St Budeaux Christian Education Trust, CIO no.1197536
Yearly Report: 1/08/2022 -31/07 /2023.
Charity Objectives
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To advance education of the pupils at St Budeaux church of England primary School.
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To advance the Christian religion for the benefit of the public in accordance with the doctrines of the Church of England.
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For the public benefit to promote the education (including social moral and physical training) of people under the age of 25 in the parish of St Budeaux and surrounding areas in such ways as the charity trustees think fit, including but not limited to(1)providing materials and equipment and discretionary funding and grants to education establishments to assist them in providing and maintaining teaching facilities and resources, (2)awarding to such young person’s scholarships, maintenance allowances or grants to enable them to fund their primary or secondary or tertiary education and sustain themselves in furtherance of such education and (3) to assist in such other ways as the charity trustees think fit any other charity operating in the parish and surrounding areas whose aims include advancing the education (including social moral and physical training)of people under the age of 25.
Achievements
Grant St Budeaux Church of England Primary, School £1000.00 Head Teachers Hospitality fund for supporting children in need of support. Grant to school, good news Bibles £142.80, Grant for Picture news on line annual subscription, £180.00,
The trust continues to support St Budeaux Church of England Primary School giving a grant to St Budeaux church, Parochial Church Council to enable them to employ a church school link worker.
Grant £1000.00 to St Budeaux church P.C.C for renovation of office for school link worker within the church community hall.
£500.00 Grant, Ignite youth club for activities and equipment.
St Budeaux Church of England Primary School-
The trust owns the land and school buildings and has an agreement with the department of education to allow the Academy, that the school is part of, to use these resources rent free.
St Budeaux Church community allotments-
The Trust also own half the land with St Budeaux Parish Church owning the other half; that constitutes, St Budeaux Church community allotments, this allows families to be involved in growing produce, there are also bee hives on site producing honey, there is a seed shed where children are actively involved in planting seeds and nurturing plants.
The allotments are rented to families at a much reduced rate.
Structure Governance and Management-
The Trust currently has six trustees; we are currently trying to recruit more trustees, approaching individuals by recommendation, we believe that becoming a CIO will help this process.
Meetings are held every quarter, with communication in between meetings with all trustees.
All Trustee meetings are structured an agenda is set, and minutes of the meeting are recorded and filed for reference. We receive financial statements from our treasurer, and meet with our primary investment fund manager from Brew and Dolphin Royal bank of Canada at least once a year; we also receive quarterly portfolios in regards to our investments. All applications for grants are discussed and agreed or rejected by a majority vote.
Administration Details-
St Budeaux Christian Education Trust CIO 1197536
Mr Louis Neale Trustee Chair
166 Tailyour Road
Crownhill, Plymouth,
Email louisneale25@gmail.com
Change of responsibility towards St Budeaux Church of England primary school.
The trust relationship with the school Known as St Budeaux foundation School has changed due to the school becoming part of an academy now known as St Budeaux Church Of England Primary School.
Previously the School was a voluntary aided school and the Trust alongside the Exeter Diocese had a responsibility to contribute to Building maintenance costs, under new contract with the department of education the responsibility for all building costs and insurance sits with the Academy, the Trust still owns the school building and the land it sits on and allows under agreement for the Academy to use these premises rent free ,if the school was to cease the land and buildings would be handed back to the Trust .
The trust still continues to support the school giving funding to St Budeaux Church P.C.C to employ a church school link worker.
To provide various grants for activities, equipment, heads discretionary fund.
Give financial support to ignite church youth club.
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Financial Review –
The trust does not carry out any fund raising, all its revenue comes from investments listed or traded on the FTSE
AUG - 22 July- 23 FIXED ASSETS Intangible assets 0.00 000 Tangible assets 0.00 000 Heritage assets 0.00 000 Investments listed or traded on FTSE 0.00 2737528.00 Total fixed assets 0.00 2737528.00 Current assets Stocks 0.00 000 Debtors 0.00 000 Investments 0.00 000 Cash at bank and in hand 0.00 23617.00 Total current assets 0.00 23617.00 Liabilities Creditors: falling within one year 0.00 000 Net current assets /liabilities 0.00 23617.00 Total assets less current liabilities 0.00 2761145.00 Creditors: due after >1year 0.00 000 Provisions for liabilities 0.00 000 Net assets excl pension assets 0.00 000 Defined benefit pension liabilities 0.00 000 Total net assets or liabilities 0.00 2761145.00 Funds of the charity Endowment funds 0.00 000 Restricted funds 0.00 000 Unrestricted funds 0.00 2761145.00 Total charity Funds 0.00 2761145.00 (To explain zero balance figures for August 22 refer to appendix 1 Page 4)
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Appendix 1
St Budeaux Schools Foundation trust has now become St Budeaux Christian Education Trust (C.I.O). The Trusts Solicitors completed this transition, with the Charity commission registering St Budeaux Christian Education Trust CIO on the date of 17th January 2022, on the 24[th] may 2022 The Charity Commission authorised the transfer of assets under section 105 of the charities act 2011, from St Budeaux Schools foundation trust to St Budeaux Christian education trust CIO.
