EXETER CHURCH CHARITIES Re istered Chari Iyo. 203721 TRUSTEES, ANNUAL REPORT & ACCOUNTS YEAR ENDED 30TH JUNE 2024
EXETER CHLRCH CHARITIES istered Chari No. 203721 COLYTENTS YEAR ENDED 30TH JUNE 2024 eno. Trusle¢s' Report Independent Examiner's Report Receipts & Payments Accounts io Statement of Assets & Liabilities Notes to the Financial Statements
Exeter Church Charities Trusiees. Annual RekX)n and Account5 for the Year Ended 30 June 2024 EXETER CHIIRCH CHARITIES istered Chari No. 203721 The Tru%tees present their Annual Report and Accounts for the year ended 30, June 2024. al and Administrative Details - Truslees EX-OFFICIO The Lord Mayor of Exeler CO-OPTED Reverend S Austen St Leonard's Rectory. 27 St Leonard's Road, Exeter, EX2 4LA Resigned I l January 2024 First appointed 2017 Mr K Y Butler 7 Fairfield Road, Exmouth. EX8 2BL Reappointed until 8 April 2029 First appointed 2013 R¢verend S P Cumming (Bishop's Appointment) 182 Mincinglake Road, Stoke Hill, Exetei, EX4 7DS Appointed I" May 2024 Dr l Howard (Chainnan from January 2023) Upham Barton, Farringdon, Exeter, EX5 2HZ th 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 (Chainnan of the Finance Committee) 41 Thornton Hill, Exeter, EX4 4NR Reappointed until 30 June 2027 First appointed 2016
Exeter Church Charities Truste¢s' Annual Report and Accounts for the Year Ended 30 June 2024 Aldennan N Shiel (Vice Chaimian from January 2023) 26 Collins Road, Exeter. EX4 5DY Reappoinled until 5, October 2026 First appointed 2004 REPRESENTATIVE.. (appointed by Exeter City Council) Aldernlan Mrs M E Danks 56 The Maltings, Church Sireet. Heavitree, Exeter, EX2 5EJ th Resigned 30 June 2024 Firsl appointed 2014 Cllr B Denning l O Abbeville Close, Exeter. EX2 4SJ Resigned 6, May 2024 First appointed 2022 Cllr A Sheridan Brookfield, Old Pinn Lane, Exeter, EXI 3RF Appointed 18 July 2023 HONORARY TRUSTEE Aldennan J F Landers Pound Park, Pinn Court Lane, Pinhoe. Exeter, EXI 3TG REGISTERED OFFICE 8 Silver Str¢¢t, Thorverton, Exeter. EX5 SL T SURVEYOR AND CLERK Mr A J Crossley Bsc FND MRICS, Chart¢r¢d Surveyor. BANKS The Bank of Scotland, 33 Old Broad Street, London, BX2 1 LB Scottish Widows, PO Box 883, L¢¢ds, LSI 9TY SOLICITORS Michelmores Woodwater House, Pynes Hill, Exeter, EX2 5WR INDEPENDENT EXAMINER Mr A Hemmings BA (Hons) FCA CTA Simpkins Edwards LLP, The Summit, Woodwater Park. Pynes Hill, Exeter, EX2 5WS
Exeter Church Charities Trustees, Annual Report ond Accounts for the Year Ended 301h June 2024 Status of Chari The Trus1% are administered by twelve Trustees, comprising The Lord Mayor for the time being of the C ity of Exeter. the Ex-officio Trustee; Four appointed by the Council of th¢ Cit>, ol. F.xeter. each for a term of four years, at an appropriate meeting of the Council; Seven co-opted by ihe Trustees, each for a lem] of five years. who must live or cany on a business in or near Ex¢t¢r. One of the co-opt¢d Trustees is a Bishop s Appointment. 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. The TStee$ appoint a Chainnan and Vice Chaimwi. each to serve for a terni of 2 years. and apwint a Chaim]an and members to a Finance Sub-committee to meet as and when required. The Exeter Church Charities, fomjerly known as the Exeter Municipal Charities (Church List), is governed by various Schemes of the Charity Commissioners &s follows:. The Exeter Charities (Church List) Almshouse Charity Scheme of I" 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 Schem¢ 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 Ob eelives 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 iheir 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 alrnshouses, also from contributions made by the residents towards the cost of repairs, insurance, management and other outgoings. The almshouses comprise six Grade 11 Listed one-bedroom houses knowi as Lethbridges in Parr Street. Newcown and four two-bcdroom houses and eight self-contained one- bedroom flats known as Flayes in Pinhoe Road, Wl]ipton. At the discretion of the Trustees and as funds allow, in accordance wÈth Orders of the Charity Commission, part of the annual income from the residential accommodaiion is set aside for the cyclical and extraordinary repair and improvement of th¢ homes.
