EXETER CHURCH CHARITAES stered Chari No. 203721 TRUStEES' ANNUAL REPORT & ACCOUNTS YEAR ENDED 30TH JUNE 2025
EXETER CHURCH CHARrrIES ' tered Cba 203721 CONTENTS YEAR ENDED 30TH JUNE 21)25 Trustees. Report Independent Examiner's Report 10-12 Reipts & Payments Accounts 13 Statement of Assets & LiabilitiCS 14 Notes lo the Financial Sialements
EXETER CHURCH CHARrriES 'stered Cbxri No. 203721 The TTUStees present thcir Annual RcFK)rt and Accounts for the year ¢lld 30th June 2025. Le 41 and Admlnlstratlve Detalls- Trustees EX4)FFICIO Th¢ LA)rd MayoT of Exelcr C(kOPTED Mr K Y Butler 7 Fairfield Roa4 Exmouth, EX8 2BL Reappointed until 8 April 2029 First appointrd 2013 R¢v¢rcnd S P Cumming (Bishop's Appointment) 182 Mincinglake Road, Stoke Hill, Exeter, EX4 7DS Appoinl¢d I. May 2024 Dr I Howard (Chairn)an from January 2023) Upham Barton. Farringdon, Exeter, EX5 2HZ Reappointcd until 6 January 2026 First appoint¢d 2016 Dr L Howard Upham Barton. Farringdo Ex¢l¢r, EX5 2HZ Reappoinied until 6 January 2026 First appointed 2016 Mrs A E Long 44 BearA H¢atty Excicr. EX4 8NR Reapinted until 6 October 2025 First appoint¢d 2010 Mr K Owcn {Chaim)an of the Finance Committee} 41 Thornton Hill. Ex¢ler, EX4 4NR Reappointed until 30th June 2027 First appointcd 2016 Ald¢rnian N Shicl (Vice Chaimian from January 2023) 26 Collins RO& Exe*r. EX4 5DY R¢apwinted until 5 October 2026 Firs¢ apwjinted 2CK14
REPRESENTATIVE: (Appointcd by Exeter City Council) Cllr A Sheridan Brookfiel(L Old PAnn lane, Exeter. EXI 3RF Appointed 18° July 2023 Mrs R H Sutton S Cranbmok Roa4 Excter, EX2 SHG Appointed 3° April 2025 HONORARY TRUSTEE Aldernwi J F Pound PaTL Pinn Court Lane. Pinho4 Exeter, EXI 3TG Died 12 Febnw 2025 REGFSTERED OFFICE 16 Church Hill. Pinhoe. Exe*r. EX4 9EU CLERK Miss Sutton BANKS Th¢ Bank of Scotla 33 Old Broad StreeL LAjnd0 BX2 1 LB Scottish Widows. PO Box 883, Leeds, LSI 9TY SOLICITORS Micheltnorcs W(x)dwater House. Pynes Hill, Exeter, EX2 5WR TNDEPENDENT EXAMtNER Mrs Lizzie Saunby MAAT. ACA, BFP Streets LLP. icY Tower Stre¢ Lincoln, LNI IXW
Tnthe8' RqM)rt and Alts for th¢ Year 3 Jwie 2025 Status of Chari The Trusts are administered by Iwelve Trust$. comprising The LA)rd Mayor for the time being of the City of Exrtu. the Ex-officio Trust¢e' Four appoint¢d by the Council of the City of Exeter. each for a tern] of four years. at an appropriate meeting of the Council: S¢v¢n ¢OwOPted by the Trusttts, cacb for a tem) of five years, who must live or carry on a busin¢ss in or near Ex¢t¢r. One of the co-opted Trust¢¢s is a Bishop's Appointmcnl. We arc pleascd and privileged io have a gLKMI rn of TnCeS from different backgrounds and experiences in life, including in Banking aNI Invutrn¢nts' GaKrdl Practice Medicine" Education aDd Local Politic& The Tnlstees appoint a Chaim]an aNI Vice Chairnwi, each to serve for a temi of 2 years, and appoknl a ChairnL4n and members to a Finance Sub-committee to meet as and when required. The Exeter Church Charities. fomierly known as the Exeter Municipal Charities (Church List). is governed by various Schemes of the Charity Commissioners as follows:. The Exeter Charities (Church List) Alrnshouse Charity Scheme of1$1 May 2003, amending that of19 July 1995, which consolidated the Charities of Eli7a Ann Ri¢¢, Fiay¢'s, L¢thbridg¢'s and Davyc's Unil¢d Almshouscs; The Chariiy OrwrenCe Seldon found by will of 8 May 1598 and regulated by a S¢h¢mc of16 April 1970: The Charity of Lawrence Bodley DD (including Gifts of Thomas Mogridge and Mary Wotton Copp) cstablishcd by Schcmcs datcd 29th January 1884 and 30, March 1899. Activiti 4nd Ob"e¢tives The primary objcctives of thc Charity arc to provide aftordablc housing, principally for those aged 55 and over: also to relieve poverty by means ofmoney and other gran(s to individuals (the Seldons Fund): and to provide assistance to