Date 08/04/2024
Louis Neale
Louis Neale
Trustee chair
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Independent Examiners report to the trustees of the St. Budeaux Christian Education Trust (Charitable Incorporated Organisation) ("the CIO") for the year ended 31" July 2023. Res onsibilities and basis of re ort As ihe ¢hariiy s tnjsiees of the CIO. you are rcswiisiblc fi)r the preparation of Ihe accounts in accordance with the requireinents of ihe Chariiies Aci ?0 I I I'lhe Act"). I report in respect of my examination of the CIO'S accounts carricd out under section 145 of the A¢1. In carryinby oui my examination I have lollowed all appliLable l)irection4 gyiven by th¢ Charity Commission under section 145(5)Ibl of ihe 201 l Act. niEx miner s statement I have completed Iny examination. I confirni ihat no mat¢riAI matters havc come to my attention in connection with the examination givin&F Ine cause to believe (hat in any material respect.. Accounting records were not kept in respect of the Trust as required by secliort 130 of the Act: or 2. The accounts do not accord with thos¢ records. I have no concems and have ¢om¢ across no other matiers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts io be reached. Signed- Name.. B. M Hunt Relevant qualifications.. MBA, Dip Maths. PGCE 9 Elmwood Close. Plymouth. PL6 7JY Address.. Date: l Oth March 2024
RECEIPTS AND PAYMENTS FOR ST BUDEAUX CHRISTIAN EDUCATION (CIO) TRUST, 2022/3
| St Budeaux Christian | Period 1/8/22 | |||||
|---|---|---|---|---|---|---|
| Education CIO Trust | to 31/7/23 | |||||
| Date | Details | cheq no. | reference | paid out | paid in | balance |
| 5th Jul 2022 | openingbalance | 0.00 | ||||
| 1st Nov 2022 | refund | 5.00 | 5.00 | |||
| 1st Nov 2022 | bank charges | 5.00 | 0.00 | |||
| 15th Nov 2022 | start-up | 500.00 | 500.00 | |||
| 15th Nov 2022 | Head's flowers | inv 000001 | 27.00 | 473.00 | ||
| 2nd Dec 2022 | bank charges | 5.00 | 468.00 | |||
| 1st Jan 2023 | bank charges | 5.00 | 463.00 | |||
| 1st Feb 2023 | bank charges | 5.00 | 458.00 | |||
| 20th Feb 2023 | BNYMIL AS TRST BR | 1112.08 | 1570.08 | |||
| 28th Feb 2023 | M&G | 810.42 | 2380.50 | |||
| 4th Mar 2023 | bank charges | 5.00 | 2375.50 | |||
| 1st Apr 2023 | bank charges | 5.00 | 2370.50 | |||
| 20th Apr 2023 | Black Rock | 344.55 | 2715.05 | |||
| 2nd May 2023 | bank charges | 5.00 | 2710.05 | |||
| 15th May 2023 | BNYMIL AS TRST BR | 1019.41 | 3729.46 | |||
| 31st May 2023 | M&G | 1496.16 | 5225.62 | |||
| 1st Jun 2023 | bank charges | 5.00 | 5220.62 | |||
| 3rd Jun 2023 | 4Front theatre | inv 000002 | 475.00 | 4745.62 | ||
| 30th Jun 2023 | transfer from old a/c | 950.04 | 5695.66 | |||
| 2nd Jul 2023 | bank charges | 5.00 | 5690.66 | |||
| 6th Jul 2023 | transfer | 1000.00 | 4690.66 | |||
| 12th Jul 2023 | PCC St Budeaux | inv 000003 | 1000.00 | 3690.66 | ||
| 12th Jul 2023 | PCC St Budeaux | inv 000004 | 500.00 | 3190.66 | ||
| 13th Jul 2023 | PCC St Budeaux | 142.80 | 3047.86 | |||
| 13th Jul 2023 | Picture news | inv 22870 | 180.00 | 2867.86 | ||
| 20th Jul 2023 | Brewin Dolphin | 20000.00 | 22867.86 | |||
| 20th Jul 2023 | Black Rock | 407.20 | 23275.06 | |||
| 20th Jul 2023 | Black Rock | 1204.76 | 24479.82 | |||
| 27th Jul 2023 | PCC St Budeaux | salaryLW | 862.50 | 23617.32 | ||
| 4232.30 | 27849.62 |
| summary of expenditure | Summary of Income | Summary of Income | |
|---|---|---|---|
| bank charges | 45.00 | Black Rock | 1956.51 |
| misc | 207.00 | M&G | 2306.58 |
| Christian theatre | 475.00 | Brewin Dolphin | 22131.49 |
| LW salary | 862.50 | old trust | 1450.04 |
| PCC St Budeaux | 1642.80 | misc | 5.00 |
| Head's discret fund | 1000.00 | ||
| carried fwd | 0.00 | brt forward | 0.00 |
| Totals | 4232.30 | 27849.62 |
ST. BUDEAUX CHRISTIAN EDUCATION (CIO) TRUST
Notes to accounts
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During the period of these accounts the St Budeaux Schools Foundation Trust closed and all funds were transferred to a new CIO, St Budeaux Christian Education Trust.