Exeter Church Charities Trust¢es' Annual Report and Accounts for th¢ Year Ended 30 June 2024 Revieiv of the Year The objectives have been maintained throughoul 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 r¢sidents continuing lo beneftt 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 at St Leonards Church Centre. Since January 2023, Dr Ian Howard has been the Chairman and Aldennan Norn)an Shiel the Vice Chairnian. Mr Keith Owen has continued as the Chaiman of the Finance Committ¢e. The Trustees were very sorry to receive the resignation of Aldennan Mrs Margaret Danks, who has mosi faithfully and effectively served the chartt}' for l O years. The TSteeS were also sad to Icarn of the death of one their more recently retired and well-respected Trustees, Mrs Dilys Baldwin, who passed away in February. Aldernian Mrs Yolonda Henson had hoped io b¢¢ome a Trustee but. for health reasons, had had to decline the invitation. The Trustees were also sorry to learn thai their long-standing Surveyor and Clerk, Mr Andrew Crossley of Chartered Surveyors Cheny & Cherry, and hRs wife Lynda iniend to stand down from the post and retire. They are however grateful that Andrew has agyreed to remain in post until a replac¢m¢nt can be found. The quarterly TTUStees' visits lo both Flayes and Lethbridges continued as usual in September 2023, December 2023. March 2024 and June 2024. There have been no vacancies in any of the Almshouses this year, although, in January, the Trnstees 'ere sorry to leam of the sad passing of one their L¢thbridge residents, Mrs Kathleen Gailor, at the age of 87. They are also conscious that some of their residents are now more elderly and receiving help and support via social services and or their families or close friends. The Chariiy has needed to respond to this changing dynamic and has a number of individual situations under review. This does present some additional challenges bui ihe Trustees are deterrnined 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 ihe appropriate care and medical providers). Three applications were received for assistance from the Bodley and Mogridges Fund during the period under revtew i]nd the Trustees were therefore able to distribute all the funds available that they wanted to. The Trustees have previously examined ihe major strategic business and operational risks which are faced by the Charity and have established procedures to mitigate these risks. This included reviewing th¢ buildingJs', Trustees, indemnity and other relevant insurance cover to ensure their Continuing adequacy and suitability and arranging appropriate service contracls and inspections to comply with their obligations under gas and electricity safely regulations. Details olthe income and expenditure in the various housing and non-housing charities are as attached to this report.
Exeier Church Charities Trustees, Annual Report and Account5 for the Year Ended 30, June 2024 The total reserves at the end of the financial period were £5,151,136 (2023 - £4.820.779): of Ihes¢. th¢ in¢ome reserves, bein&) detennined as the net non pern]anent endom'ment assets of the charity, totalled £781.102 (2023 £692.182). For housing, a surplus of income over expendilure for the year was budgeted of £25.255. However, there was actually a surplus for the year of £44,616. As in previous years, this was partl), because the Almshouse Associalion recommends thal the Charity budgets for 7,/2 /0 of their residents, income to be lost through non- paymenl of the maintenance conlributions and void periods. However, the Chartty's residents are generally good at making their payments on time and we had no void periods this Jear. This surplus is also assisted by an income of £13.280 from the Charity's investments with CCLA and, this year, £6.414 bank interest following a rise in interest rates. The Truslees are not complacent about the fact that the Charity has a reasonably large surplus of funds because building cosis have continued to rise throughout the year and ol. course there has also been a significant increase in the general rate of inflation, which will have effectively reduced the purchasing power of the Charity's funds. In addilion, 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 capilal. The Charily's ongoing review of