THE CORNELIUS TRUST Accouwrs ST 31 MARCH 2025 coWr￿￿S Page Trust Athninistration Report from the Trustees .. ststement of Trustees Responsibilities....... Independent Examiners Report....... . Statcment of Financial Activities............ Balance Sheet Notes to Financial Statements............... 10-14 Page 2 THE CORIYELtUS TRUST ADDRESS 4 Curlcw Drive Wihshir¢ SN14 6YQ PATRONS Wing Commander D R Gleed RAF Rtd TRUSTEES Lt Col JPJ Judge (Chairnian) Mr R P Sheldon late RE (Secretary) Mr R J Campbell (fr￿UTer) Mr P Steen (Grdnt SKr¢tary) Lt Col A Gleave Lt Col V J Roberts RE Lt Col W Faux Sqn Ldr J Palmer MBE RAF The Revd P Parker Revd (Wg Cdr) AR Nicoll RAF Lcpl J Lee SOLICITORS Neale Turk Rochfort 12 Kings Ride Camberley Surrey GU154JG CHARITY REGISTRATION NUMBER 1002371 GOVERNING INSTRUME￿ Trust deed dated 14 November 1990 THE CORNEUUS TRUST-TRUSTEES, REPORT 2024125 AIM AND PURPOSE The Trust s&ks to support serving and ex-serving members of the Arnied Forces and MOD Civil Servants, as well as their dependants. in developing and strengthening their Christian farth through attendance at camps. conferen￿. courses and at Christian leisure ￿ntres. We particularly seek to support and encourage those engaged in evangelism within the Milrtary and those who wish to consider the claims of the Christian Gospel. We also provide wider benefft by assisting Christians from the Amied Forces of other countries. OBJECTIVES AND ACTivrriES In accordance with our aim the Trust provides financial grants to: Support members of the Amed Forces and MOD Civil servi￿ communty to attend events organised by the various Military Christian Organisations (MCOS) or other Christian events for rest, recuperation, fellowship and teaching. Support MCOS in their provision of conferences, courses or actNities. Support other activrties aimed at propagating the Christian gospel wthin the Amied Forces. Bids from junior service personnel are particularty encouraged. CONSTITUTION AND TRUSTEES The constitution was reviewed in January 2022. There have been no significant changes deemed necessary as the extant constrtution continues to allow sufficient freedom of action to satisfy the objectives of the Trusl. We have been blessed with an addrtional serving trustee and a further trustee who also serves as director of ministry at SASRA. This sees the number of trustees remain at 11 in lotsl. We remain fortunate to have several generously long-serving trustees and office bearers who continue to give deepty valued servi￿, and continue to manage the succession of our longest serving and experienced trustees. As a trust serving a predominantly 'young' constituency we are always conscious of the need to encourage and bring in new trustees. particularly those Junior Rates and Ranks from the three Services, whom we most routinety aim lo support. COMPLIANCE, ACHIEVEMENTS AND PERFORMANCE Invesknents The financial year 2024125 saw an income from our underlying investments of £39K, which continue to be professionally managed on our behalf by Brewin Dolphin. The Trust also owns pioperly in Shropshiie as part of the investment portfolio whiGh generates an income of just over £12K annually. The income, from which grants a￿ made. has been reasonably stable (see accounts for details) and, as a result, in this financial year. we have been able to satisfy in some measure nearly all bids which have met our criteria. As noted above, we ￿nt out propety in Badger village and our propety lead continues to oversee the management of these on our behalf via a letting agen￿ Bloore & King. We have continued the process of revÉewing our propety holdings due to their age and location placing an increasing maintenance burden on the Trust, not to mention the legal constraints associated with a listed propety. The Thatch is now vacant, with all tenants having moved out. The property has been secured for the period of hibernation, and a forrner tenant is maintaining a weekly watch on it. Unfortunately. there was some theft of metalwoTk wrthin 72 hours of the property being emptied, but no further issues have been ￿ported since. Security systems are being explored to prevent future incidents. Planning submissions have been made. and while there are no major issues from the listed buildings and planning off￿rS, the Highways department