Incumbents and Curates. in particular with their training and spiritual growth (the Bodley and Mogridges Fund). In 811 cases the primary area of benefit is the City of Exeter. Income is obtained from quarterly divid¢nds on inv¢stcd cndowmcni funds and, in th¢ case of the almshous¢s. also from contributions made by the residents towards the cost of repairs. insuranc< management and other outgoings. The almshouses comprise six Grade II Listed one-bc(knm known &s LAhbridges in Parr Street, Newtown and four tw04yedM houses and eight self-contatned one- bedroom flats known as Flayes in Pinhoe Roa(I Whipton. At the discretion of the Trustees and a5 funds allow, in accordance with Orders of the Charity Commission, part of the annual income from the residential accommodation is set aside for the Cycli1 and extraordinary repair and improvement of the homes.
Revlew of the Year The objectives have been maintained throughout the year in accordance with the schemes of the Charities. The TnteeS continue their adherence to the Charity Conllni&sion's guidance on public benefiL with the almshouse residents continuing to benefit from the provision of Well-malnraine good quality, affordable housing and other beneficileS continuing to be assASted where needs are identifJe(L Throughout the year the Tntstees have continued to hold quarterly meetings at St Lconards Church Centre. Since January 2023. Dr Ian Howard has been the chair at)d Aldern)an Nom]an Sbiel and Mrs Anith Long have been the joint Vice Chair. Mr Keith Owen has continued as the Chairnian of the Finance Committee. The Trustees were saddened to learn of the death of their much- respected Honorary Trstee Alderman Landers, who passed away in F¢bnwy 2025. Mr Andrew Cro&sley. hel1 by his wife Lynd4 of Chartered Surveyors Cherry & Cherry continued in the Tole of Surveyor and Clerk to the TteeS throughout the rmancial year buL aft an extensive searclL Mi&8 Sutton was appointed to take over the post from August 2025. AndtEW and Lynda had helped the Tnjstees to manage the Charity for I l years. Mrs Crossley is a Chartered AccountanL so. as well as looking after the Charity's banks accounts and financial reconjs (through Chery & Chcny). she also pr(MJuced the atmual year end accounts. It was therefore deemed neSSary to find a firni of Chartered Accountants to take over that role for the Dext fanCIal year. It was also dccidcd to ap)In1 new indyndcnt examiners. as Simpkins Edwards had b¢en in the st for many years. After making the necessary enquiries, it was agreed to apEK)int Streets Bush as the Independent Examiner for 2025 and also to PTepar¢ th¢ year end accounts for 2026. Th¢ quarterly Tnjstees. visits to both Fiayes and Lethbridges contiDued &s sual in September 2024. December 2024, Marcb 2025 and June 2025. There has been one almSluse vacancy this year at 4 Flaye& after our residenL Mrs Christina Went, moved into the Dales Nursing Home. whaE she settled in well. The Trustees were however sory lo learn of her sad passing in July 2025 aged 80. Also this year, Mr Charles Gailor. of 3 L¢thbridge Collagcs. w&s taken into hospital on vario8 occasions during a long aDd courdgeously fought battle with ill health. Th¢ Ttustees are sad to rqrt that Charlie p&sscd away in June 2025 aged 88 after a short stay in the Rectory Care Home. As his family are not local, a stnall wake was organised foi them in the garden at L¢thbridg¢ Collages. Drnwing on the experiences of these two dear forn]er r¢sid¢nts. the Clerk undertook a review of the Charity's tndependent Living Policy for the Trustees to consider. No applications were received for assistance from the Seldons or Bodley and Mogridg¢s Fund during the pe[1 under review. The total reserves at the end of the finan¢ial p¢riod were £5,240,430 (2024 - £5,151,136): of these. the incom¢ reserves, being det¢nnined as the net non pernwient endowm¢nl assets of the Chatity, talled £815,673 (2024- £781.102). For housing. a surplus of incollK over expenditure for the year w&s budgeted of £24.627 but there was actually a surplus for the y¢ar of £34,818. As in previous years, this was partly beCae th¢ Almshous¢ Association r¢commends that the Chlty budgets for 71/2 % of their resldents. income to be lost through non-payment of the maintenance witributio$ and void peri(MJs. However, the Charity's residents
