FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISFI OF ST SJDWELL EXETER Charit Number: 201038 ACCOUNTS FOR THE YEAR ENDED TH 30 JUNE 2025 Beard & Co Accountants Primrose House 6 Blackbo). Road Exeter Devon EX4 6SG
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDWELL EXETER Charit Number: 201038 TRUSTEES AT THE END OF THE FINANCIAL YEAR Mr R Broom Chairnian Mr M Beard Mr R Scott Mrs W Gill Mrs S J E Mills Mr T Bruce MrGRPym Mrs J Hodgin Miss R M K Meyers Mrs D S C Yarde Mrs P Rogers ADMINISTRATIVE CLERK Mr T L Tancock
INDEPENDENT EXAlINER's REPORT FTr:OTr-FEES OF TFIE PARISH LAliDS AND OTHF.R CHARI'I'IES IN THE ANCIENT PARISH OF ST SIDII'Tr'LL EXk"I"Tr:R Chari . Number: 201038 ON ACCOUNTS FOR THE YEAR F.NDED 30111 JUP*F. 2025 SET OUT ON PAGES I to 3a L report lo the Ituslees on my examination of ihe accounis of the above C]ritY ("the Trust") fur Ilie yC<lr ended 301h June ?025. Responsibilities Ind basis of report As th¢ Charity Iruslees of the Trusi, you are responsible for the prepardtion of lh¢ 8c¢ounls in accordance with lh¢ requiremenis of Ihe Charilies Act 2(M)l ("Ihe Act") I report in respect of my examinaiion of the Trust's accounts carried out under seclion 145 of the 201 l A¢1 and in Carrying oul my examinaiion, I have followed the applicable directions Fiv¢n by the Charily Commission under seciion 145{5)(b) of the Acl Independent exAminer's statement I have completed my cxaminalion. I confimi thai no maierial matters have com¢ to my altenlion in conneciion with the examination which gives me caus¢ to believe that in, any material resp( Accounting records w¢r¢ not k¢pl in accordance with section 130 of the Act or The accounts do noi accord wilh the accounting records I have no concerns and have come across no oiher matiers in connection with the examination to which att¢nlion should be drnwn in order to enable a proper understanding of the accounls to be reached. E G BEARD FFA Date: Beard & Co Accountants, Primrose Ilouse, 6 Blackboi- Road, Exeter, EX4 6SG
FEOFFEES OF THE PARISH LANDS AND OTHER CMARITIES IN THE ANCIENT PARISH OF ST SIDWELL EXETER Charl Number: 201038 RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 30TH JUNE 2025 Unr•stdct•d Total Lasl Yoar Funds Note RECEIPTS Sale of Properties Donations Rent Received Wae0Ve Investment Income 2.982 2.982 292,626 90 71,382 125 15,181 74,139 125 20,364 74,139 125 20,364 TOTAL RECEIPTS PAYMENTS 97,610 97,610 379,404 Fixtures and Fittings additions Loans Repaid Loan Interest Grants - Other Adminislralion Cosls Property Costs Professional Fee$ Clerks Exponses Property Assel 8ddilion$ 347 115,000 10,827 20,900 420 65,046 3.944 4,780 1.300 222,564 13.543 1.448 39.322 5,076 4.465 13,543 1,448 39,322 5,076 4,465 63.854 63,854 EXCESS OF RECEIPTS OVER PAYMENTS 33.756 33,756 156,840 CASH FUNDS BROUGHT FORWARD 227,227 227,227 70,387 CASH FUNDS CARRIED FORWARD 260,983 260,983 227,227
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDWELL EXETER Charit Number: 201038 STATEMENT OF ASSETS AND LIABILITIES AT THE 30TH JUNE 2025 Unrestrlctod Total 2024 CASH FUNDS COIF Deposit Fund Bank Accounts - Current Account - Deposit Account Balance of loan monies 180,000 80.923 260.983 227,227 INVESTMENT FUNDS (Note 2) COIF Investment Funds - Original COIF Investment Funds - Purchased Milton Group Shares 310,420 155.803 129 466,352 487,283 PROPERTY INVESTMENT ASSETS (Notes) Properties (Schedule 2} Fixtures and Fillings in Properties Toronto Road Project- Work in Progress 2,760,360 4,506 57,942 2,822,808 2,822.808 TOTAL ASSETS 3.5SO,143 3,537,318 LIABILITIES Profession81 Fees 4,000 4,000 4.000 4,000 This Statement of Assets and Liabilities was approved by the Trustees For and on behalf of the TnJslees
