ST LEONARD'S CHRISTIAN TRUST A charitable incorporated organi5ation 'CIO' 'Charity registration number: 1178981 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST LEONARD'S CHRISTIAN TRUST TRUSTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Legal ar)d Administrative Information Report of the Trustees Accounts for year ended 31 December 2023 CC16a Independent Examiner's Report ST LEONARD'S CHRISTIAN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present the report and financial ststements for the period ended 31 December 2023. LEGAL AND ADMINISTRATIVE DETAILS Charity Name.. St Leonard's Christian Trusl 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 8re as follows: Mr. Giles Bradley Ifrom 1st September 20231 Mr. L Paul Hayward Dr Lesley E Howard Ms. Sarah Lenton ITreasurerl Mr. George H Meredith IChairm8nl Alderman Norman Shiel Mr. John R Woolnough Bankers The Tiusvs bank is CAF Bank Ltd. 25 Kings Hill, West Malling, Kent. ME19 ￿0. STRUCTURE. GOVERNANCE AND PélANAGEMENT Governing Document St Leonard's Christian Trust is a charitable incorporated organisation ICIOI and was registered a$ a chirity on 2&, June 2018. The Charity has a Foundation Model Constitution of that date which established the objectives and powers of the CIO las amended on 17th July 2020 and 3rd August 20231. Rè¢ruitm8nt end Appointment ot Trustees The Trustees comprise charity trustees for the purposes of charwty law. Only those on the electoral roll of St Leonard's Church Exeter are eligible for initial appointment as charity trustees. Giles Bradley was appointed as 2 charity tTUStee in September 2023. Under the requirements of the Constitution the charity trustees are elected to serve until retirement or retnoval. Any person retiring as a Charity trustee is eligible for reappointment. All Trustees give their time voluntarily and received no benefits from the Charity. Trust88 Indurtion and Training All Trustees are familiar with the practical work of the Charity most having been involved as TrU￿ee5 from the establishment of the CIO. All Trustees are encouraged to volunteer in PTactical ways. Additionally. all Trustees are actively engaged with the Charity and are familiar with the cor)text within ¥vhich it operates. including: The obligations of Trustees. The main documents which set out the operational frarnework for the Charity including the Constitution. Resourcing and the ourrent financial position. Future plans and objectives. Risk TrAonag8menl 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 fac88. Organisational Strurturn The Trustees meet twice a year lor more as required) and afe responsible for the stiategic direction and policy of the Charity. The Trustee5 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 wtth Geoige Meredith (Chairman), Sarah Lenton IFinancel. John Woolnough (Contact and Registrarl and Paul Hayward. FINANCIAL REVIEW During 2023, the Charity continued to let its investment property on a short-term assurance tenancy, the propety having been purchased on 17 September 2021 for a total of £382.718. plus 2.316 fixtures and fittings. At 31 December 2023. the Charity's only other asset was Cash at Bank of £33.062. held in cash accounts12022.. £31.115.1 In the year ended 31 December 2023. the Cherity received total income of £20.39912022'. £16.9741 and made total payments of £18,453 12022: £7￿281. resulting in a surplus of £1.946 12022- E9,1461. The short term assured tenancy was managBd by a landlord letting agent. The first tenancy ended on 6 December 2022- after a short void. the second tenancy commenced in January 2023. From January to December 2023. the charity received rental in￿rne of £19,80012022.. £16,4751 from which it paid related GhargBs of £2.79312022- £2,735) being commission charges of £2.138 12022.. £1,7791. property maintenance, cleaning and gardening costs of ￿91 12022: £5011 and £26412022.. £4551 landlord insurance. The net rental income of £17,007 {2022= £14,134) enabled the trust to make Iwo grants, for a total of £15.600'. a one-off grant of £7.800 to Trinity ChLJrth PCC (2022 - £5.000) and another one off grant ol £7.800 via Stewardship to an Exeter Christian worker (further detsils about both grants are given at the end of this report on page 51. During the year ended 31 December 2023, the Charity received bank interest of £599 12022.. £1051, and incurred bank fees of £6012022: £81 I. Bank interest income was higher in 2023 as the built up reserves from lis rental income during the year. only ￿d￿￿ed by grant payments made in September 2023. Principal Funding Souttes The only funding source for the Charity is rental income. Investment Policy All the Charitf s funds are to be applÉed in the short term and no ftjnds are held for long term investtrbenl. As noted in previous reports. the Charity has purchased a residential property to be held for rent. Rèsèrvos Policy The Trustees have examined the Charity's requirements for reserves considering the main risk8 to the organi$8tion. Currently. the Charty does not have any regular financial ¢ommitmetbt5 or liabilities, other than a monthly Bank Account fee of £5. It does not hold any Gurretbt 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 rentsl income is expected to Gover the Trust's ongoir)g running expenses. However, the trustees hold appfoximately £1 k in the current bank account