TThslees' Ann Rqt and AeL¥Mts for the Ycar Ethkd 3 J¢ 2025 are generdlly good at making their payments on time and we had only a stnall void period this year. This surplus was also assisted by an income of£1 3.567 from thc Charity's investrnents with CCLA. Thc chlty,$ r¢vi¢w of its investments has continued and the Chairnian's special thanks are once again extended to the membus of the Fitmnce Committee for their hard work and diligence in this matter. This revi¢w so far culminated in the appoinirnent of Redmajme Bentley as the Charity's independent finan¢ial advisors and they have now invested £200,c of the Charity's Extraordinary Repair Fund in a new portfolio of 20 investment trusts and funds. Having reviewed its long-terni pcrfornw)c¢. the Charily also disws¢d of its £50.(KX) holding in the CCLA Property Fund. £912,11 l is howev¢r still invest¢d in the CCLA COtF Charities Investment Fund and the Trustees are continuing to review their boldiDgs with CCLA. Junc 2025 marked the end of the Charity's 5-year plan and the Tntee$ are thereforc ple&sed to Teport thai the 2021k2025 budgetsry plan has been complcd as planned. The outcome w&s favourdble, in that the annual surplus to reserves for the five-year period was £201,074. which is £109.806 in excess of the budgeted SUTplus of £91,268. This additional surplus was mainly duc to thc abscncc of void periods (which had been budgeted at 7.50/0 of income) and also a slightly smaller expcnditure on repairs and maintenance. Ilowcvcr, during the 5-yeaT period, thcre has been a substantial increase in the rate of inflation, which has had the effect of ducing Ihc real value (or purchasing power) of thc Charity's Exlrdordinary Rcpair Fund for future repairs. This is p8rtly why the TnL$t are Currently reviewing their large inveslment with CCLA. With the help of the Financ¢ Committee, the Trustees have adopted the next five- year plan from July 2025 to June 2030. The agreed fjnal version doesn't givc as large an annual budget surplus as that for the previous 5 years bccause the percentage increase in the annual monthly maintenance contributions doesn't match prcvious incrcascs in inflation. this is lo ty and kccp thc monihly mainl¢nanc¢ contributiill as affordable as possible. There is therefore a more delicate balance Ihan in the previou8 budget. so the Trustees will keep it under review. Contact with the Clwity Commission been through the usual annual submission of the accounts. Once again it was noted that much more inf0mtion was rcquired concerning w)licies, plans etc. Whilst the rque5ts for morc infonnation was not unwelcome per se, they dernonstratc once again thc extra burden being placed on small charities and their trustees. without any reciprocal benefits coming the other way (for cxample relicfon VAT). On¢¢ again. th¢ Tnte¢S would lik¢ to extend their grateful thanks and appr¢ciation to the Almshouse Association for all the g)d wo suptKJriing aIms1KSe chariiles throughoui the country. Sign On behalf of the Truslees
