EXMOUTH CHURCH INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR TO 31 DECEMBER 2023 CHARITY NO 251170
EXMOUTH CHURCH INSTITUTE FILYANCiAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023 CONTENTS Page Annual report Independent examiner's report Receipts and payments accounls Balance sheet Notes to the accounts
EXMOUTH CHURCH INSTITUTE ANNUAL REPORT FOR THE YEAR TO 31 DECEMBER 2023 LEGAL AND CONSTITUTIONAL The Exmouth Church Institute, The Parish Office, Rolle Road, Exmouth, is registered with the Charity Commissioners (No.251170) and constituted by Deed of Trust dated 19 May 1925 as extended by an order dated 12 March 1940, and constituted by a scherne sealed by the Charity Comtnission on 21 August 198 l. TRUSTEES Ex-officio Rev'd Steven C. Jones {Reclor) Mr. Paul Stock (Churchwarden) from 24 November 2021 Mr Stephen Thomas from 30 May 2023 Co-opted (appointed for terms of five years) Appointed 24 November 2021 29 Febrnary 2020 23 July2019 29 February 2020 Retires 23 November 2026 28 February 2025 22 July 2024 28 February 2025 Mrs. Susan Carrahar Mr. David Gingell Miss Sally Parnell Mr. Richard Ward CLERK TO THE TRUSTEES Mr V Eddy BANKERS National Westminster Bank PIC Rolle Street Exmouth, EX8 1 HU Central Board of Finan¢¢ of the Church of England Senator House, 85 Queen Victoria Street London, EC4V 4ET INDEPENDENT EXAMINER James Bick, FCA Bick Accountants Ltd Chartered Accountants 18A Liftl¢ham Road Exmouth, EX8 2QG SOLICITORS Everys Magnolia House Church Street Exmouth, EX8 IHQ Page I
ORGANISATION The Church Institute Trust of Littleham cum Exmouth is a Trust governed by a scheme of the Charity Commissioners of 19 May 1925 as affected by various subsequent schemes, th¢ tnost recent bcing 21 August 1981. The charity has voluntary officers but no paid employees. The area of benefit of the Trust is restricted to fihering the religious and other charitable work of the Church of England in the Ecclesiastical Parish of Litileham-¢um-Exmouth. The Trust's registered office is The Parish Office. Holy Trinity Church, Roll¢ Road, Exmouth, EX8 2RA. TRUSTEES The Scheme of knangement provides for there to be seven Tnte¢s, three beirlg ex-officio, namely the Rector and Churchwardens of the Ecclesiastical Parish of Littleham-cum- Exmouth, and four ¢O-QPted Trustees. By virtue of the V¢stry MeetiDg dated 19 March 2003 pursuant to the Chur¢hwardens Measiire 2001. there are now four Churchwardens. It has been decided by the Churchwardens for the time being that only two will represent the Churchwardens as ex-officio Trustees of this Trust. RECRUITMENT Af4D APPOJNTMENT OF TRUSTEES At its meeting on 5 December 2017, in accordance with the guidance recommended in Charity Commissioll document CC30 (Feb. 17 Ed.), the Tnjstees adopted a statement of policy in regard to the recnti(menl and appointment of Trustees as sel out in Appendix A of that meeting. The Statement of Policy was further amended, and additions adopted at a meeting on 8, December 2020. OBJECTIVES AND ACTIVITIES The objeels of the Charity are to further the religious and other charitable work of the Church of England in the ec¢lesiastical parish of Littl¢ham with Exmouth. This includes the maintenance of Church buildings used for public worship and othei buildings relating thereto. The Trustees have had due regard to the Charity Commission guidance on public benefit. ACHIEVEMENTS AND PERFORMALYCE The Trustees conTinue to manage the assets of the Trust in order to enable maintenance of the real property and the perfom)ance of the financial assets to ensure a balance between capital appreciation and Income 80 as to sustain current and fure objectives. The Trustees will ¢ontinue to respond to appIltiOnS for grant assistance from.. - The PCC of Littleham-cum-Exmouih The Beacon C of E (VA) Sehool Littleham C of E JunioT and Infants School Littleham Leisure Centre Management Committee (supported through the PCC) The Open Door Project Exmouth Page 2
