EXETER CHURCH CHARITIES Registered Charity No. 203721
TRUSTEES’ ANNUAL REPORT & ACCOUNTS
YEAR ENDED 30! JUNE 2023
EXETER CHURCH CHARITIES Registered Charity No. 203721
CONTENTS
YEAR ENDED 30! JUNE 2023
Page no.
1-5 Trustees’ Report 6 Independent Examiner’s Report
7-9 Receipts & Payments Accounts 10 Statement of Assets & Liabilities 11 Notes to the Financial Statements
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EXETER CHURCH CHARITIES Registered Charity No. 203721
The Trustees present their Annual Report and Accounts for the year ended 30" June 2023.
Legal and Administrative Details - Trustees
EX-OFFICIO The Lord Mayor of Exeter
CO-OPTED
Reverend S Austen St Leonard’s Rectory, 27 St Leonard’s Road, Exeter, EX2 4LA Re-appointed until 9" October 2027 First appointed 2017
Mr K Y Butler 7 Fairfield Road, Exmouth, EX8 2BL Reappointed until 8" April 2024 First appointed 2013
Dr I Howard
(Chairman from January 2023) Upham Barton, Farringdon, Exeter, EX5 2HZ Reappointed until 6"" January 2026 First appointed 2016
Dr L Howard
Upham Barton, Farringdon, Exeter, EX5 2HZ Reappointed until 6"" January 2026 First appointed 2016
Mrs A E Long 44 Beacon Heath, Exeter, EX4 8NR Reappointed until 6" October 2025 First appointed 2010
Mr K Owen
(Chairman of the Finance Committee) 41 Thornton Hill, Exeter, EX4 4NR Reappointed until 30" June 2027 First appointed 2016
Alderman N Shiel (Vice Chairman from January 2023) 26 Collins Road, Exeter, EX4 SDY Reappointed until 5" October 2026 First appointed 2004
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Exeter Church Charities Trustees’ Report for the Year Ended 30" June 2023
REPRESENTATIVE: (appointed by Alderman Mrs M E Danks Exeter City Council) 56 The Maltings, Church Street, Heavitree, Exeter, EX2 5EJ Reappointed until 30" June 2025 First appointed 2014 Cllr B Denning 10 Abbeville Close, Exeter, EX2 4SJ Appointed until 30" June 2025 First appointed 2022
Alderman Mrs O Foggin - 11 Kent Close, Exeter, EX2 5DH FirstResignedappointed21*' March2022 2023 - Alderman J F Landers Pound Park, Pinn Court Lane, Pinhoe, Exeter, EX1 3TG Reappointed until 30" June 2025 _ First appointed 1995 REGISTERED OFFICE _ 8 Silver Street, Thorverton, Exeter, EX5 SLT - - SURVEYOR AND CLERK Mr A J Crossley BSc HND MRICS, Chartered Surveyor. BANKS The Bank of Scotland, 33 Old Broad Street, London, BX2 1LB Scottish Widows, PO Box 883, Leeds, LS1 9TY SOLICITORS Michelmores Woodwater House, Pynes Hill, Exeter, EX2 S5WR - INDEPENDENT Mr J Coombs FCA, Simpkins Edwards LLP, EXAMINER The Summit, Woodwater Park, Pynes Hill, Exeter, EX2 SWS
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Exeter Church Charities Trustees’ Report for the Year Ended 30" June 2023
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Status of Charity
The Trusts are administered by twelve Trustees, comprising The Lord Mayor for the time being of the City of Exeter, the Ex-Officio Trustee; Four appointed by the Council of the City of Exeter, each for a term of four years, at an appropriate meeting of the Council; Seven co-opted by the Trustees, each for a term of five years, who must live or carry on a business in or near Exeter.
We are pleased and privileged to have a good team of Trustees from different backgrounds and experiences in life, including in Banking and Investments; General Practice Medicine and Nursing; Local Authority Housing, Education and Local Politics. We are also privileged to have three Aldermen, as well as the Rector of St Leonard’s Parish Church.
