ST LEONARD’S CHRISTIAN TRUST A charitable incorporated organisation ‘CIO’ Charity registration number: 1178981 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ## ST LEONARD’S CHRISTIAN TRUST TRUSTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ## CONTENTS ||Page| |---|---| |Legal and Administrative Information|1-2| |Report of the Trustees|2-5| |Accounts for year ended 31 December 2022|CC16a| |Independent Examiner’s Report|| 2 ## ST LEONARD’S CHRISTIAN TRUST ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present the report and financial statements for the period ended 31 December 2022. ## LEGAL AND ADMINISTRATIVE DETAILS Charity Name: St Leonard’s Christian Trust Charity registration number: 1178981 Date of formation: 28 June 2018 Principal office: 22 Marlborough Road Exeter Devon EX2 4TJ ## Trustees The Trustees who served during the period are as follows: Mr. L Paul Hayward Dr Lesley E Howard Ms. Sarah Lenton (Treasurer) Mr. George H Meredith (Chairman) Alderman Norman Shiel Mr. John R Woolnough ## Bankers The Trust’s bank is CAF Bank Ltd, 25 Kings Hill, West Malling, Kent, ME19 4JQ. ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## Governing Document St Leonard’s Christian Trust is a charitable incorporated organisation (CIO) and was registered as a charity on 28[th] June 2018. The Charity has a Foundation Model Constitution of that date which established the objectives and powers of the CIO (as updated on 17th July 2020). ## Recruitment and Appointment of Trustees The Trustees comprise charity trustees for the purposes of charity law. Only those on the electoral roll of St Leonard’s Church Exeter are eligible for initial appointment as charity trustees. Under the requirements of the Constitution the charity trustees are elected to serve until retirement or removal. Any person retiring as a charity trustee is eligible for reappointment. All Trustees give their time voluntarily and received no benefits from the Charity. 1 ## Trustee Induction and Training All Trustees are familiar with the practical work of the Charity most having been involved as Trustees from the establishment of the CIO. All Trustees are encouraged to volunteer in practical ways. Additionally, all Trustees are actively engaged with the Charity and are familiar with the context within which it operates, including: - The obligations of Trustees. - The main documents which set out the operational framework for the Charity including the Constitution. - Resourcing and the current financial position. - Future plans and objectives. ## Risk Management The Trustees have conducted a review of the major risks to which the Charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. ## Organisational Structure The Trustees meet twice a year (or more as required) and are responsible for the strategic direction and policy of the Charity. The Trustees are from a variety of professional backgrounds relevant to the work of the Charity. A scheme of delegation is in place. Day to day responsibility for administration rests with George Meredith (Chairman), Sarah Lenton (Finance), John Woolnough (Contact and Registrar) and Paul Hayward. ## FINANCIAL REVIEW During 2022, the Charity continued to let its investment property on a short-term assurance tenancy, the property having been purchased on 17 September 2021 for a total of £382,718, plus £2,316 fixtures and fittings. At 31 December 2022, the Charity’s only other asset was Cash at Bank of £31,114, held in cash accounts (2021 - £21,968.) In the year ended 31 December 2022, the Charity received total income of £16,974 (£5,933 - 2021) and made total payments of £7,828 (£1,395 - 2021), resulting in a surplus of £9,146 (2021 - £4,538 excluding £385,034 one off investment property payment in 2021). The short term assured tenancy was managed by a landlord letting agent. The first tenancy ended on 6 December 2022 resulting in a short void period at the end of the year. From January to December 2022, the charity received rental income of £16,475 from which it paid related charges of £2,341: commission charges of £1,779, property maintenance costs of £501 and £196 net landlord insurance. The net rental income of £14,134 enabled the trust to make its first grant: a one-off grant of £5,000 to Trinity Church PCC towards their part time workers supporting young families. During the year ended 31 December 2022, the Charity received bank interest of £105 (2021 - £1,133), and incurred bank fees of £81 (2021 - £126). Bank interest was higher in 2021 as the Trust’s only asset was cash until it purchased the investment property on 17 September 2021. The surplus of £9,146 enabled the Trust to build up its Cash at Bank, in line with its reserves policy outlined below. 