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDVIELL EXETER Chari Number: 201038 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025 1 Pro erties see schedule 2 The Charily has properties which it owns and they are vested with The Official Custodian. The prop@eS cannot Iherefore be sold wilhoul U)8 express permission ol The Charily C(nmissioners lor England and Wales. Th8 Charity has acquired these propgrties al various lime5. A Local Firm of Chartered Surveyors in Novembe( 2014 were asked to give a valualion of the Charilvs properties al 30th June 2014. Their valuation was the ba&s of the valuation ol the PrOrtiS as al 30lh June 2014. The Trustees over the last thiee years have SnI u)nsiderable mongy bringing the properties lo a more modem slate. Not much mongy prior lo this had been spenl on the propertiès and they were ggtling ¢xJl of dale and in need of qvlle a bit ol renovati and also modemising. The Toronto R¢)ad project which was started a years befor8 is still ongoing. The sile itself has been markeled with a local Estate Agenl ol a good reputation. Some offers have been had for the site bul nol SLtfficienl to warrant selling them. The Truslees have been talking befvleen themselves and discussing tho possibility of building Ihe three properties and sdling off what would naadad lo bg sold to covef the cost ol building the three prop&rties and it is somglhing that there is interest as property sales in Exeler with rogard lo new builds felch a reasonably high price. A consLtltanl engineer was employed by the Charity lo look at this and also discuss with a building fim taking d(Y4n of the gaiages on the Toronto sile and getting the $119 prapar9d to ¢Jo Ihe building. As yel a fomal decision has nol been mado about building Ihg Pfoperties bul the Trusle8s are looking al ¢1garing the silg so that a perspgclive buyer would be more interested. A pric6 has been obtained from the builders bul prior lo Ihal 811 of the garag8s had lo bg clgargd out Irom refuse left in there by pwious tenants. This has been undertaken and paid for in Ihe loll¢)wing year lo 30th June 2026. A meeting is going lo have lo be held wilh Ihe Trustees lo dis¢uss once wè have the relevant rigurgs Iw the cost of building obtaining the finano lo do this. The Trust itself does have reasonable cash funds 8n(J in the a¢¢oJnts it shows £260.983 however this wovld not bo enough lo build the three properties. More thoughl is going lo be pul lo il by the Trustees and obtaining costs for Ihe building which the nsullant engineer will lojk al and give his thoughts. Certainly there is a chanc8 of a greater amounl of funds for the Charily and Ihe posssbility ol keeping one or iwo of the houses lo use lo let oul which is the main stay of the Charity. Hope- fully by the end ol June 2026 a decision will be madg and wg will know gxaclly what the position is wlh regacd to the 10. Mr Beard the Trustee discuss&J with a Iwal Estate Awt who is also the Agent looking after the Toronto Road property lo discuss the property prices in relation lo the Charity's property schedule. His commenl was thal il is unlikely IheTe is any increase at this presenl momenl in relalion lo Ihese p(operties and certainly with the Bowe Court property there is some structural problems that are needed lo be sorted oul with the local Counal. This has bn ongoing for some time and Ihe Council have not been he¢plul. However the Charity is thinking of dealing Wlth Ihis legally as Ihe Charily realises the Counal have a rgsponsibility. 11 is Ihargfora been thal Ihe Trustees agreed to keep the prices on the s¢hgdul& from last year Ihe same for this year. The selling ol the eleclri¢ty sub-slalion was a benefit not a loss as the cost ol dealing wilh Ihis in relati lo leases and what the Charity received it was nol worth ¢¢>ntinuing with il and the Trustees agreed lo sell it and it was sold in the year.