The Trustees appoint a Chairman and Vice Chairman, each to serve for a term of 2 years, and appoint a Chairman and members to a Finance Sub-Committee to meet as and when required.
The Exeter Church Charities, formerly known as the Exeter Municipal Charities (Church List), is governed by various Schemes of the Charity Commissioners as follows:The Exeter Charities (Church List) Almshouse Charity Scheme of 1“ May 2003, amending that of 19" July 1995, which consolidated the Charities of Eliza Ann Rice, Flaye's, Lethbridge's and Davye's United Almshouses;
The Charity of Lawrence Seldon founded by will of 8 May 1598 and regulated by a Scheme of 16" April 1970; The Charity of Lawrence Bodley DD (including Gifts of Thomas Mogridge and Mary Wotton Copp) established by Schemes dated 29" January 1884 and 30" March 1899.
Activities and Objectives
The primary objectives of the Charity are to provide affordable housing, principally for those aged 55 and over; also to relieve poverty by means of money and other grants to individuals; and to provide assistance to Incumbents and Curates, in particular with their training and spiritual growth. In all cases the primary area of benefit is the City of Exeter.
Income is obtained from quarterly dividends on invested endowment funds and, in the case of the almshouses, also from contributions made by the residents towards the cost of repairs, insurance, management and other outgoings. The almshouses comprise six Grade II Listed one-bedroom houses known as Lethbridges in Parr Street, Newtown and four two-bedroom houses and eight self-contained onebedroom flats known as Flayes in Pinhoe Road, Whipton.
At the discretion of the Trustees and as funds allow, in accordance with Orders of the Charity Commission, part of the annual income from the residential accommodation is set aside for the cyclical and extraordinary repair and improvement of the homes.
The Charity is an active member of the Almshouse Association, whose advice and help they are always grateful to receive.
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Exeter Church Charities Trustees’ Report for the Year Ended 30" June 2023
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Review of the Year
The objectives have been maintained throughout the year in accordance with the schemes of the Charities.
The Trustees continue their adherence to the Charity Commission's guidance on public benefit, with the almshouse residents continuing to benefit from the provision of well-maintained, good quality, affordable housing and other beneficiaries continuing to be assisted where needs are identified.
Throughout the year the Trustees have continued to hold quarterly meetings and this year the venue has been the St Leonards Church Centre, on account of the ease of parking and also because the City Council have substantially increased their charges for making use of their facilities.
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Since January 2023, Dr Ian Howard has been the Chairman and Alderman Norman Shiel the Vice Chairman. Mr Keith Owen has continued as the Chairman of the Finance Committee.
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Mr Andrew Crossley of Cherry & Cherry, who is a Chartered Surveyor, has continued in his role as the Surveyor and Clerk to the Trustees, ably assisted by his wife, Lynda Crossley, who is a Chartered Accountant employed by Cherry & Cherry.
The quarterly Trustees’ visits to both Flayes and Lethbridges continued as usual in September 2022, December 2022, March 2023 and June 2023.
There have been no vacancies in any of the Almshouses this year, although it is noted that a number of the residents are now more elderly and infirm. This does present some additional challenges but the Trustees are determined to ensure that their residents are able to stay in their homes for as long as they possibly can (under the watchful care and supervision of the appropriate care and medical providers).
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An application was received for assistance from the Bodley and Mogridges Fund during the period under review and the Trustees were therefore able to distribute all the funds available that they wanted to.
The Trustees have previously examined the major strategic business and operational risks which are faced by the Charity and have established procedures to mitigate these risks. This included reviewing the buildings’, Trustees' indemnity and other relevant insurance cover to ensure their continuing adequacy and suitability and arranging appropriate service contracts and inspections to comply with their obligations under gas and electricity safety regulations.
