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 T￿Stee$ 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 T￿SteeS 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
Tn￿lee$, 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