underlying portfolio. The trustees continue to minimise valuation risk by engaging Portfolio managers to maintain a balanced portfolio under regular review. Brewin Dolphin ported to all trustees in January 2024. Damage to property which the Trustees seek to minimise by maintaining management oversight of the properties and ensuring adequate insurance cover. Investment Pollcy Seeking to achieve a robust income yield to fuffil its charitable purposes coupled with long temi capital growth as an inflationary hedge from a balanced risk portfolio.
Publlc Benefft In preparing this report, and in planning fiJture attivity. the trustees have considered the Charity Commission's general guidance on public benefit and its supplementary public guidance on the advancement of religion for the public benefit. The trustees believe that the best way to carry out our objectives. and to provide public benefit for the sector of the public targeted within our constitution, is to contlnueto support organisations and individuals in Ilne with our charitable objettives. SUMMARY The Trust has had anothergood year despite continuing challenges. We optirni5tically look forward to 2024/25 seeing a continued increase in requests while ensuring our income from investments allows us to keep pace. We continue to encourage and welcome innovative and novel bids for support in addition to those regularly received. We remain well placed finanaally with sensible reserves that will continue to enable us to weather any further flurtuations in the broader economic environment and allow us to fulfil our aims and objettives in accordance with our constitution and charter- full details of which are available on our website if requlred at httP:l/www.thecorneliustrust.or8. On behalf of the Trustees JPJJudge Lleutenant Colonel Chairman of Trustees 04 Oct 24
Page 6 THE CORNELtUS TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Charity law requires the trustees to prepare financial statements for each fmancial year which give a true and fair view of the state of affairs of the charAty and of its fmancial activities for that year. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fmancial position of the charity and to enable them to ensure that the fmancial ststements comply with the Charities Acts. They are also responsible for safeguarding the assets of the charity and hence for taking re&8onable stq)s for the prevcntion and detection of fraud or other irregularities. Date: Dec 2024 Trustee d Chainnan of the stec Council J P J Judge
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Comelius Trust On accounts for the year ended 31 March 2024 Charity no (if any) 1002371 Set out on pages 8-14 I report to the trustees on my examination of the accounts of the above charity (Wie Trust.) for the year ended 31 March 2024 Responsibllitles and As the charty trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Acr). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confim that no material matters have come to my attention (other than that disclosed below ") in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examinerfs statement I have no concems and have come across no other matters in connection wrth the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Slgned: Date: 10 January 2025 Name: John Edwards BSc(Econ) Relevant professional qualiflcatlon(s) or body {if any): Address: | 5 Sandalwood Road Westbury Wiltshire BA13 3UP IER October 2018
