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 2024
ST LEONARD’S CHRISTIAN TRUST
TRUSTEE REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2-5 |
| Accounts for year ended 31 December 2024 | CC16a |
| Independent Examiner’s Report |
ST LEONARD’S CHRISTIAN TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present[the] report[and][financial] statements[for][the] period[ended] 31 December 2023.
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. Giles Bradley Mr. L Paul Hayward
Dr Lesley E Howard
Ms. Sarah Lenton (Treasurer)
Mr. George[H] Meredith (Chairman)
Mr. Owain Price (from 24th September 2024) 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[28th] June[2018.] The Charity has a Foundation Model Constitution of that date which established the objectives and powers of the[CIO] (most recently amended on 7th May 2024).
Recruitment and Appointment of Trustees
The Trustees comprise charity trustees for the purposes[of] charity law. Owain Price was appointed a trustee on[24th] September[2024.]
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.
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 ClO. 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:
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The obligations of Trustees.
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The main documents which set out the operational framework for the Charity including the Constitution.
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Resourcing and the current financial position.
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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 2024, the Charity continued to let its investment property on an[assured] shorthold 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 2024, the Charity’s only other asset was Cash at Bank of £30,936, held in cash accounts (2023[-] £33,062).
In the year ended 31 December 2024, the Charity received total income of £20,606 (2023: £20,399) and made total payments of £22,731 (2023: £18,453), resulting in a deficit of £2,125 (2023 — a surplus[of] £1,946).
The assured shorthold tenancy was managed by a landlord letting agent. The property was let to the same tenant throughout 2024, following the commencement of this tenancy in January 2023.
The charity received rental income of £19,800 (2023: £19,800) from which it paid related charges of £2,647 (2023 - £2,793): commission charges of £2,138 (2023: £2,138), property maintenance, cleaning and gardening costs of £198 (2023: £391) and £311 (2023: £264) landlord insurance.
The trust made one off grants of £20,000 (2023 - £15,600): one-off restricted grants of £9,000 to All Saints Church, Exeter (2023 - £nil), one off restricted grant of £5,000 to St Leonard’s PCC, Exeter (£2023 - £nil) and one-off grants of £6,000 via Stewardship to an Exeter Christian worker (2023: £7,800). In 2023 the trust also made a one-off grant of £7,800 to Trinity Church PCC
During the year ended 31 December 2023, the Charity received bank interest of £806 (2023 - £599), incurred bank fees of £60 (2023 - £60) and paid £24 relating to domain fees for the period August[2023] — August 2025 (2023 - fnil). Bank interest income was higher in 2024, reflecting a slightly higher average interest rate and savings account balance in the year.
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:
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Select suitable accounting policies and then apply them consistently;
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- 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.
OUR AIMS AND OBJECTIVES
Purposes and Aims
Our Charity’s purposes as set out in the objects contained in the Constitution, as amended, are the advancement of the Christian faith, for the benefit of the public, in the City of Exeter and neighbouring area as the Charity Trustees may by resolution from time to time decide. With the consent of the Charity Commission during the year prior to that under review, the objects of the Charity were amended to widen the class of beneficiaries. The charity is now able to make grants available or to allow rentals to be to a wider of churches and charities. group
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 the opinion of the Trustees, in all material matters the same as ours.
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 September 2021. Agents were appointed to manage the property and the first tenant took occupation on 28" October 2021.
The Charity recognises a need for Christian workers in the Exeter area which are not funded by any[other][outside] body.
The primary purpose of the Charity[is] to support the engagement[of] Christian workers within Exeter and neighbouring area. Only ministers and workers providing their[services] to[the] public without charge to the public will be supported. Workers include[children][and] women[ministries.]
The beneficiaries are people in the receiving organisations and the general public who are served by them.
One of the challenges[is] a lack of affordable accommodation for[Christian][workers.][The][Trustees] have decided that the Charity[will] meet[its] aims by purchasing a suitable residential property which will be held for rent. As noted above a suitable property was purchased in September 2021. Subject to agreement of terms, the property will be made available to house lay staff employed by a church or charity.[If][the] property[is][not] required[for][such] use,[it][will][be][let][to][other] suitable tenants.
All rental profits (after allowing for the Trust’s own expenses) will be applied to the advancement
of the Christian faith in the city of Exeter and neighbouring area[in] accordance[with][the][Trust's] objects.