has required tuming circles for both driveways. This has led to the involvement of environmentsl prolection and regional heritage authorities. who have demanded significant studies, causing delays and additional costs. Despite these challenges, the project manager believes that continuing with the refurbishment represents the best return on investment for the charty. Grants Grants this year have totalled over £38K. We have helped numerous applicants attend retreats, conferences. courses and pilgrimages. We also provided a S￿nif￿ant subsidy for attendance at the Gathering. a weekend event focussed on men's ministry with increasing links to the military. We have also supported the purchase of various Christianty explored books for Troops in Kenya, as well as Christian literature for cadets at the RMAS. Similarly, we continue to subsidise a Christian holiday camp for service children. military families attending summer house parties and young soldiers, sailors and airmen attending Christian festivals. These activities are typical of the broad range of activities that we support across all three services including both seNing and retired military families and their dependants, thus demonstrating a tangible wider public benefft. We encourage and welcome new bKls, especially from those with novel ideas. We continue to work, where possible, with other established MCOS including Military Chaplaincies, but at the same time encourage bids, large or small, from individuals and non-military organisations where they support the wider military communty. We continue to work wrth the Armed Forces Christian Union {AFCU) and the Soldiers and Ainnen Scripture Readers Ass for the year ended 3110312025. Respon8ibilitle8 and As the charity trustees of the Trust, you are responsible for the preparation basS5 of report of the accounts in accordance V￿th the requirements of the Charities Act 2011 ftheAcn. I report in respect of my examination of the TTU8Ys accounts carried out under SeCt￿n 145 of the 2011 Act and in carrying out my examination, I have follo*ed the applicabl8 DireCt￿S given by the Charity Commission under secam 145(5)(b) of the N I have c(Thpleted my examination. I confimi that no material matters have come to my attentsn (other than that disclosed below ') in connection with the eXaMina￿n which gNes me cause to believe that in. any material respect: accounting records were not kept in accordance wlth section 130 of the Act or the accounts do not accord with the accountlng records Independent examinorfs statsm•nt I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understsnding of the accounts to be reached. . Please delete the words in the brackets rf they do not 8ppIy. 24109r2025 S￿n¢d. Narn: John Edwards B.Sc(Econ) Relevant wofessional qualfficatlon(8) or body (If any): Address: 5 sandal￿ Road Westbury Wltshire BA13 3UP October 2018 IER Page 8 THE COIINELIUS TRU F(rthe ￿￿e￿ded 31st MARCH 2025 2025 2024 UnrestTided Restncted Funds eomt And endoivments Donations reclaimable Bank inl¢re5t Investment incom¢ Ren￿ income Miscellaneous income Insurance Recovered 10 10 1,686 39.380 11.905 1.686 39.380 11.905 1,579 44.899 17,840 1.579 44.899 17.840 Totsl itttom¢ 52.976 52.976 64J28 64,328 Expenditure Costs of raising fimd8.' Investment Management Costs 12.617 11617 11.539 11,539 Expendlture 0￿ cblritsble ictivitiu Operntin8 expens¢8 Grants Capit8] Gran¢9 Administration Trust¢¢s Expenses 15.753 38.489 15.753 38.489 11.709 31232 11.709 31,232 5.163 5.163 2J45 2,545 Coit of grint 59.405 59,405 45.486 45.486 Totsl Expettdltsre 72,022 r2.022 57,025 57.025 Net ￿￿1￿￿1(10￿1¢sI on Inytthnents RLaliscd gaJnl(IA)ss) on sale ofinv¢slwts Unrealised 8ainllLw) on rcvaluation of Cott Unreaiised Ilos5ygatns on iDvc51m¢nt 12.449 11449 19.501 19.501 (29.704) Q9,704) 174,571 174.571 Ntt Incomel{expeTrdlture) Transfers Between Funds (36JOI) (2.000) (36301) 201 J75 201,375 12.000) 2.000 Net roovemettt In (38JOI) {36JOI} 199,375 2,000 201.375 Fund ba]ances brought forward 2.84bJ24 16.OLKI 2.862J24 2,046,949 14,000 2.660.949 Total Imnd b4l#DttS ￿rrI￿ fornard 2.808.1)23 18.iKM) 2,826.023 2.846J24 16,000 2.862.324 Page 9 THE CORNELIUS TRUST BALANCE bHLE'I' For the Year￿ 3 1st MARCH 2025 2025 2024 Note 1762.089 1787,581 CURRENf ASSETS tkbtOTS & Prepa)ryDa 2,078 7.996 2,078 7.996 Cth at bank . Thatch Ac￿unt . Royal B8nk of Scol]and . Monmouthshire I lJ53 8.082 41976 19.091 5,741 46.777 62.411 71,609 2,826,578 2,867,186 CURRENT LIABILrrtLS Creditors ACcn￿lS Ind¢p¢ndent Examin¢r8 Fee Payments on &eL)unt 4.717 410 145 145 Total Current Liabiliiies 555 4.862 N¢t Ass¢ts 2.826.023 2.862,324 io Rejtrieted Fundi Thatch Major R¢pairs 18.0(K) 16.000 Unrestricted Fun General Funds 2,808,023 2.846.324 2.826,023 2.862.324 Approved on behalf of th¢ Tn RJ Campbell Page 10 THE CORNELtUS TRUST NOTES TO FINANCIAL STATEMK For the year ellded 31st MARCH 2025 I ACCOUThNG POLICIES { a ) The financial stateM￿ts have IMI prep8]rd in a￿Ordance with the Stst¢m¢nt of Recommended Practice SORP. The accounts (financial statem￿) have been pre￿red under the historical cost convcntion with items recognised at C051 or transaction value unless otherwise statrd in the Televant notels) to accounts. Accounting and Rery)rting by Charities Preparing their accounts in accordance with the Financial Rqxsrting Standard applicable in the UK and Rq)ublic of Ireland (FRS 102) isswl on 16 July 2014 and the Fin8ncia] Rew>rting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The tr￿st constitutes a public trKnefit entity as defined by FRS 102. The tA￿S consider thal there are no material uncertainties alx)ut the TnLSt's ability to conttnue a going concern. With reSI￿xt to the next reporting peri(Kl 2019-20. the m05t significant areas of uncertainty thal affect the carying value of &s5ets held by the Trust are the Icvel of inv¢s¢ment reDJrn and the [￿rforniancC of investment markets (see the investment FK)licy and 8nd risk Manage￿ sectiODS of the tnjstees. anrtU￿ for more infonnation). { b ) The freehold protty is revaI￿d every five years and was Tevalwl by the in the ye4r to 3 1st M￿Ch 2022 and is now shown at markcl value at the tim¢ of Y￿uatIo￿ The propKrty rq)airs have been charged in full to Incr￿ and ExoKnditure accouaL ( c ) The Project Rel￿ed Inveslment Prom. Unit 24 Shrivatham Hundred Business P8rL is held 50 &$ to make it available for Military Chrisli8n Organisalions to usc in the course of their charitable activities whith are C4)nsistcnt with the objertives of The Cornelius TntsL Tr is held al LM)sL ( d ) Incom< including dcp)sit4 is credit¢d to the Inwne and ExFKndith aca)unt at the time of rtteipt and includes the recovery of tsx deductd at source. ( C ) The trus¢ h&8 taken adv8ntsge of the exempti{￿ in the Financial Rcwling Stand8Td No. l from producing a cash flow statcmtht on the grounds th8t it is a Sm￿] Wing entity. 2 OTHER INCOME REwfAL NCOME 2025 2024 Thatch Rental Income 11.905 17.840 Unit 24 Rental Inco￿ 11.905 17,840 Page li THE CORIYEIJUS TRUST NOTES (totttinutd) TO FINANCIAI. STATEME For the year ended 31st MARCH 2025 2025 2024 DIRECT CHARrrABLE EXPENDITURE Operating eipell Insurance MaIntww￿e Major Thatch Improvements Council Tax H¢al light and water miscellan￿￿uS 4.397 2.638 3.919 3.746 897 156 2.643 8.2 656 120 15.753 11,709 Administration Post and ststionery Profe￿i0nal ftes Thatch (Athnin & Repairs) Thatch (Professional Fees) Audil and acwuntancy Remova]s T¢lq)hone Bank Charges Trt8tee Training Travel and subsistcncc 35 1.450 145 3,533 2.360 145 5.163 2,545 Trustees Expenses Administralion Travel 25 25 Page 12 THE CORNELIUS TRUST NOTES (tontinuwl) TO FINANCIAL sfATEMENts For tbe year ended 31st MARCH 2025 2025 2024 INDEPENDENT EXAMIN￿ REMUNERATION Indep¢ndent Examine￿ Fee 145 145 EMPLOYEES 2025 2024 Total emoluments Average number of cmployees No Cmploytt carncd ny)rc than £40.(KKI in the ycar. Page 13 THE CORNELIUSTRuKr NOTES Itontlnud) TO FINANCIAL ￿ATEmENTS For theyurended 31sl MARCH 2025 2tr25 2024 Qlloted iTrvestments 1,839,680 1,652,6(M> 461742 593.147 (420.075) 1580.638) AddllibJu¢t) net gal￿1￿5} on revaluati (29,704) 174.571 Carywg Markct Val￿ at Cpd of y 1.851643 .839,680 C&sh held with investm￿ts 46.432 84.887 Market Valu¢ as & 31 1.899.075 1.924.567 Histori¢ ¢J)st of lnV￿tM￿ts at yer 1.455221 1,455.221 Freehold Tenanted Cottsges Canying Mark& value of Jrar Add I{dedu￿} net BaÈnl(Lo&s) OTJ reval¥Jati CaTryin8 Market valu¢ * end of y¢or 640.¢)00 Project Related ltsvestmetht Unli 24 Skriv¢nbAth H￿lldrtd Carrying Market value at iwnm8 ofy 223.014 223,014 Add Ildedu¢t) net on revaiuali C8Thyill8 Market valu¢ ofye 223,014 223.014 Totsl Invcslmetyts