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Details of the income and expenditure in the various housing and non-housing charities are as attached to this report. The total reserves at the end of the financial period were £4,820,779 (2022 - £3,829,176); of these, the income reserves, being determined as the net non permanent endowment assets of the charity, totalled £692,182 (2022 - £635,955).
For housing, a surplus of income over expenditure for the year was budgeted of £25,778. However, there was actually a surplus for the year of £35,073. As in previous years, this was partly because the Almshouse Association recommends that the Charity budgets for 72% of their residents’ income to be lost through nonpayment of the maintenance contributions and void periods.
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Exeter Church Charities Trustees’ Report for the Year Ended 30" June 2023
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However, the Charity’s Residents are generally good at making their payments on time and we had no void periods this year. This surplus is also assisted by an income of £13,239 from the Charity’s investments with CCLA.
The Trustees are not complacent about the fact that the Charity has a reasonably large surplus of funds because building costs have continued to rise throughout the year and of course there has also been an alarming increase in the general rate of inflation, which will have effectively reduced the purchasing power of the Charity’s funds. In addition, the Trustees are still mindful of the fact that it may be possible to take on additional properties in the future and clearly such a venture would require a substantial amount of capital.
At the start of the financial year the Charity enjoyed a wonderful celebration and tree planting ceremony at their Lethbridge Almshouses to commemorate Her Majesty Queen Elizabeth II’s Platinum Jubilee and also Alderman Landers 25+ years as a Trustee for Exeter Church Charities. The Right Worshipful the Lord Mayor Councillor Mrs Yolonda Henson and her Consort were in attendance as the Charity’s special guests of honour, along with Alderman Landers and his family and friends, the residents, and all the Charity’s trade and professional people, who faithfully assist the Charity throughout the year. The 15“ July was a wonderful sunny day and the guests greatly enjoyed their time together and a sumptuous cold buffet feast and drinks.
Early in 2023, the Trustees authorised the Finance Committee to carry out an indepth review of the Charity’s finances. One of the underlying questions is, is it possible for the Charity to achieve more capital growth on its funds by investing outside the charity sector but without taking on any more risk than is currently inherent in its CCLA investments in the charity sector? Appointing an Independent Financial Advisor is also being considered.
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On behelf of the Trustees
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Dae \lor aca
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Exeter Church Charities Independent Examiner’s Report for the Year Ended 30™ June 2023
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Independent examiner’s report to the Trustees of Exeter Church Charities
| report on the accounts of the Charity Trustees on my examination of the accounts for the charity for the year ended 30 June 2023 which are set out on pages 7 to 11.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
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| report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and, in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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- the accounts do not accord with those records; or
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- the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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J L COOMBS MA (Cantab) FCA
