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
DepO￿t 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
Consequen￿Y 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