2 ## Principal Funding Sources The only funding source for the Charity is rental income. ## Investment Policy All the Charity’s funds are to be applied in the short term and no funds are held for long term investment. As noted in previous reports, the Charity has purchased a residential property to be held for rent. ## Reserves Policy The Trustees have examined the Charity’s requirements for reserves considering the main risks to the organisation. Currently, the Charity does not have any regular financial commitments or liabilities, other than a monthly Bank Account fee of £5. It does not hold any current tangible assets other than cash which has been invested in short term bank accounts. The Trustees will retain funds to maintain the property for the foreseeable future. Future rental income is expected to cover the Trust’s ongoing running expenses. However, the trustees hold approximately £1k in the current bank account to meet smaller maintenance issues requiring immediate resolution. The Trustees are confident that they would be able to manage the current activities of the Charity in an orderly manner in the event of a significant drop in funding. The Trustees have therefore established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the Charity should be not less than £25,000. ## Plans for Future Periods The Charity, purchased a freehold house, with a leasehold garage, in Exeter in September 2021 with a view to making it available to house Christian workers employed by other organisations. In the absence of any such Christian organisations requiring such property then the property will be let to suitable tenants. The Charity intends to hold the property for investment. The Charity will apply rental profits (after allowing for the Trust’s own expenses) to the advancement of the Christian faith in the city of Exeter and neighbouring area in accordance with the Trust’s objects. ## Responsibilities of the Trustees Charity law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its income resources and application of resources, including income and expenditure, for the financial period. In preparing those financial statements, the Trustees should follow best practice and: - Select suitable accounting policies and then apply them consistently; - Make judgments and estimates that are reasonable and prudent; and - Prepare the financial statements on the going concern basis unless it is not appropriate to assume that the Charity will continue on that basis. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with Charity law. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 3 ## OUR AIMS AND OBJECTIVES ## Purposes and Aims Our Charity’s purposes as set out in the objects contained in the Constitution are the advancement of the Christian faith, for the benefit of the public, in furtherance of the work of the Church of England, in the City of Exeter and neighbouring area as the Charity Trustees may by resolution from time to time decide. The Charity will support evangelical ministry provided by registered Christian charities and churches (including excepted churches). Evangelical in this context means those churches, charities and individuals whose beliefs, as declared and practiced, are the same beliefs of the Trustees as set out in the Doctrinal Basis in the schedule to the Constitution or sufficiently similar in the opinion of the Trustees. The schedule to the Constitution contains the Doctrinal Basis. The Doctrinal Basis could be described as broadly Christian Protestant orthodox belief. The moral and ethical framework described therein is that lives will exhibit the fruit of the Spirit and they will be brought into ever increasing conformity with the character of Christ. The Charity may make grants to other churches or charities which do not have exactly the same beliefs. However, the receiving church or charity should have beliefs which are in all material matters the same as ours. The Trustees will not make grants to any organisations or individuals or support the work of those who in the opinion of the Trustees, believe in, or advocate doctrines inconsistent with the doctrines of the Church of England. The Trustees do not consider that any detriment or harm would arise from its charitable purposes. ## Ensuring our Work Delivers Our Aims We review our aims, objectives and activities