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
R￿eipts & 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
Reap￿inted 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. i￿cY Tower Stre¢ Lincoln,
LNI IXW

Tnthe8' RqM)rt and A￿l￿￿ts 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 Tn￿CeS 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 Or￿wrenCe 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 tw04yed￿M 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 Cycli￿1 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 Tn￿teeS 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 benefici￿leS
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 Tr￿stee Alderman Landers, who passed away in F¢bnwy 2025.
Mr Andrew Cro&sley. hel￿1 by his wife Lynd4 of Chartered Surveyors Cherry &
Cherry continued in the Tole of Surveyor and Clerk to the T￿￿teeS 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
n￿eSSary to find a firni of Chartered Accountants to take over that role for the Dext
f￿anCIal 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 almSl￿use 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
vario￿8 occasions during a long aDd courdgeously fought battle with ill health. Th¢
Ttustees are sad to rq￿rt 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 beCa￿e th¢ Almshous¢ Association r¢commends that the
Ch￿lty 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￿ Rq￿￿t and AeL¥M￿ts 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 ch￿lty,$ 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 Tn￿tee$ are
thereforc ple&sed to Teport thai the 2021k2025 budgetsry plan has been complc*d
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 inf0m￿tion 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¢ Tn￿te¢S would lik¢ to extend
their grateful thanks and appr¢ciation to the Almshouse Association for all the g￿)d
wo
suptKJriing aIms1K*￿Se 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 aC￿Unts 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 inc￿￿eS 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
eXamina￿S statement attention which gives me Gause to believe that in, any material respect..
the accounting re￿nIS were not kept in accordan￿ wlth section 130
of the Charities or
the a(￿Ounts did not a(yJxd ¥•itr+ th8 acc￿ntir￿j r8c4)nls: or
the aC￿)unts did not c(MnF*y with the appIl￿ble requirements
conceming the form and content of accounts set out in the Charities
(Accounts and Reports) Re9￿atiOnS 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 i￿lep8Th￿ent 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,
I￿etendent 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
sU￿lUs 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 S￿ttISh 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 D￿￿1t 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: Tra￿sfer to Reserve Account (COIF Inc Units)
Cash at Bank as at 30 June 2025
(Bank of Scotland)
2,373
8,963

Tr￿stee¢ 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 COMMI￿lOn 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