For the distribution of the total £20,000 of grants made during the year see the[Financial][Review] (above)
Approved by the[Trustees][and] signed on[their][behalf:]
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George[H][Meredith]
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(Chairman) Date: /k (Lavtr 2025 (Treasurer) Date: \ fuerte 9995
Owain Price
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CHARITY COMMISSION
\ee/ |
FOR ENGLAND
AND WALES|St Leonard's Christian Trust|wey]
CHARITY COMMISSION
\ee/ |
FOR ENGLAND
AND WALES|St Leonard's Christian Trust||||||
|---|---|---|---|---|---|---|
|Receipts and payments
For the period
Moric sheri date
from
01/01/2024
To|||accounts
Deri
ard
¢
31/12/2024|||CC16a|
|Section A Receipts and payments
Unrestricted
funds|Restricted
funds|Endowment
funds||Total funds||Last year|
|to the nearest|to the nearest £|tothe nearest£||tothe nearest£|to|the nearest£|
|£:|||||||
|Ai Receipts|||||||
|Bank interest
806|-||-|806||599|
|Investment property rental income
19,800|-||-|19,800||19,800|
|Insurance refund|-|||-|||
|Legal fees
refund
oud total (Gross income for} Se
A2 Asset and investment sales,
(see table).
Subtol|
Total receipts[~20,606
A3 Payments
Bank fees
60
Grant to Trinity Church
-
Grant to All Saints Church, Exeter
9,000
Grant to St Leonard's PCC
5,000
Grant to Christian
worker, Scott Bradridge
6,000
Investment property insurance
311
Investment property cleaning & gardening
-
Investment property maintenance
198
Investment property rent commission
2,138
Investment property gas and electric
-
Domain fees
24
Subtotall...oat
A4 Asset and investment|Se|
:
-
-
-
-
-
z
-
-
-
-
-
-
-
-
-
-
-
-
-
Ce Fo
sd|||mo806
ee
60
-
9,000
5,000
6,000
311
~
198
2,138
-
24
Ee|||
|B0as9:
60
7,800
7,800
264
110
281
2,138
-
ea|
|lourchases.
(see fable)
investment property|:||:||||
|Investment property fixtures &
Fitti
Sub totalME)
Total payments Po
22784|(re
Pooeeeronal|eee
Peet||eee)aa
eee
98TRE|||
|Net of receipts(payments)
| =
2,125)||||||||
|A5 Transfers between funds
“|||||||
|A6 Cash funds last year end
|
33,061
.
Cash funds this year end[sos],
=Sss—si'd|||=|||||
05/03/2025
CCXX R1 accounts (SS)
1
Section[B] Statement of assets and liabilities at the end of the period
| Unrestricted | Restricted | Endowment | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| cog, Bey go arb eae 4 $2 BY SY 48 CHES EATS EYES, is |
OBS | funds | funds | funds | |||||||
| to nearest£ | to nearest£ | to nearest£ | |||||||||
| Bi Cash funds | Cash at bank | 30.936 | . | . | |||||||
| Total | cash funds | ||||||||||
| (agree | balances | with receipts | and payments accounu(S))= Unrestricted |
pease Boe Restricted |
Endowment | ||||||
| funds | funds | funds | |||||||||
| Pyeoteati«, | to nearest £ | to nearest£ | to nearest£ | ||||||||
| B2 Other monetary assets | |||||||||||
| ; Letas |
Fund to which asset belongs |
Cost (optional) | Current value (optional) |
||||||||
| B3 Investment | assets | Investment property | unrestricted | 382,718 | - | ||||||
| Investment property | fixtures and fittings | unrestricted | 2,316 | - | |||||||
| . - Details |
Fund to which asset belongs |
Cost (optional) P |
Current value (optional) |
||||||||
| B4 Assets retained for the | |||||||||||
| charity’s own | use | ||||||||||
| oo Detaus |
Fund to which liability relates |
Amount due (optional) |
When due (optional) |
||||||||
| B5 Liabilities | |||||||||||
| Signed by one or two trustees on behalf of all the trustees |
_-Signature | Name | Date of | ||||||||
| Yaaa | Z lencteh | nin inctn |
CCXX R2 accounts (SS)
05/03/2025
ST LEONARD’S CHRISTIAN TRUST A CIO registered charity no. 1178981
Independent Examiner's Report to the Trustees of St Leonard’s Christian Trust
| report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 1 to 2 of
CC 16a.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an 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:
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e examine the accounts under section 145 of the 2011 Act;
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e follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b)[of] the 2011 Act; and
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e 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 a “true and[fair] view” and the report is limited to those matters set out[in] the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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° to keep accounting records[in] accordance with section 130 of the 2011 Act; and
e 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.
v9 Sel David Tolhurst FCA
11 Lilley Walk Honiton Devon
EX14 2EA
Date: 08 April 2025