regularly. This review looks at what we achieved and the outcomes of our work in the period. The review looks at the success of the key activities and the benefits they have brought to those groups of people we are set up to help. The review helps us ensure our aims, objectives and activities remain focused on our stated purposes. We have had regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. ## The Focus of our Work Our main objective for the period was to advance the Christian faith. ## How our Activities Deliver Public Benefit Our main activities and who we try to help are described below. ## Who used and benefited from our services? The Charity was formed in June 2018 and its activities were originally limited to holding its funds pending the resolution of the Trustees to purchase a residential property. The Trustees resolved in 2021 to purchase a house in Exeter and this was achieved on 17[th] September 2021. Agents were appointed to manage the property and the first tenant took occupation on 28[th] October 2021. 4 The Ch3rity rgcognises a need for Christian workers in the Exete¥ area which ar8 not funded by any other outside body. Th8 primary purpose of the Charity is to support the engagement of Christsan workers within Exeter and n&ighbouring area. Only mini$ters and workers providing their services to the public without charge to the public will be supported. Workers include children and women ministries. The ben8fi¢iaries are people in the receiving organisations and the ggneral public who are served by them. One of the key challenges is a lack of affordable aeeommodation for Christtan WOTk8rs. The Trustees have currently decided that the Charity will meet its aims by purchasing a suitable residential property which will be h&ld for rent. As noted above a suitable property was purchased in September 2021. Stsbject to agreement of terms, the property will bÈ made 8vailable to housg lay staff employed by a PCC. If the PCC does not requira Ihe property for such use, it will b¢ let to other suitable t$nanls. All rental profits lafter allowing for the Trust's own expensesl will be applied to the advancement of thé Christian faith in thè city of Exeter and néighbouring area accordance with thè Trust's objects. Durin9 the period under review the trust made ? grant lo Trillity Church of £5.000'. Th$ Trinity church project aim is to build stronge¥ ielètions wilh families in its pèrish who do not currently come to church. Showing the love Jesus to them ènd in so doing seeking LQ draw them to Chrisi. The Trust's grant has helped furld 2 part time yourkg families workers who were recruited in November 2022. In 2022 they received inilièl tTarning Irom project partner YMCA and compl8ted prepèratory work for parenting wurses at loeal schools and widened the swpe and reach of Messy chureh and toddler groups 21ready in existence. A grant to another PCC for employm8nt of a youth minister was not ultimat8ly required by that pcc. Approved by the Truste&$ and signed on iheir behalf.. IChairm8nl Date.. 2023 George H Meredith ITreasurerl Date.. 2023 Sarah Lenton CHARITY COMMISSION FOR EN6LAND ANO WAIES Receipts and payments accounts CC16a For tho pertod from 0110112022 3111212022 Section A Recei tsand ments Unrgstricted funds tolhp thar•yl Re5tiicted funds Endowment funds iotr* nÈarqSl E Total funds i¥¥ty•*r A1 ReRi Baiik I￿le￿Sl Invgsimeni 105 15.475 1,133 4,800 renial IthBo 10,475 259 t35 31 lees re*u 135 Sub total(Gmss income forARJ q&974 1&974 &933 A2 Assel and Inve5tthent sal8¥, See table Sub lotal Totalreceipts 14974 IQ974 5,933 A3 Pa men1$ Bank Fees Grant io TTinily (Xurch (k)rT￿l￿ f8es Invgsiirtni wopErty ￿sUrance Inve51￿￿￿1 wopfirfy cl88ni Itwe$trreni ptoperty Th￿In[e￿anC￿ InvesttrEni prowrty reDi etiJnY¥8siD Inve31Th￿￿t w(wty w wxl elKIFI¢ 81 81 000 126 455 279 2E2 501 1.779 5r*t 158 518 27 Sub total 7,12B 7,828 1,395 A4 Asset and Investm8nt pu￿haSe$.l$9e table) Investmtrnt Investment propertyflxtures & rillings 352,718 2.316 Sub totdl 385.034 7,828 7.826 386,429 Not ofrece¥ptslpaymentsJ A5 Tronsfoys betV4é•n A6 Cash funds last yearénd Cash funds this yearend 9,146 9.146 380.496 21.968 21.968 402.464 31.114 31.114 21.968 CCXX Rl accoun15 ISS) Section B Statement of assets and liabilities at the end of the period Unrestricted funds lo n￿rISt £ Restrieied funds ETrdowrneTht funds Ic Thiar•5t£ to ￿￿r•St £ 81 Cash furKIs CAsh ￿ bank 31.114 Tgtpl¢o$h fifftds 31,114 UnrestriGted funds Rtrstrict8d funds Endowment ruwFd8 ri&WtSl £ to near•Ji £ 82 OlhEr Tnonetary assets CL*t l