Independent examinerfs report on the accounts CHARITY COMMISSION FOR ENGIAND AND WALES Section A Independent Examiner's Report Report to the trustsesl mombors of Ex•t•r Church Ch4rlll•• On accounts for tho yoar •nded 30 June 2025 Charity no (If any) 203721 801 out on pages 1{14 Respectlve responslbllftles of trustsos and exarnlnor The charilvs trustees are reswisible for the preparat of the accounts. The chariVs trustees consbder that an audit is not required for this year under sedion 144 of the Charities Act 2011 (Ihe Charikn'8s Acr) and that an ind8P8ndent examinatN)n is needed. It is my resFX)nsibihty to: examine the aCUnts undef sedion 145 of Charities Act, to follow the procedures laid down in the gerEral DireCti(X glven by the Chanty Commission (urvjer section 145(5)(b) of the Charities Act, and to state whether particular mattèrs have com8 to my attention Basls of Independent My examinatlon was orried out in accordance with general Dlrections glven examlne¢s statoment by the Charty C(Thmission. An examination indud8s a review of the 8ccountirwJ records kept by the charity a comparison of the accounts esenled with those record& It also inceS consMJeration of any unusual ilems or disclosures in the accounts, and seeking explanatlons from the trustees conceming any such matters. The procedu$ undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion ts giv8n as to wh8th8r the accounts present a Irue and fairf view and the rewt is limited to those matters set (Lrt in the ststement bekw. Independent In connectk#) wlth my examlnatlon. no material matters have rx)me to my eXaminaS statement attention which gives me Gause to believe that in, any material respect.. the accounting renIS were not kept in accordan wlth section 130 of the Charities or the a(Ounts did not a(yJxd ¥•itr+ th8 accntirj r8c4)nls: or the aC)unts did not c(MnF*y with the appIlble requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Re9atiOnS 2008 other than any requirement that the accounts give a Irue and fairf view which is not a matter C¢SIdered as part of an ilep8Thent examination. I have Come across no other matt8rs in conn8clion with th8 examinatson to which attentM)n should be drawn in this report in ord8r to 8nable a oper understanding of the accounts to be reathd. Signed: 0510212026
Name: Lizzie Saunby Relevant professlonal quallflcatlon(s) or body (rf any): MAAT ACA BFP Address: Section B Disclosure Only comFlete rfthe examiw needs to hwhluht malenal matters of concern (see CC32, Ietendent examination of chanty aLwunts.' diTeclKMlS and guMJan(* for examiners}.
I. RECEIPTS & PAYMENTS ACCOUNT Dave Lethbrid Fla es UDAted Charities and EIITA Ann Rice Trust ousin YEAR ENDED 30TH JUNE 2025 Year ended 30th June 2024 30th June 2025 Income Recel ts Mainlcnancc Contributions Inv¢stmenl Income 109.335 106,567 co Income Units Property Unils 10.838 2,729 10.604 2.676 13.567 13,280 Bank Interest Scottish Widows Account Bank of Scoiland Ikposit Account Other Recei Refund from former Residenv EDF Energy 742 666 5.748 742 6.414 95 229 Total Re¢elpts 123.739 126,490 endlture Insuranc¢ Proportion of CleTk's Fee & Gcnernl Exps Proportion ofrccruithient costs rc ncw Clerk Proportion ofIndependcnt Examine¢s Fee Water Rates Major repairsltmprovements Cyclical Repairs Routine Maintenance Con]munal Lighting Grounds Upkeep Almshous¢ Association Subscription TV Licences Utility charges re vacant property Sundry Expenses 3.435 34.487 1.951 1,161 5,387 1,022 26217 8.570 630 4.712 419 30 168 732 3,331 36,427 1.097 5.049 JO.608 8,569 671 5,320 407 23 764 Totsl Payments 88.921 81,874 sUlUs Receipts over Expenditure for the Year 34.818 44,616 Cash at Bank as at 30 June 2024 323,781 279.165 358,599 323,781 Less". Transfer to Extraordinary Repair Fund (Redmayne Bentley) 2,0[) Casb at Bsnk as at 30 June 2025 (£108,599 in Bank of Scotland & £50.IJM) at SttISh Widows) 158,599 323,781 10