Pag¢ 8 THE CORNEUUS TRUST Ftythe 31st MARCH 2024 2024 2023 Untricted R¢striued Fund5 Funds Note Fulldq Totsl Ineome aDd endowments Donations Tax reclaimable Bank interest Investhient income Rcntsl inc¢)rne Misce118neous incom¢ Insurance Re¢ov¢r¢d io 10 24 24 1,579 44.899 17.840 1.579 44.899 17.840 420 48.390 20.100 420 48.390 20.100 Totsl income 64J28 64J28 68.934 68,934 Expenditure Costs of raising funds.. Investm¢Dt Management Costs 11,539 11.539 11235 11235 Eipertdlture on chrltAble etivltle• Op¢ratiAg expenses Gronts Cgpital Grants Administration TnL8tees F.xpenses 11.709 31232 11,709 31232 13.650 31.951 13,650 31,951 2,545 2.545 2.880 25 2.880 25 Cost of grint maklDg 45,486 45.486 48,506 48.506 Total Expetsdlture 57.025 57.025 39.741 59.741 Net galn3lllo$vJ) on InveJtmeThts Realised gainl(Loss) on sale of inv&stsnents Unr¢alised gaiTrIlls$} on rcvalu¥tion of Ccrtta8¢S Unreali5¢d I1YgaInS on Inttent 45S¢ty 19.501 19.501 (3.600) (3,600) 174.571 174.571 (50.286) 150,286) Net Incomel(expeDdlture> 201 J75 201 J75 {44,693) (2.000) 144.693) Transfers Between Funds (2.(M)O) 2.000 Net movement In fund$ 199J75 201J75 {46,693) 2.000 144,093) Fund balances brought foTward 2.646,949 14.OLKI 2.60Q,949 2.093.042 12.(M>Q 2,7OS.642 Total futtd baliD¢U cArrltd forwArd 2.846J24 16.C 2.862324 2.646.949 14,000 2,660.949
Page 9 THE CORNELIUS TRusr IJALANLE SHbE'I' For th¢ y¢arended 31st MARCH 2024 2024 2023 STMENrs 2.787.581 2.360.149 CURRENT ASSETS Debtors & PrepaYM¢S 1.975 7.996 1.975 Cash at bank . Thatrh ArLx)unt - Royal B8nk of slIad . Monmouthshirc 19.091 5.741 23.652 50.991 25.690 71.609 100.333 2.867.186 2.662.457 CURRENT LIABILITIES Credilors Accruals Independcni Examiners Fee Payments on (lnt 4.717 1.368 140 145 1 otal Cwr¢nt Liabilities 4.862 1.508 Net Assets 2.862.324 2.660.949 FUNDS io R trifttd Funds Thatch Major Repairs 16.(K)O 14,000 nrestricted F General Funds 2.840J24 2.646,949 2,%62.324 2,660.949 Approved on ihalf of the Trusteas IU Campbell
Page 10 THE CORNELIUS TRUST For the year end 31st MARCH 2024 I ACCOUNTING POLtClES ( a ) The financial statcmeDts have preparnj in accord with the Statement of Rellnded Practice SORP. The accounts {financial ststements) have FKcn prepared the historical cost convention with items recognised at C05t or trgn5action value unless otherwise stated in the relevant tte{s) to these accowts. A¢wunting and Rewrting by Charities preparing their accounts in accordance with the Financial Retx)rting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Rew)rting Standard applicable in th¢ United Kingdom and Republic of Ireland (FRS 102} and the Clwities Act 2011. The trust constitutrs a public l)enefit entity &$ defined by FRS 102. The tntstees consider that there are no mat¢rial uncertainties atr%)ut thc TnL%t's ability to nIInue &8 a going Conc With respect to the next fCFKTrrtiDg pcriod 2019-20. the most significant 8T$ of unccrt&inty that affLYt thc carrying value of assets held by the Trust arc th¢ l¢vel of 1nvcslmt T¢tyrn and thc Ftrfornwitt of investment markets (see thc investment EK)licy ond Irf0Ml¢¢ and risk man4rnt sedio]L8 of the trust¢&8' annual TeFM)rt for more information). { b ) The freel)old prOty is revalued ¢very five y¢S and was revalued by th¢ Irt in the Y to 3 1st March 2022 and is now shown at market value at the tim¢ of va]uation. The property repairs have been Charged in full to Inwne