ils investments has continued apace and the Chaimwi's 5p¢cial ihanks are extended to the members of the Finance Committee for their hard work and diligence in this matter. This review has culminated in the appointment of Redmayne Bentley as the Charity's independent financial advisors. with a remit to invest £200,000, although the Charity will also still maintain its long-standing and valued relationship with the inv¢stment fund managers CCLA. Conlact with the Charity Commission has been through the usual annual submission of accounts but this year it was also noted that much more infomiation was required conceming policies, plans etc. Whilst the requests for rnore infornlation was not unwelcome per se, they demonstrate once again th¢ extra burden being plac¢d on small charities and their trustees, without any reciprocal benefits coming ihe other way (for example relief on V AT). Once again, the Trustees would lik¢ lo extend their grateful thank5 and apprc¢iation to the Almshouse Association for all the good work they do in supporting almshouse charities throughout the country. Looking to the future, the Trustees have started to think about the next five-year plan, fro June 2026 to June 2030, and are conscious that the increases in inflation over the t 5 years and the currenl squeeze on pensioners. incomes, will make planning or a reasonable surplus over the next 5 years more difficult. edb On behalf of e.l¥wstees Date
Exeter Church Charities Trustees. Annual Report and Awounts for the Year Ended 30 June 2024 Independent examinerfs report to the Trustees of Exeter Church Charitie5 I report on the accounts of the Charty Trustees on my examination of the account5 for the charity for the year ended 30 June 2024 which are sel out on pages 7 to 11. Responslbllbties and bas18 of report As the charity's tTUStees, you are responsible for the preparation of the accounts in accordance with the requirements of the Chartlies Act 2011 I'lhe Act'i. I report in respect of my examination of the charity's accounts carried out under seclton 145 of the Act and, in carying out my examination I have followed all the applicable Directions given by the Chanty Commission under section 14515llb} of the Act. Indepondont examlner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accountsng records were not kept in respect of the charity a$ qUired by section 130 of the Act." or the accounts do not a¢¢ord with those records., or the accounts do not comply with the applicable requirements Concerning the form and conlenl of accounts sel out in the Charities IAccounts and Report51 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. I have no concerns and have come across no other matters in conne¢lion with the examinatson to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. /a"/ MrA Hgmmings BA (Honsl FCA CTA for and on behalf of Simpkins Edwards LLP Date.. The Summit Woodwaler Park Pynes Hill Exeter Devon EX2 5WS
Exeier Church Chariiies Trustees. Annual Report and Accounts far the Year Ended 30th June 2024 I. RECEIPTS & PAYIWIENTS ACCOUNT Dal'e s Lethbrid es United Chartties and Eliza Ann Rice Trust Housin YEAR ENDED 30TH JUNF, 2024 Year ended 30th June 2024 Year ended 30th June 2023 ncome Re¢ei ts Maintenance Contributions Inveqtment Income 106,567 103,803 COIF Income Units Property Units 10,604 2.676 10.563 2,676 13,280 13.239 Bank Interest Scoltish Widows Account Bank of Scotland Deposit Account Other Recei ts Energy Support Scheme payments Refund frorn EDF Energyjsouth West Water 666 5,748 172 6,414 172 400 281 229 229 681 Total Receipts 126.490 117.895 enditure Insurance Insurance Rebuild Cosi Assessment Report Proportion of Clerk's Fee & Gen¢ral Exps Proportion of Independent Examiner's Fee Water Rates Major repairsqmprovem¢nts Cyclical Repairs Routtne Maintenance Communal Lighting Grounds Upke¢p Almshouse Association Subscription TV Licences Platinum Jubilee Celebration at L£thbridge Cottages Sundry Expenses 3,331 3,325 398 29.527 1,028 4,953 14,045 15,850 7.411 294 3,520 233 37 1,566 635 36,427 1,097 5,049 10,608 9,608 8.569 671 5,320 407 23 764 Total Payments 81.874 82.822 Surplus Receipts over Expenditure for the Year 44,616 35,073 Cash at Bank &$ at 30 June 2023 279,165 284,092 323.781 319.165 40,000 Less: Transfer to Extraordinary Repair Fund (COIF Acc Units) Casb Ydt Bank as at 30 June 2024 (£273,781 in Bank of Scotland & £50,000 at Scottish Widows) 323,781 279,165
