EXMOUTH CHURCH INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR TO 31 DECEMBER 2024 CHAIUTY NO 251170
EXMOUTH CHURCH INSTITUTE AYJ NUAL REPORT FOR THE YEAR TO 31 DECEMBER 2024 LEGAL AND CONSTITUTIONAL The Exmouth Church Institute, The Parish Otrice, Rolle Road, Exmouth, is registered with the Charity Commissioners (No.251170) and ¢onslituted by Deed of Trust datsd 19 May 1925 as extended by an order dated 12 March 1940 and constituted by a scheme sealed by the Charity Commission on 21 August 1981. TRUSTEES Ex-officio Rev'd Steven C. Jones (Rector) Mr. Paul Stock (Churchwarden) from 24 November 2021 Mr Stephen Thomas from 30 May 2023 Cowopted (appointed for terms of five years) Appointed 24 November 2021 29 February 2020 23 July 2024 29 Febtwary 2020 Retires 23 November 2026 28 Febmary 2025 24 July 2029 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 Exmouih, EX8 1 HU Central Board of Finance of the Church of England Senator House, 85 Queen Victoria Street London, EC4V 4ET lDEPENDENT EXAIKtNER James Bick, FCA Bi¢k Accountants Ltd Chart¢r¢d A¢countants 18A Littl¢ham Road Exmouth, EX8 2QG SOLICITORS Everys Magnolia House Church Street Exmouth, EX8 1 HQ Page I
ORGANISATION The Church Institute Trust of Littleham cum Exmouth is a Trust governed by a s¢heme of ihe Charity Commissioners of 19 May 1925 as affected by various subsequent schetnes, the most re¢ent being 21 August 1981. The Charity has voluntsry officers but no paid employees. The area of benefit of the Ti'ust is restricted to furthering the religious and other charitabl¢ work of the Church of England in the Ecclesiastical Parish of Littleham-cum-Exmouth. The Trust's registered office is The Parish office. Holy Trinity Church, Rolle Road, Exmouth, EX8 2RA. TRUSTEES The Scheme of Arrangement provides for there lo be seven Trustees, three being ex-offi¢io, namely the Rector and Churchward¢ns of the Ecclesiastical Parish of Littleham-¢um- Exmouth, and four CO•OPted Trustees. By virttie of the Vestry Meeting dated 19 March 2003 pursuant to the Churchwardens Measure 2001, th¢re are now four Churchwardens. It has been decided by the Chur¢hwardens for the time being that only two will represent the Churchwardens as ex-offi¢io Trustees of this Trust. RECRUITMENT AND APPOTNTMELYf OF TRUSTEES At its meeting on 5 December 2017, in accordance with the 8uidan¢e tEcommended in Charity Commission document CC30 (Feb. 17 Ed.), the Trustees adopt¢d a statement of policy in regard lo the recruitment and appointment of Trustees as set out in Appendix A of that meeting. The Statement of Policy was further amended, and additions adopted at & rneeting on 8, December 2020. OBJECTIVES AND AcfIvITtEs The objects of the Charity are to further the religious and other charitable work of the Church of England in the ecclesiastical parish of Littleham with Exmouth. This includes the maintenance of Church buildings used for public worship and other buildings relating thereto. The Trustees have had due regard to th¢ Charity Commission guidance on public b¢nefit. ACHIEVEMENTS AND PERFORMANCE The Trustees continue to manage the assets of the Trust in order to enable maintenance of the real property and the perforniance of the financial assets to ensure a balance betw¢en Capital appreciation and income so as to sustain current and future objectives. The Trustees will continue to respond to applications for grant assistance from: The PCC of Littleham-cum-Exmouth The Beacon C of E (VA) School LittlehaTn C of E Junior and Infants School Littleham Leisure Centre Management Committee (supported through the PCC) The Open Door Project Exmouth Page 2