to meet smaller mainten8nce issues requiring immediate resolution. The Trustees are confident that they would be able to manage the current activiiies of the Charity in an orderly manner in the event of a significant drop in funding. The Trustees have therefore established a policy wheTeby the unrestricted funds not committed or invested in tangible fixed 8ssets held by the Charity should be not less than £25.000. Plans for Future Perlods The Charity, purchased a freehold house. with a leasehold garage. in ExeteF in Septernber 2021 with a view to making it available to house Chri*tan worker5 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 invtrstment. The Charity will apply rentsl profits lafter allowing for ihe Trust's own expenses) to th8 advancement of the Christian faiih in the city of Exeter and neighbouring area in accordance with the Trust's objecls. Responsibilities of the Trustees Charity law requires tho Tru8tees 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 ol 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 accourrting policies and then apply them consistently- Make judgtnents and estimates that are reasonable and pruderil: and Prepare the financial ststements on the going GonGern basis unless it is not appropriat8 to assume that the Charity will continue on that basis. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable ac¢uraGy at any time the financial position of ihe Charity and to enable them to ensure that the financial stateménts comply with Cliarity law. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable stsps for the prevention and detection of fraud and other irregulayities. OUR AIMS AND OBJECTIVES Purposes and Alms Our Charity's purposes as set oui in the objects contained in the Constitution, as amended, are the advancemeni of ihe Christ12n faith. for the benefit of the public. in the City of Exeter and neighbo"uring area as the Charity Trustees may by resolution from time to time decide. With the ¢onsent of the Charity Commission during the year under review. the objeGt5 of the Charity were amended to widen the class of beneficiaries. The charity is now able to m2ke grants available or to allow rentals to be to a wider group of churches and charities. The Charity will support evangelical ministry provided by registered Christian charities and churches (including excepted churches). Evangelical in this context means those Churches. ¢harities and individuals whose beliefs, as declared arkd practi￿d. are the same beliefs of the Trustees as set out in the Doctrinal Basis in the schedule to the Constitution or sufficiently simÈl8T in the opinion of the Trustees. The schedule to the Constitution contains the Doctrinal Basis. The Doctrinal Basis could bB described as broadly Christian Protestant onhodox belief. The moral and ethic¢1 framework described therein is thai lives will exhibit the fruit of the Spirit and they will be brought into ever increasing conformity with the character of Christ. The Charity rnay make grants to other churches or charities which do not have exactly the same belicfs. However. the receiving church or charity should have beliets which are in 811 material m8tters the same as ouis. The Trustees do not consider that any detriment or harm would arise from its charitable purposes. Ensuring our Work D81ivers Our Aims We review our aims, objectives and activities regularly. This review looks ai whai we achieved and the outcomes of our work in the period. The review looks at the success ol the key activities and the benefits they have brought to those groups of people we are set up lo help. The review helps us ensure our aims, objectives and activities rem3in 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 aiTTrs and objectives and in plannÈng our future activities. In particular. the Trustees consider how planned activities will contribute to the aim5 and obje¢tives they have set. The Focus of our Work Our main objective for the period was to advance the Chiistian failh. How our Activities Deliver Public Benefit Our main activities and who we try to help are described below. Who used and benefited from our seryi¢es7 The Chn of the Trustces to pur¢hasc a resi(Jential property. The Trustees re501ved in 2021 to puichase a house in Exeter and this Wlalca¥h funds" 33.002 Unrestricted funds ttsnea¥t$i £ ReslflCt*d funds Endowment fund$ OÈla*l$ lo ne3res¢ £ B2 Other monetary assets FUTYJ tD wNth•sset l*)ryS Co51 lo￿0￿1) CA￿0￿[ valu• B3 Investment assgts IiivANlnY.rt Imupedy 3B2.718 Invp%iTr*nt property IK¥IL¥CS and ll*tinys 2.318 Cwrqrt y•1 e¥311s l*lt2r Ccst (￿C￿lI B4 Assels retaln•d for the charity's own use Fu￿s to ¥*dch D¢tails B5 Llabllltlas Syned by on$ or Iruslees on b8halt ot av the Injslees Swature Print Name Oato of 8pprov .3 l F-rnrro Nl CCXX R2 ¥¢couni$ ISSI 2511012024 ## **CHRISTIAN TRUST** ## **A CIO registered charity no. 1178981** ## **Independent Examiner's Report to the Trustees of** ## **Christian Trust** I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 1 to 2 of CC16a. ## **Respective responsibilities of trustees and examiner** audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: - 1 which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or - 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. David Tolhurst FCA 11 Lilley Walk Honiton Devon EX14 2EA Date: 26 October 2024