INVESTMENT POWERS AND POLICY WITH REGARD TO RESERVES The Trustees are required to retain the pemianent endowment, being the original property and the fiinds arising therefrom. and any interest and investment Income earned on those fvnds which has been appropriated to capital. The Trustees, from time lo time, ensure that the value artributed to the real pi'operty is professionally assessed and reflected in the balance sheet. Records available do not reveal any method or trail of decisions to prove the value of the permanent endowment. It is the intention of the Trustees to ensure that, after making suitable cash reserves for demands that are known or may be expected to arise, the balance of funds not held as propety should be invested for capital growth witliin tlie requirements of Ihe current scheme subject to any amendments agreed by the Trustees. Following the 2014 review of investments the Trust is currently able to generate at least £35,000 pei annum. This may alter from year to year due to the impact of markct changes on investment in¢ome and changes in ieiital incoTne following periodic lease renewals. Apart from insurance and govemanee costs the balance anniially is available for the provision of grants and the cost of any maintenance works to th¢ premises over and above those for which the lessees of 33-35 Rolle Street are responstble under the temis of the current lease. During 2018 the Trustees considered a more specific split in Ilie allocation of reserves by opcning a Buildings Reserve Fund to receive annual contributions of £8,500. However, in order to maintain the present level of grant support, it has been agreed that, for the time being, no further transfers be made to this Fund. The Tnist's investment portfolio is managed by CCLA Investment Management Ltd and is held in a number of CBF Church of England Funds as shown in the annual balance sheet. The Cuent portfolio was last reviewed by CCLA in May 2014 when substantial cash holdings wei'e transferred into new investment accounts. Tlie Trustees are aware that futtire reviews need to be undertaken on a regular basis. RISK REVIEW The Trustees regularly review the risk element of the various investments including the following aspects.. l. That any tenant of the property owned by the Trust could encounter financial difficulties. 2. That any tenant may al any time give notice, within the ierms of the lease, to terminate the lease. 3. That investments in the various Church Of England Funds may go down as well as up. FUTURE FINANCIAL PROJECTIONS The likely change in income or expenditure, subject to the risk elements identified above, may include.. An increase in rent received following a rent review,. An inciease in rent following renewal of the lease or the 'antIng of a n¢w lease. Any increase or decrease in interest rates or dividellds. Any increAse or decr¢ase in the value of property or invested assets.. Any change in the above which will affect the iPCOTne that the Trustees have available for uyant distribution. Page 3
SAFEGUARDING The Trustces are aware of the need to obserye good practice on safeguarding. Under its present Scheme of knangement, the Trust's objects and activities do iiot bring the Trustees OT Officers in the conduct of theii. duties on belialf of the Trust into unattended contact with children or vulnerable adults. GRANT FUNDING In Order to make the most effective and flexible use of its grant making capacity the Trust has agreed a new policy with the PCC of Littleham-cum-Exmouth. its main beneficiary. With effect from I st January 2023, a new block grant arrangement will be approved annually witE] the PCC whereby the budgeted funding amount will be transferred to tlie PCC by qiiarterly payments throughout the year, to be used by the PCC strictly for the pUoseS set out in the Tnist's Scheme of Arrangement. being ' for the pUoSe of furthering the religious aTtd other charitable work of the Church of England in the Ec¢lesiastical Parish of Littleham-cum- Exmourh." A fornial agreement has been signed by both parties and payments were made by ¢qual instalffients. quarterly throuOUt the year, and held by the PCC in a restricted fijnd. The PCC will submit a schedule of payments lo the Trustees at the end of each finaiicial year. Any unused balance may be held by the PCC for future use. A further £25,000 was paid to fund eneigy costs. For and on behalf of the Trustees CHAIRMAN Date Page 4
EXMOUTH CHURCH INSTITUTE INDEPENDENT EXAIVIINERS, REPORT Independent Examiners, Report to the Trustees of the Exmouth Church Institute I report on the accounts of the Exmouth Church Institute for the year ended 31 December 2023 which are set out on pages 6-9. Responsibllities 2nd basis of report As the ch'ity,S ttustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out undeT section 145 of the Act and in carrying out my examination I have followed all the applicable DiTections given by the Charity Commission under section 145(5)(b) of the Acl. Independent examiner's statement I have completed my examination. I confim) that no material matters have come to my attention in connection with the examination giving me Cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act- or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in tbe 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. have no concerns and have come across no other matters in connection with the examination to which attention should be diawn in this report in order to enable a proper understanding of the accounts to be reached. James Bick FCA Independent Examiner Bick Accountants Ltd 18A Littleham Road Exmouth EX8 2QG 12 September 2024 Page 5