INVESTMENT POWERS AIYD POLICY WITH REGARD TO RESERVES The Trustees are required to retain th¢ p¢rn)anent endowment, being th¢ original property and the funds arising therefrom, and any interest and investment income earned on those funds which has been appropriated to capital. The Trustees, from time to time, ensure that the value attributed to the real property is professionally assessed and r¢fl¢¢ted in the balance sheet. Records available do not reveal any method or trail of decisions to prove the value of the p¢iThan¢nt endowment. It is th¢ intention of the Trustees to ensure that, after making suitable cash r¢s¢rves for demands that are known or may be expect to arise. the balance of funds not held as property should be invested for Capital growth within the requirements of the current scheme subject to any amendments agreed by the Truste¢s. Following the 2014 review of investments the Trust is currently able to generate at least £35,000 per annum. This may alter from year to year du¢ to the impact of tnarket changes on investment income and changes in rental income following periodic lease renewals. Apart frotn insurance and governance costs the balance annually is available for the provision of grant5 and the cost of any maintenance works to the premises over and above those for which the lessees of 33-35 Rolle Street are responsible under the tenns of the cutTent lease. During 2018 the Trustees considered a more specific split in the allocation of reserves by opening a Buildings Reserve Fund to receive annual contributions of £8,500. Howev¢r, in order to maintain the present level of grant suppor( it has been agreed that. for the time being, no further transfers be made to this Fund. The Trust's investment porttolio is tnanaged 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 current portfolio was last reviewed by CCLA in May 2014 when substantial cash holdings were transferred into new investment accounts. The Trustees are aware that futur¢ 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 own¢d by the Trust could encounter financial difficulties. 2. That any tenant may at any time give notice, within the ternis of the lease. to temiinate the lease. 3. That investments in th¢ various Church Of England Funds may go down as well as FUTiIRE FINANCIAL PROJECTIONS Th¢ likely change in income or ¢xpenditure. subject to the risk elements identifted above, may include.. An increase in rent r¢¢¢ived following a rent review. An increase in rent following renewal of the lease or the granting of a new lease. Any in¢r¢ase or decrease in interest rates or dividends. Any increase or decrease in the value of property or invested assets. Any change in the alK)ve which will affect the income that the Trustees have available for grant distribution. Page 3
SAFEGUARDING The Truste¢s are aware of the need to observe good practice on safeguarding. Under its pr¢sent Scheme of Arrang¢men¢ the Trust's objects and a¢tivRti¢s do Dot britRg the Trust¢¢s or Officers in the conduct of their duties on behalf of the Trust into unattended contact with children or vulnerabl¢ adults. In order to make the most effective and flexibl¢ use of its grant making capacity the Trnst has agreed a new policy with the PCC of Littleham-cum-Exmouth. its nlD benefEciary. With effect from 1st January 2023, a new block grant arrangement will be approved 8muaUy with the PCC wh¢reby the budgeted funding amount will be transferred to the PCC by quarterly payments throughout the year, to be used by th¢ PCC strictly for the purposes set out in th¢ Trnst's Scheme of Arrangemeni being" for the purpose of fjjrthering the religious and oth¢r haritable work of the Church of England in the Ecclesiastical Parish of Littleham-cum- Exrnoh." A fornial Agreement has been sign¢d by both parties aftd payments were made by ¢qual instaltnenty quarterly throughout the year. ond held by the PCC in a restricted thnd. The PCC will submit a schedule of payments to th¢ Trustees at the end of each fmancial y¢ar. Any unused balance may be held by th¢ PCC for future use. For and on behalf of the Trustees Date Sr Page 4
