BISHOP PHILPOTh'S AND DEAN BOYD'S CHURCH ENDOWMENT FUNDS Charity registration number: 203480 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 The trustees present the report and financial statements for the year ended 5 April 2025. LEGAL AND ADMINISTRATIVE DETAILS Charity Name: Charity Registration Number: 203480 Oate of Formation: 8 February 1889 Pri ncipal Office: 1 The Cloisters, Exeter, Devon, EX11HS BISHOP PHILPOTTS, AND DEAN BOYD'S CHURCH ENDOWMENT FUND Trustees The Trustees who served d uring the period are as follows.. The Very Reverend jonathan Greener The Reverend Canon james Mustard The Reverend Canon Dr Chris Palmer Giles Fram pton FCA lenny Ellis CB The Reverend Canon Cate Edmonds The Reverend Canon Deborah Parsons Barnabas Hurst-Ban n ister Marl< Yallop CBE lan King john Lee OBE DL The Venerable Nick Shutt Bankers National Westminster Ban1< plc 59 H igh Street EXETER EX4 3DL Investment Managers CCLA Investment Management LTD Senator House 85 Queen Victoria Street London EC4V 4ET
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Chaf Ity is an unincorporated trust set out in a scheme as amended by a Trustees. re501ution. Recrnitment and Appointment of Trustees The Trustees of Bishop Philpotts, and Dean Boyd's Church Endowment Fund are the Dean & Chapter of Exeter Cathedral who have managed and administered the trust's funds since inception. All Trustees give their time voluntarily and received no benefits from the Charity. OBIECTS AND ACTIVITIES Objects To advance the religious and other charitable purposes of the Church of England in the Dioceses of Exeter and Truro. Artivities The primary activity undertaken by the Charity is grant mal<ing, on application, for relief of clergy and dependents or any other body that fu rthers the charitable pu rposes of the Church of England i n the Dioceses of Exeter and Truro. The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. Achievements and Performance In 202412025, 15 different recipients received over £32,000 in grants. These grants have provided financial support to clergy, principally in connection with their children's education, a contribution to the enthronement costs of the new Bishop of Exeter and a contribution to the Growing Faith Strategic Leaders Programme ru n by Exeter Diocese. FINANCIAL REVIEW The Charity received £25,415 income in the financial period, principally as dividend income from invested shares. Total expenditure was £32.713. The deficitfor the year was £7,297. At the year end, the charity held £46,465 in bank accounts and cash deposit accounts and £880,369 invested in CBF Church of England Investment Funds, managed by CCLA. Principal Funding Source The principal founding source for the Charity are dividends paid from shares invested in the CBF Church of England Investment Fund.
Investment Policy The charity holds long term investments to generate a return of at least 5% per annum in excess of inflation over a 5-7year term to fund its charitable objectives. Reserves Poliry The Trustees believe it appropriate to hold between 6-12 months of annual income as reserves. This is to allow grant expend iture to be paid at any stage of the financial year and permits flexibi lity should a higher volume of grant applications be received in any one financial year. Should the reserve levels fall outside these parameters, the Trustees will adjust budgeted expenditure accordingly i n the next fi nancial year, At the year end, the Charity held £46,465 of free reserves that equates to 22 months of reserves. The Trustees will look to seek further grant applicants in 202512026, Related Party Transartions There have been no related party transactions in the financial period that require disclosure. Safeguarding There are no safeguarding issues that affect this Trust. Approved by the Trustees and s for and on behalf of the Trustee5. Giles Frampton FCA IG The Very Rev d jonathan Greener
Bishop Phillpotts, and Dean Boyd's Churth Endowment Funds Recelpts and Payments Atcount forthe Ye&rende 5th Apyil 2025 2024 Unre5tri¢ted Re5tricied permanoDI Endowment Total Fvlld5 Total Fund5 Income Di¥idÈnds 24,919 497 24,919 497 24,429 480 DepOt èCCDunt Interest Total receltys 25,415 25.415 24,908 Pa ments Grants 32,494 32,494 29.102 Irbve51ed ID CCLA Managemènt & admln5stration fee 219 219 1,307 Total payments 32,713 32,713 30,409 Net incoMellp8yrnentsl lor the year 17,2971 17.2971 15,5011 Cash & Sank balances èt5th April 2024 53,762 53.762 59,263 Cash & Bank balaThces at 5th Aprll 2025 46.465 46,465 53.762 StaiemeDt of AssEts and Ilabllltle5 Casb at Barnk Bank Deposlt 3tcouni-CCLA B3nk Current account- N3twest 10543 35,922 10,543 35,522 10,047 43,716 Investment5 8,304 CBF Investment Fund th3re5 31,231 C8F Investment FurK$ shares 184,915 695,454 184.915 695,454 187,714 705,982 Total Assèts 46,46S 880,369 926,834 947.459 Approved by the Board ofTrustee5 on and signed on Its behalf bv Trustee
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Independent Examiiier's Report Reportto the trustsèy of Bishop Philpott's and Dean Boyd's Church Endowmenl Funds On accounts forthe year endod 5th Apipl 2025 Charlty no (If any) 203480 Sot oul on pag8S As attathed Respective The charity's truslees are responsible for the prep8ration of the accounts. responsiblliti05 of The tharily's trustees consider thal an audit is not required for this year trustees and examiner under seth'on 144 of the Charities Act 2011 (the Charities Act) 8nd that an independent examination is needed. It is my responsibility to.. examine Ihe accounts under section 145 of the Charities Acl. to follow the procedures laid down in the general Directions given by the Charity Cgmmlsslon (under section 145(5){bl of the Charities Act, and to ale whether pÈrticular matters have come lo my attention. Basls of Indepondent My examinatlon was carried out in accordan with general Directions given examlnor's statsmont by the Charity Commlssion. An examination includes a review of the accounling records kept by the charity and a compari80n of the acwunls presented with those recolds. 11 also includes considerats.on of any unusual items or disdosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit, and ConsequenY no opinion is given as to whether the accounts pre8ent a'true and fail vtew and the report is limited to those matter8 sel out in the statement below. Independent In connection wilh my examination, no material m8tters have come to my examiner's statement attention whiGh gives me cause to believe that in. any material respect: accounting records were not kepl in acurdance with section 130 of the Charities Act or the accounts do not accord with the accounling records I have come across no other matters in connection with the examination to which attention should be drawn in order to en8ble a proper understanding ofthe a unls to be reached. Slgned: 6 June 2025 Name: obert John Soutter Ral•vant profésslonal qualbllcatlon(s) or body (If any)". Fellow of the Charteréd Institute of Bankers Address: 12 Westlands, 25 Douglas Avenue, Exmouth, EX8 2A8