EXMOUTH CHURCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023 RECEIPTS AND PAYMENT ACCOUNT Ceneral Restricted Designated Fund Fund Fund Total 2023 Total 2022 Note Receipt5 Rent receiv¢d Insurance PTerniurns receivable Interesi received Investment income Total receipts for the year 20,000 2.510 731 16,636 39,877 20,000 2,510 731 16,636 39,877 20,000 2,348 123 16,569 39,040 PAyments Direct chaTltable expendire Property insurance PTofessional Fees fjovemance costs Office costs Bllilding repaiis and maintenance Total payments for year 52.625 2,510 52,625 2,510 25,680 2,348 714 900 900 12 900 12 56,047 56,047 29,642 Net receiptsllpayments) for the year {16.1701 116,170) 9,398 Realised gain on inv¢$tTnents Net mov¢m¢rAt in funds Transfers b¢tw¢en fi]nds Rvdlis¢d r¢serves ai l January 2023 Realised reserves at 31 December 2023 {16,1701 116,170) 9,398 25,953 9,783 13.348 13,348 39.301 23,131 29,903 39,301 Unrealised rnovement on revaluations Unrealised reserves at l January 2023 ILossyGain on investments Gain on revaluation of property Unrealised reserves at 31 December 2023 192,919 34,770 691,356 884275 34,770 857,271 {67,996) 95,000 884.275 227,689 691.356 919,045 Total reserves at 31 Deeember 2023 237,472 691,356 13,348 942,176 923,576 Page 6
EXMOUTH CHURCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023 BALANCE SHEET Note 2023 2022 Freehold property investments 33 Rolle Strcct 35 Rolle Street 240,375 134,625 240,375 134,625 375,000 375,000 Other Investments Central Board of Finance Investments io 530,529 495,759 530,529 905,529 495,759 870,759 Total Investments Current Assets Debtors Bank balan¢es= Total Current Assets li 12 740 35.907 2,348 36,647 52,817 Tot41 Assets of Trust 942 176 923.576 REPRESENTED BY: Genernl fund At l January 2023 Net receiptsl(paym¢nts) for the year Realis¢d gaill on investment At 31 D¢rember 2023 25,953 (16,170) 16,555 9,398 9,783 25,953 Endowed (restricted) fund At l January 2022 Prior year adjustment Appreciation in property valuation At 31 December 2022 691,356 556.356 40.000 95,000 691,356 691,356 Buildings (designated) fuDd At l January 2022 Net receiptsl(paym¢nts) for the year At 31 Deeember 2022 13,348 13.348 13,348 13,348 Revaluation reserve At l January 2022 Prior year adjustment Net unre21is¢d {losses)Igains for the year At 3 I Decetnber 2022 192,919 300,91 S {40,0001 {67,9961 192,919 34,770 227,689 Total reserve funds 942 176 923,576 Page 7
EXMOUTH CHURCH INSTETUTE FITrIANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023 NOTES TO THE ACCOUNTS l. Basis of Accounting Thc Accounts have been prepared on the "receipts and payments basis" in accordance with the Charities Act 2011 section 133. 2. Freehold property investment valuations The properties were revalued by independent chartered surveyors on 31 January 2022, These values are shown in the accounts and th¢ change in value posted lo the Endowed (restricted) Fund. The properties are revalued every 5 years. 2023 2022 3. Rents received 33 and 35 Rolle Street 20.000 20.000 4. Insurance premiums receivable 33 and 35 Rolle Street 2,510 2,348 5. Interest received Central Board of Finance Deposit Fund 731 123 6. Investment income received Central Board of Finance Funds: Investment Fund 4 Investm¢nt Fund 5 Pi'operty Fund 6 4,849 7,391 4,396 16,636 4,822 7,351 4.396 16,569 7. Direct charitable expendRture Liltleham-cum-Exmouth PCC Open Door Centte Beacon C of E School 50.125 2,500 20,680 5.000 52,625 25,680 8. Miscellaneous payments Property insiirance Independent examiners fee Printing, Sialionery & Postage Professional Fees 2.510 900 12 2.348 900 714 3,962 3,422 Page 8
EXMOUTH CHURCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023 NOTES TO THE ACCOUNTS (CONTINUED) 2023 2022 9. Freehold Property Investments Professional valuation at 31 January 2022 33 Rolle Street 35 Rolle Street 240.375 134,625 240,375 134,625 375,000 375,000 10. C.B.F investments {4) Investment Funds Units - at market value At ¢ost- £70,000 {5) Investment Funds - at market value At cost - £153,000 (6) Property Funds - at market value Al cost - £80,000 177.392 162,016 270,409 246,970 82,728 86,773 530,529 495,759 Al. Debtors Insurance premiums receivable 740 2,348 12. Bank Balance5 National W¢stminster Bank.. Current Account Central Board of Finance: Deposit account 16,476 32,038 19,431 18,431 35,907 50.469 Page 9