Simpkins Edwards LLP
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Date. 27 (Yooneg oLe 24
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Chartered Accountants
The Summit Woodwater Park Pynes Hill Exeter EX2 5WS
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Exeter Church Charities Trustees' Report for the Year Ended 30th June 2023
1. RECEIPTS & PAYMENTS ACCOUNT
Davey's, Lethbridges, Flayes United Charities and Eliza Ann Rice Trust (Housing)
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|YEAR|ENDED|30TH|JUNE|2023|
|Year|ended|Year|ended|
|7|30th|June|2023|30th|June|2022|
|£|£|£|£|
|—|Income|Receipts|
|Maintenance|Contributions|103,803|100,415|
|Investment|Income|
|COIF|Income|Units|10,563|10,419|
|Property|Units|2,676|13,239|2,677|13,096|
|Interest|on|Scottish|Widows|Account|172|50|
|Other|Receipts|
||Energy|Support|Scheme|payments|400|-|
|Refund|from|South|West|Water|281|681|-|-|
|—|Total|Receipts|117,895|113,561|
|Expenditure|
|Insurance|3.325|2,558|
|Insurance|Rebuild|Cost|Assessment|Report|398|-|
|Proportion|of Clerk's|Fee &|General|Exps|(97.91%)|29,527|35,538|
|Proportion of Independent|Examiner's|Fee|(97.91%)|1,028|951|
|Water|Rates|4,953|5,973|
|—|Improvements|14,045|3,103|
|Cyclical|Repairs|15,850|25,083|
|Routine|Maintenance|7.411|4,924|
|~|Communal|Lighting|294|183|
|Grounds|Upkeep|3,520|3,732|
||AlmshouseTV|LicencesAssociation|Subscription|2333/|22245|
|Platinum|Jubilee|Celebration|at|Lethbridge|Cottages|1,566|-|
|—|Sundry|Expenses|635|383|
|Total|Payments|82,822|82,695|
|Surplus|Receipts|over Expenditure|for the|Year|35,073|30,866|
|~|Cash|at|Bank|as|at|30|June|2022|284,092|263,226|
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|319,165|294,092|
|—|Less:|Transfer|to|Extraordinary|Repair Fund|(COIF|Acc|Units)|40,000|10,000|
|Cash|at|Bank|as|at 30|June|2023|279,165|284,092|
|~|(£229,165|in Bank|of Scotland &|£50,000|at|Scottish|Widows)|
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Exeter Church Charities Trustees' Report for the Year Ended 30th June 2023
2. RECEIPTS & PAYMENTS ACCOUNT Bodley & Mogridges Charity
YEAR ENDED 30TH JUNE 2023
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|Year|ended|Year|ended|
|30th|June|2023|30th|June|2022|~|
|£|£|£|>a|
|Income|Receipts|
|Investment|Income|=|
|COIF|Income|Units|1,417|1,398|
|Total|Receipts|1,417|1,398|
|Expenditure|7|
|Grants|for period|in|augmentation|of the|stipends|1,500|-|=|
|of incumbents|of parishes|in|the|City|of Exeter|
|Proportion|of Clerk's|Fee &|General|Expenses|370|447|=|
|plus|Independent|Examiner's|Fee|(1.18%)|
|Total|Payments|1,870|447|
|Excess|Expenditure|over|Receipts|for|the|Year|(453)|1|_||
|Cash|at|Bank|as|at|30|June|2022|10,017|9,066|
|Cash|at Bank|as|at|30|June|2023|9,564|10,017|
|(Bank|of Scotland)|
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Exeter Church Charities Trustees' Report for the Year Ended 30th June 2023
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3. RECEIPTS & PAYMENTS ACCOUNT
Seldons Charity
YEAR ENDED 30TH JUNE 2023
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|Year|ended|Year|ended|
|30th|June|2023|30th|June|2022|
|£|£|£|£|
|Income|Receipts|
|Investment|Income|
|COIF|Income|Units|1,092|1,078|
|~|Total|Receipts|1,092|1,078|
|Expenditure|
|Grants|-|1,300|
|Proportion|of Clerk's|Fee &|General|Expenses|286|347|
|plus|Independent|Examiner's|Fee|(0.91%)|
|Total|Payments|286|1,647|
|Surplus|Receipts|over|Expenditure|for the|Year|806|(569)|
|Cash|at|Bank|as|at|30th|June|2022|8,470|9,039|
|Cash|at Bank|as|at|30th June 2023|9,276|8,470|
|(Bank|of Scotland)|
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Exeter Church Charities
Trustees' Report for the Year Ended 30th June 2023
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4. STATEMENT OF ASSETS & LIABILITIES
AS AT 30TH JUNE 2023
| AS AT 30TH JUNE 2023 | ||||||
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| 30th June 2023 | 30th June 2022 | |||||