and Ext*nditure accounL ( c ) The Projed Related Investmthrt Prom. Unit 24 Shrivenham Hundred Business Parl is held so as to make it available for Military Christian Organisations to w in the coursc of their chaTilabl¢ &ctivitie5 which are CON8iStcnt with the objectiVC5 of The Con%lius T Tr proFtrty is held at )st ( d ) Incom< including dep)siL% is credited to the Inc4>me and ExndItUre aco)unt at the time of rettipt and includcs th¢ rccovery of tax deducted al 50urcc. ( e ) The trust has tak¢n advantage of tk exemption in the Finawi8] RewtiDg Stsndard No. l from prcducing a cash flow statcmcnt on the wds that it is a s1 reporting ¢Dtity. 2 OTHER INCOME RENTAL fNCOME 21n4 2023 Thatch Rcntsl Income 17.840 20.100 Unit 24 Rcntsl Incomc 17.840 20,100
Pagell THE CORNELIUS TRUST NOTES (continued) TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2024 2024 2023 DIRECT CHARITABiE EXPENDITURE Operating expen Insurance Maintenancc M&jor Thatch Impmvemcnts Council T&x HcaL light and water Miscellaneous 2.643 8.290 1.638 12.012 656 120 i(K) 11.709 13.750 Admini$trAtiOD Post and stationery Professional fees Thatch (Admin & Repairs) Thatch (Profe&8&ona] Fees) Audit and ac&)untancy Publicity Telephone Bank Charges Trustee Training Travel and subsiSt¢nce 2,360 145 1700 140 2,545 2.880 Trnstees Expens¢s Athninistration Travel Other 25 25
Page 12 E CORNELIUS TRUST NOTES (continued) TO FINANCIAL STATEMENrs For the year ended 31st MARCH 2024 2024 2023 INDEPENDEIYT EXAMtN£RS REMUNERATJON 145 140 EMPLOYEKS 2024 2023 Total emoluments Average number of employ Nil No employee earned morc than £40,(KKI in th¢ year.
P88e 13 THE cORNE[S Tru NOTFS (oMtioued)TO FINANCIAL sfATKMENrs For the yur ended 31st MARCH 2024 INVESTMENTS 2024 20 Quoied iDvfstments Carryi8 Market Value * bewg of year 1.652.6(K) 1,685.540 593.147 217,553 (580.638) 174571 (200207) (50286) Add l(¢AIuL) Det s(lA)SS) r¢valuati( Corryiti8 Market valu¢ thd of year 1.839.680 1.652.600 Cash heldwrtb inv¢yttn 84,887 44.535 Markd Value at 31 1.924.567 1.697.135 Historlc costof InNrStnts at Y cad 1,455221 1286,272 Freehold Tennted cOge1 Carryitig Markd value at bw'nnin8of y¢ Improvemcnts Add Ildedua) net Bainl{Loss) on revaluation C8nyin8 Market value at eud of y 640.000 640.OCN) Project R¢l•ted lttvestmtnt Unlt 24 Shrivenham Huttdrtd Caryyin8 Markrt V8]uL' of year 223.014 223,014 Add l{dedu¢t) n¢t gain1(L8) cffi revaluotion cyIn8 Mwket valuc * ¢nd of y 223.014 223.014 TotAI InveJtme•ts (m•rk¢t vlue) 1787.581 1560.149 AD#lysls of Invtttments 651.060 1.188.620 1.839.680 lttvestmettts Over 4% 1sbar&s Core S&P 500 uCs ETF USD Fiiklity lJcits ICA US Q Fid¢lity Euro Valu C8Pital LcdB¢r (C&8h) DB X.Tracker MSCI Japan 210.487 128.732 88J13 78.346 10.94% 6.6(f/ts 4.59% 4.07Y• 4.04%
Page 14 THE CORNELIUS TRUST NOTES (continu¢d) TO FINANCLiL sfATEMENrs For the year ended 31st MARCH 2024 DEBTORS 2024 2023 Income tsx repayable Debtors Prepayments and accrued incom¢ 7,996 1.975 7.996 1,975 io FUNDS General Restricted Funds Funds Total Balance at l April 2023 2.646,949 14.1)00 2,660,949 Net movement in Funds 199,375 2.000 201,375 Balance at 31 Mah 2024 2.846.324 16.000 2,862,324 The Restricted fLU)ds represent a provision for repairs on the Freehold Ten8nted Cottages thatched roof. 11 TRUSTEES REMUNERATION No Trustee received any remuneration from the Trust during the year. No trustees received reimbursemeni of necessary expendiiure duriJ]¥ ihc y.