2 Investments and CIF Investment Funds The Charity has funds hdd by the CIF and there are Iwo general holdings. Th8 first is 196.19 shares in one fund whF¢h is an accumulating investmenl. With this investment monies earned are re-inveslwj in the fund and al 30.06.2023 the value of the shares are as sel out on page 3a. The second holding is 16.469.26 shares made up of parts of 8.444.17 and 8,025.09. The income from this is paid directly into the Charit5 Bank Currenl A¢¢ounl and the value of these is also sel wl on page 3a. There are various other funds held by the CIF in tho form of shares and we refer you lo Schedule 1 which sets out the Charills name, ihe number ol sh8re5 held with the CIF and a valuab.on of holding al 30.06.2024. The 18rgesl ol these is the Baker Sandford United Charity with 3,401.44 shares and the smallest is Ihe Thomas Tooker Charity with 2.47 shares. The income from Ihose is paid directly into the Charitvs Bank Current Account.
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDWELLS EXETER Chari Number: 201038 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025 continugd Value at Value at 30.06.25 30.06.24 Purchased Investments (new since 19951 8,025.09 COIF 321 Premier Milton Groul PIC (was originally 1066 Milton Group Share) 155.803 129 163,246 231 155,932 163,477 CIF Inv9$tmgnt Funds loriginall 196.19 Accumulating shares w¢lh COIF 8,444.17 Shares with COIF Various other funds wtlh COIF see Ule 1 49,622 163,938 96,860 50.550 171,768 101,488 310,420 323,806 2025 2024 Adminlstratlon Costs Insurance Printing, Postage. Stationery and Telephone Bank Charges 910 392 146 1448 24 237 159 420 Investment Pro Costs Propety Repairs and Renewals Property Insurance Light and Heal Property Rales 30,802 4,746 1.543 2,231 39,322 58,494 4,662 898 992 65,046 Accountln Policies The accounts have been prepared on a Receipts and Payments basis Trustees Remuneration and Ex en$os No remuneration or reimbursement of expenses has been made lo the Trustees in the year
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDWELL EXETER Charit Number: 201038 SCHEDULE 1 LIST OF COIF INVESTMENT FUNDS Valu• at 30.6.202 Valu• at 30.6.2024 Holdlng In Income Sharos 196.19 52.00 871.33 4.16 14.91 261.31 21.84 82.55 E R F Scheme Lawrence Seldon John Webb AOI Miss H E Drake Franklin E Nosworthy M A Franklin 49,622.00 1,010.00 16,916.00 80.76 289.47 5.073.18 424.07 1.608.48 50.550.12 1.057.77 17,724.42 84.62 303.30 5,315.52 444.26 1,685.32 IE li 16.04 100.15 .0.20 stock 8.48 64.81 3.49 2.47 6.43 6.43 3401.44 70.77 16469.24 Mary Arthur Charity Sarah Brown Charity S 8rown T Collins Land Chamber of Exeter Charity T Smallridge T Tooker R Herman Ackland Baker and Sandford United J Moffall Si Sidwells 311.41 1.944.35 3.88 164.63 1,258.25 67.76 47.95 124.83 124.83 66.036.92 1,373.96 319.740.80 326.28 2,037.23 4.07 172.50 1,318.35 70.99 50.24 130.80 130.80 69,191.41 1,439.59 335,014.39 466.223.47 487.051.98 This holding is in 0.20 2.5% Consolidated Stock
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDWELL EXETER Chari Number". 201038 SCHEDULE 2 SCHEDULE OF PROPERTIES HELD BY THE CHARITY ALL IN EXETER Value Value 30.6.24 Bowe Court. Jesmond Road. 6 Flals 1.029.380 1,029,380 Ivy Cottages. Jesmond Road. Wling House 255.750 255,750 Hampton Buildings, Blackboy Road. Flat 172,260 172,260 Hampton Buildings. Blackboy Road. Flat 172,260 172,260 25 Blackboy Road. Exeler. 2 Flats 422.180 422,180 26127 Blackboy Road. 2 Flats 403,260 403,260 Garages in Toronto Road 94,920 94,290 26 Marypole Road. lInghOUSe 210,980 210,980 2.760.990 2.760,360 .1 As in the previous year. the poslion regarding conversion of the garages lo 3 residential houses is still ongoing. However part of the sile which contained an eleelrieity sub-station, was sold. The nel proceeds after legal costs was £2,982. The tenants had a Lease which could not be changed, so the Trustees decided lo sell the sile lo the lenanl. this being the National Grid. On advice from a local eslale agent, the value of the remaining TrMII not be effected by the sale of the sub- 51ation.