Exeter Church Charities Tru5tee5' Annual Report and Accounts for th¢ Year Ended 30th Jun¢ 2024 2. RF.CEIPTS & PAYMENTS ACCOUNT Bodlc , & Mo rid es Chari YEAR ENDED 30TH JUNE 2024 Year ended 30th June 2024 Year ended 30th June 2023 Income Recei ts Investsnent Income COIF Income Units 1,423 ,417 Bank Interest Bank of Scotland Deposit Account 240 Total Re¢eipl$ 1,663 1,417 enditure Grants for period in augmenlation of the stipends of incumbents of parishes in the City of Exeter 2,124 1.500 Proportion of Clerk's Fee & General Expenses plus Independent Examiner's Fee 140 370 Total Payments 2.264 1.870 Excess Expenditure over Receipts for the Year (601) (453) Cash ai Bank as at 30 June 2023 9,5fv1 10,017 Cash at Bank as at 30 June 2024 (Bank ol. Scotland) 8,963 9,564
Exeter Church Charities Trustees, Annual Report and Accounts for the Year Ended 30th June 2024 3. RECEIPTS & PAYMENTS ACCOUNT Seldons Chari YEAR ENDED 30TH JUNE 2024 Year ended 31hh June 2024 Year ended 30th June 2023 Income Re¢¢1 ts Investment Income COIF Income Units 1,096 1.092 Bank Inlerest Bank of Scotland Deposit Account 233 Total Receipts 1,329 1.092 enditure Grants Proportion of Clerk's Fee & General Expenses plus Independent Examiner's Fee loo 286 Total Payments loo 286 Surplus Receipts over Expenditure for the Year 1.229 806 Cash at Bank as at 30th June 2023 9,276 8.470 Cash 21 Bank as at 30th June 2024 (Bank of Scotland) 10.505 9,276
Exeter Church Charities Tnlee$, A[U&l Repon and Accounts for the Year Ended 30th June 2024 4. STATEMENT OF ASSETS & LIABILITIES AS AT 30TH JUNE 2024 30th June 2024 Oth June 2023 Almsbouses Property - see note I 3,832.514 3,625,156 Investment Units No of Mkt Value Additions Dis osal Mkt Value Units 30106124 at Cost Pro¢¢¢ds 30106123 COIF Income Units Housing Bodley & Mogridges Seldons 19,389 2,602 2.005 394,398 52,929 40.785 488,112 364,646 48,936 37,708 451,290 COIF Charities Pro Housing COIF Accumulation Units Housing- see note 2 Fund Units 47.797 49,408 52.151 1.700 438,064 393,921 C95h at Bank 30th June 2024 30th June 2023 Bank of Scotland Housing Bodley & Mogridges Seldons 273,781 8,963 10,505 293,249 229,165 9,564 9,276 248,005 Charities Deposit Fund - Swttish Widow5 50,000 343,249 50,000 298,005 Total Debtor5 Housing- maintenan¢¢ arrears 277 722 Liabilities Fallin Due Withbn ibe Year Housing- maintena e contributions overpaid 488 466 Signed by . on behalf of the Trust Date . es Not¢s (see over) 10
Exeter Church Chorities Tru5tees' Annual Report and Accounts for (he Year Ended 30th June 2024 otes l. Freehold land and buildingis vesled 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 2024. However. during the period under review, the sum insured as increas¢d to £3,832,514. In the previous year. the sum insured had been assessed by Rebuild Cost Assessment Ltd and incrcased to £3,625.156, $0 this fig7ure was included on the Ststement of Assets & Ltabililies as at 30th June 2023. Notes to the Financial Statements l. Accountin , Policies Basis of preparalion The financial statements have been prepared under the historical cost convenlion and in accordance with the applicable Accounting Standards and Charity Commission guidance in the forni of CC16 for charities preparing financial statements on a teceipts and payments basis. 2. Trustee Ex enses or Remuneration No trustee expenses or remuneration hai'e been paid in the period under review. ees There were no employees in this year or the pr¢c¢ding year. 4. Inde ndent Examinerfs Fee Year ended 30th June 2024- £1,170 {2023- £1,104) 5. Summa of Funds Fund Housin Bodle Seldons Almshouses COIF Income Units COIF Property Fund Units COIF Accumulalion Units Deposit Fund Cash at Bank Debtors Total Assets Creditors Net Assets Pernianent endowment Pennanent endowment Pemianent endownent Extraordinary Repair Fund CJeneral General General 3,832,514 394,398 49,408 438,064 50,000 273,781 277 5,038,442 488 5,037,954 52,929 40.785 8.963 10,505 61,892 51,290 General 61,892 51,290 Represented by'.- Unrestricted General Funds Designated General Funds Extraordinary Repair Reserve Pennanent Endowments 323,570 8.963 10,505 438,064 4,276,320 5.037,954 52,929 61,892 40,785 51,290