Tntstets. ReiKffiaTrJ Aco)urfs fy the Year Fjknkd 30th June 2025 2. RECEIPTS & PAYMEwfs ACCOUNT Bodle rid es Chari YEAR ENDED 30TH JUNE 2025 Year ended 30th June 2024 30th June 2025 Income Reeel ts Investtnent Incomc COIF In)me Units 1,565 1,423 Bank Inter¢st Bank of Scotland D1t Arxouftt 240 Tvtal Recdpts 1,565 ,663 ndltu Grants for period in augmentation of the stipends of incumbents of parishes in the City of Exeter 2,124 Proportion of Clerk's Fee & Gcnernl Expenses plus Independent Examinevs Fee 155 140 Totsl Pxymettts 155 2,264 Excess Receipts over Expenditure for the Year 1,410 (601) Cash at Bank as at 30 June 2024 8.963 9,564 10,373 8,963 Less: Trasfer to Reserve Account (COIF Inc Units) Cash at Bank as at 30 June 2025 (Bank of Scotland) 2,373 8,963
Trstee¢ Annual Repxt ACCOU for the F4led 30th Juoe 2025 3. RECEIYfs & PAYMEiYfs ACCOUNT SeldoDS Chari YEAR ENDED 311TH JUNE 2025 Year ended 30th June 2025 Y¢ar ¢nd¢d 30th June 2024 Income Recei Investment Income COIF Income Units 1245 1,096 B8nk Jnterest Bank of Scotland Deposit Account 233 Total Receipts 1245 1.329 endilure Grants Proportion of Clerk's Fee & General Expenscs plus Independent Examinees Fee 125 Total Payments 125 loo Surplus Receipts over Exp¢nditure for the Year 1,120 1229 Cash at Bank as at 30th June 2024 10.505 9276 11.625 10.505 I£ss: Transfer to Reserve Account (COIF tnc Units) Cash 4t Bank as at 30th June 2025 (Bank of Scotland) 2,625 10,505 12
Exeter Church Clwities 4. STATEMENT OF ASSETS & LIABILI AS AT 30TH JUNE 2025 30th J 2025 30th June 2024 Almshouses Propcrty- see note I 3.$1)9.165 3.832,514 nvestment Units No of Mkt Value AdditiOtLS at Cost sal Mkt Value 30106124 Units 3010&125 Proceeds COIF Income Units Housing Bodley & Mogridges Seldons 19J89 376,418 2.995 58.153 2.447 47J18 482.089 394.398 52.929 40,785 488.112 17.(MM) co Housing Fund Units 49,408 mulalion Units Housin8 Rcdma Housing 1.7(KJ 430.022 438.064 c Bcntle 206,153 Bank of Scotland curr¢DI accouni Housin8 Bodlcy & Mogridges Seldons 23,331 2,373 2,625 28.329 273,781 8.963 10.505 293249 Bank of Scotland deposit account Housing Charitics Deposit Fund- Scottish Wi(k)ws 135.IMX) 50.IYX) 213.3?9 50,O¢XI 343249 Total Debtors Howing- maintetwice arrur5 176 277 Llabllltles Fallln Due Within the Year Housin* maintenance contributions overpxid 488 Signed by .. on behalf of the TnLStees Notes (see ov¢r} 13
Notes l. Freehold land and buildings vested in the Official Custodian for Clwities and comprising:" 1-6 Lethbridge AillLshousffj Parr StreeL Exeter 4 Houses and 8 Flats at Flaye& Pinhoe Road. Exeter In the absence of a professional valuation the Truste(s are unable to state the market value of the almshouses 8s at 30th June 2025. How¢ver, during th¢ period undcr review. the sum insured was increased to £3,909,165. Notes to tbe Financlal StatemeDts l Accountin Polici Basis of pr¢parntion Thc financial slatements have been prepared under the historical cost nventiOn and in accordanL% with the applicable Accounting srandards and Charity COMMIlOn guidance in the forn] of CC16 for charities preparing financial statements OD a receipts and payments basis. 2. TTUStee Ex e5 or Remuneration No trustee expenses or remunerdtion have been paid in the period under review. 3.Em ees There wer¢ no cmployees in this year or the pre¢Ing year. en ntE inerfs Fee Year cnd¢d 30th June 2025- £1,161 (2024 - £1.170) mma rFund Fund Housin Bodle eldo Alrnshouses COIF Income Units cotF InLome Units COIF Accumulation Units Redmayne Bentley Deposit Fund Cash at Bank Cash at Bank Debtors Tothl Assets Credilors Nei Ass¢ts 3.1,165 376.418 Pernmnent endowment Generdl Extraordinary Repair Fund Extrnordinary Rcpair Fwxl General Pennanent endowment General Gcneral 50,516 7,637 38,926 8,592 430.022 206,153 50,IMX) 49,732 108,599 176 5.130.265 504 5,129.761 2,373 2,625 60.526 50,143 Gen¢ral 60.526 50.143 Represented by:_ Unrestricted General Funds Designated Genernl Funds Extraordinary Kepair Resave Pernianent Endowments 158.271 io,oio 11,217 636.175 4,335,315 5,129,761 50,516 60,526 38,926 50,143 14