FEOFFEES OF THE PARISH LANDS AND OTHER CHARITIES IN THE ANCIENT PARISH OF ST SIDWELL EXETER TRUSTEES ANNUAL REPORT FOR THE YEAR FROM 1ST JULY 2024 TO 30TH JUNE 2025 CHARITY NO: 201038 The purpose of the Charity which incorporates several smaller Charities, is to supply help for the benefit of the poor within the ancient Parish of St Sidwell, Exeter. There is a variety of ways that the Charity can do this, and the Charity does have several properties which are rented out, the rent being considerably lesser than the open market rental value. Also, with the properties the tenants are not needing to do repairs. as the Charity maintains the properties free of cost. In the year to 30th June 2025 the Trustees decided to sell a small part of the property in Toronto Road which was in fact an electricity sub-station and it had received rent from it over several years. The rent however was minimal and required was a new Lease and this was quite expensive when the Trustees spoke to the solicitor. Also, because of the Lease the tenants had it was not possible to take them off the site and they are a national company, The National Grid Electricity Distribution ISWI PLC. Much thought was given by the Trustees and di5CUSsions had at various meetings in relation to this electricity sub-station and it was decided in the end of sell it as the tenant made an offer which was accepted and they paid the Charit¢s legal costs. Also. it was to the side of the Toronto property which was granted planning permission to take down the garages which formed all of that property and put up three properties. The Trustees are thinkin8 about actually developing this piece of land and building the three properties, it would need some borrowed money from the Bank, but the benefits could be very significant for the Charity. The three houses are all three bedroomed and would fetch reasonable money however presently the property is on the market and there is very little interest except prices offered which are not realistic. However, if the site is cleared and a price has been got for that which is very realistic and the Charity has employed a structural engineer to advise. This structural engineer has acted for the Charity in the past th and is a local professional. The site. by the time the new year ends which is the 30 June 2026 should be cleared of the garages and building should be available to be done, however the Council have insisted certain paperwork needs to be completed and also inspection in relation to the site. The Trustees have discussed this with the structural engineer and also the planning consultant who achieved the planning permission. It is hoped therefore to get on with this and clear the site and then Bet a reputable firm of builders in to give prices to build the houses. The Charity does have significant cash funds, but it will not be enough to do the work and once an estimate is received the Trustees will talk about this again.
The Charity's properties specifically the one on Jesmond Road ha5 some structural problems in relation to land slip. It is built on the top of a town park and serious cracks in the ground by the property have come to light and are getting worse. The City Council have been very unhelpful with regard to this as the land that is slipping away belongs to the Council and they have done some work which was actually a complete waste of time. The consultant engineer was also instructed to look at it and did a report, and his report was sent to the Council and been ignored. One of the Trustees is a solicitor who ha5 retired from practice, and he has been writing to the Council and found them very unhelpful. Even worse was the fact that the Council agreed to meet on site and then did not turn up. This is a serious problem and would be quite expensive for the Charity to put right but it is not their land and therefore pressure is now going to be exerted on to the City Council which may involve legal costs which is something the Charity has tried to avoid. However, with the subsidence like it is there well could be a real problem for the property at the top subsiding or the foundations slipping. The Trustees have this in hand, but what is disappointin8 for the Charity is the fact that the City Council have not been helpful as they were not helpful in relation to the planning for Toronto Road. There is nothing more to say about the properties the rest of the properties are in good order. The financial position of the Charity ha5 improved again this year and what has helped is the increase in rent and also investment income. However the investments held by the Charity th at the 30 June 2025 compared with 30 June 2024 have reduced by £20,828. Hopefully over the next year this will improve. Grants have been at a reasonable level this year compared with last year as the Trustees decided to use some of their funds for grants which were wholly needed. The Trustees are happy with the position that the Charity is in at 30th June 2025 and the state of the finances and properties at that date. The Trustees have always considered the 8uidance issued by the Charity Commissioners on public benefit when making decisions, however some of these decisions were paramount to providing for the poor. All 8rants were discussed at Trustees meeting5 and funds provided or not depending on the Trustee5 a55e55ment. Thanks should be given to the Charity Clerk, Terry Tancock for all the work that he has put in. Some of the matters he has had to deal with on behalf of the Charity have been very time consuming and he has dealt with them well. Mr R Broom (Chairman) /. Dated=