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 fi￿hering 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 Tn￿te¢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 fu￿re objectives.
The Trustees will ¢ontinue to respond to appIl￿tiOnS 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
Cu￿ent 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 pU￿oseS set out in the
Tnist's Scheme of Arrangement. being ' for the pU￿oSe 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 throu￿￿OUt 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 expendi￿re
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