| £ | £ | |||||
| Almshouses | ||||||
| Property - see note | 3,625,156 | |||||
| Investment Units | No | of | MktValue | Additions | Disposal | Mkt Value |
| Units | 30/06/23 | atCost | Proceeds | 30/06/22 | ||
| £ | £ | £ | £ | |||
| COIF Income Units | ||||||
| Housing | 19,389 | 364,646 | - | - | 353,583 | |
| Bodley& Mogridges | 2,602 | 48,936 | - | - | 47,452 | |
| Seldons | 2,005 | 37,708 | - | - | 36,565 | |
| 451,290 | 437,600 | |||||
| COIF Charities Property Fund Units | ||||||
| Housing | 47,797 | 52,151 | - | - | 65,692 | |
| COIF Accumulation Units | ||||||
| Housing - see note 2 | 1,700 | 393,921 | 40,000 | - | 332,567 | |
| Cash at Bank | 30th June 2023 | 30th June 2022 | ||||
| £ | £ | |||||
| Bank ofScotland | ||||||
| Housing | 229,165 | 234,092 | ||||
| Bodley& Mogridges | 9,564 | 10,017 | ||||
| Seldons | 9,276 | 8,470 | ||||
| 248,005 | 252,579 | |||||
| Charities Deposit Fund - | ||||||
| Scottish Widows | 50,000 | 50,000 | ||||
| Total | 298,005 | 302,579 | ||||
| Debtors | ||||||
| Housing - maintenance arrears | 722 | 1,264 | ||||
| Liabilities FallingDue Within the | Year | |||||
| using- naintenance contributions |
overpaid | 466 | 455 | |||
| / SignedWysamsss12Mewsvans«carusdisamawssaacteneanass |
‘ carusdisamawssaacteneanass |
carusdisamawssaacteneanass | DateWlorlacay | Wlorlacay |
/ ‘ Signed Wy samsss 12 Mewsvans « carusdisamawssaacteneanass on behalf of the Trustees
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Date Wlorlacay
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Notes (see over)
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Exeter Church Charities Trustees' Report for the Year Ended 30th June 2023
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- |. Freehold land and buildings vested in the Official Custodian for Charities and comprising:1-6 Lethbridge Almshouses, Parr Street, Exeter
4 Houses and 8 Flats at Flayes, Pinhoe Road, Exeter
In the absence of a professional valuation the Trustees are unable to state the market value of the almshouses as at 30th June 2023. However, during the period under review, the sum insured was assessed by Rebuild Cost Assessment Ltd and increased to £3,625,156. This is figure included on the Balance Sheet as at 30th June 2023.
- During the year, an additional 175.69 COIF Accumulation Units (Extraordinary Repair Reserve) were purchased at a cost of £40,000.
Notes to the Financial Statements
1. Accounting Policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards and Charity Commission guidance in the form of CC16 for charities preparing financial statements on a receipts and payments basis.
2. Trustee Expenses or Remuneration
No trustee expenses or remuneration have been paid in the period under review.
3. Employees
There were no employees in this year or the preceding year.
4. Independent Examiner's Fee
Year ended 30th June 2023 - £1,104 (2022 - £1,050)
5. Summary of Funds
| Fund | Housing | Bodley& | Seldons | |||
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| Mogridges | ||||||
| — | Almshouses | Permanentendowment | 3,625,156 | - | - | |
| COIF Income | Units | Permanent endowment | 364,646 | 48,936 | 37,708 | |
| COIF Property Fund Units | Permanent endowment | 52,151 | - | - | ||
| ~ | COIF AccumulationUnits | Extraordinary RepairFund | 393,921 | - | - | |
| Deposit Fund | General | 50,000 | - | - | ||
| __ | Cash at Bank | General | 229,165 | 9,564 | 9,276 | |
| Debtors | General | 722 | - | - | ||
| Total Assets | 4,715,761 | 58,500 | 46,984 | |||
| — | Creditors | General | 466 | - | - | |
| Net Assets | 4,715,295 | 58,500 | 46,984 | |||
| ~ | Represented by:- | |||||
| Unrestricted General Funds | 279,421 | 9,564 | 9,276 | |||
| - | Designated General Funds | |||||
| Extraordinary RepairReserve | 393,921 | - | - | |||
| Permanent Endowments | 4,041,953 | 48,936 | 37,708 | |||
| 4,715,295 | 58,500 | 46,984 |
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