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For ease of understanding the Change of Assets sheet shows the funds for both Trusts during the period 1/8/22 to 31/7/23.
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The Brewin Dolphin account comprises a broad range of investments in equities.
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The Black Rock account has 4 distinct elements comprising Units traded on FTSE; two of which have a regular Distribution. This income is paid directly into the Trust bank account and is shown as income for the Charity’s purposes.
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The M&G Investments account is a single account comprising Units traded on FTSE. This also has a Distribution which is paid into the Charity’s bank account.
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The Black Rock account reduced in capital value by 12.8%.
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The M&G Investments account reduced in capital value by 5.4%.
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The Brewin Dolphin account increased in capital value by 4%.
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All funds are treated as Unrestricted and are used solely in accordance with the Charity Constitution.
| BALANCE SHEET St Budeaux Christian Education CIO Trust Fixed assets Intangible assets Tangible assets Heritage assets Investments listed or traded on FTSE Total fixed assets Current assets Stocks Debtors Investments Cash at bank & in hand Total current assets Liabilities creditors: falling within one year Net current assets/liabilities Total assets less current liabilities Creditors: due after >1 year Provisions for liabilities Net assets excl. pension assets Defined benefit pension liabilities Total net assets or liabilities Funds of the Charity Endowment funds Restricted funds Unrestricted funds Total charity funds |
Aug-22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 |
Jul-23 0.00 0.00 0.00 2737528.00 |
|---|---|---|
| 2737528.00 0.00 0.00 0.00 23617.00 |
||
| 23617.00 0.00 |
||
| 23617.00 | ||
| 2761145.00 0.00 0.00 0.00 0.00 |
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| 2761145.00 0.00 0.00 2761145.00 |
||
| 2761145.00 |
ST BUDEAUX CHRISTIAN EDUCATION (CIO) TRUST
summary of change of assets
| PROVIDER | FUND NAME | a/c | FUND VALUE BROUGHT FWD June/July 2022 |
basis | GAINS & LOSSES |
FUND BALANCES CARRIED FWD 31/7/2023 |
|---|---|---|---|---|---|---|
| Brewin Dolphin | St. Budeaux Schools Foundation Trust |
all funds to be transferred |
2,356,951.00 | broad portfolio of investments |
0.00 | |
| Brewin Dolphin | St. Budeaux Christian Education Trust |
to new CIO registered |
broad portfolio of investments |
96,284.00 | 2,453,235.00 | |
| M&G Investments | St. Budeaux Schools Foundation Trust |
all funds to be transferred |
92,586.12 | 6234 units | -4,986.58 | 0.00 |
| M&G Investments | St. Budeaux Christian Education Trust |
to new CIO registered |
6234 units | 87,599.54 | ||
| Black Rock Fund Managers | St. Budeaux Schools Foundation Trust |
0004743 | 6,369.54 | 3967.778 units | ||
| Black Rock Fund Managers | St. Budeaux Schools Foundation Trust |
0004743 | -815.54 | 5,554.00 | ||
| Black Rock Fund Managers | St. Budeaux Schools Foundation Trust |
0004743 | 18,109.47 | 11280.936 units | ||
| Black Rock Fund Managers | St. Budeaux Schools Foundation Trust |
0004743 | -2,317.47 | 15,792.00 | ||
| Black Rock Fund Managers | St. Budeaux Schools Foundation Trust |
0004868 | 41,747.00 | 6264.634 units | 0 | |
| Black Rock Fund Managers | St. Budeaux Christian Education Trust |
057602 | 2,548.00 | 44,295.00 | ||
| Black Rock Fund Managers | St. Budeaux Schools Foundation Trust |
0004868 | 123,514.00 | 18534.703 units | 0 | |
| Black Rock Fund Managers | St. Budeaux Christian Education Trust |
057602 | 7,539.00 | 131,053.00 |
2,639,277.13
98,251.41 2,737,528.54