EXMOUTH CHURCH INSTITUTE INDEPENDENT EXAMINERS, REPORT Independent Examinersy Report to the Trustees of the Exmouth Church Institute I report on the accounts of the Exmouth Church Institute for the year ended 3 l DecembeT 2024 which are set out on pages 6-9. Responsibilities and basis of report As the charity's trustees 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 under section 145 of the Act and in carrying out my examination I hav¢ followed all the applicable Directions given by the Charity Commission under section 145{5Xb) of the Act. Independent examiner's statement I have compl¢t¢d my examination. I confirni that no material matters have come to my attention in eonn¢ction 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 Tecords. or the accounts do not comply with th¢ applicable requirements conc¢ming the form and content of accounts set out in the 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. I have no concerns and have come across no other matter5 in connection with the exarnination to which attention should be drawn in this report in Order to enabl¢ a proper understsnding of the accounts to be reached. James Bick FCA Independent Examiner Bick Accountants Ltd 18A Littleham Road Exmouth EX8 2QG 22 September 2025 Page 5
EXMOUTH CHURCH INsfITUTE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 RECEIPTS AND PAYMENT ACCOUNT General Restricted Designated Fund Fund Fund Total 2024 Total 2023 Note Receipts Rent received Insurance premiums re¢eivable Interest received Investtnent income Total receipts for the year 20,000 2,590 20,1)00 2,590 20,000 2,510 731 1&636 39,877 16,894 40,495 16,894 40,495 Payments Direct charitable expenditure Property insurance Professional Fees Governance ¢osis Office ¢05ts Building repairs and maintenance Total payments for year 32,500 2,590 32,$00 2.590 52,625 2JlO 960 900 12 200 36,250 36,250 5&047 Net receiptsl(payments) for the year 4,245 4.245 (16,1701 Realised gain on iDvestm¢nts Net movement in funds Transfer5 berween funds Realised reserves at l January 2024 Realised reserves at 31 December 2024 4,245 4,245 (16,170) 9,783 14,028 13,348 13.348 23.131 27,376 39JOI 23,131 Unrealised movement on r¢valuatlons Unrealised reserves at l January 2024 {LossyGain on snvestmenis Gain on revaluation of property Unreaiised reserves at 31 D¢ceTnber 2024 227,689 9.419 691,356 919,045 9,419 884,275 34,770 237,108 691,356 928,464 919,045 Total reserves at 31 De£¢rnber 2024 251,136 691,356 13,348 955,840 942,176 Page 6
EXMOUTH CHURCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 BALANCE SHEET Note 2024 2023 Frethold property investments J) Rolle Street 35 Roll¢ Street 240,J75 134,625 240.375 134,625 375,000 )75,000 Otber investments Central Board of Finance Investments io 539,948 530,529 539,948 914,948 530,529 905,529 Total Investments Current Assets Debtors Bank balances.. Total Current Asse¢s Ji 12 740 35,907 40.892 40,892 36,647 Totsl Assets of Tryst 955 840 942.176 REPRESENTED B Y: General fuThd At l January 2023 Net receiptsl{payments) for the year Rcalised gain on investment At ) l December 202i 9,783 4.245 25.953 {16,170) 14,028 9,783 Endowed (restricted) fund At l January 2022 Prior year adjustment Appreciation in property valuation At 31 December 2022 691,356 691,356 691,J56 691,356 Buildings {design¥ted) fund At l January 2022 re¢¢iptsl{payments) for the year At 31 De¢ember 2022 13,348 13,348 13,348 13,i48 Revaluation reserve At l January 2022 Prior year adjustment Net unr¢alised (lossesygains for the year At 31 December 2022 227,689 192,919 9,419 2J7,108 34,770 227,689 Total reserve funds 955 840 942 170 Page 7
EXMOUTH CHURCH INSTITUTE FINANCIAL STATEMEFITS FOR THE YEAJi TO 31 DECEMBER 2024 NOTES TO THE ACCOUNTS l. Basis of Accounting The Accounts have been prepared on the "receipts and payments basis" in ac¢ord2nc¢ with the Charities Act 2011 section 133. 2. Freehold prnperty investment valuations The properties were revalued by independent chartered surveyors on 31 January 2022, These values ore shown in the accounis and the Change in value posted to the Endow¢d (restricted) Fund. The properties are revalued every 5 yws. 2024 2023 3. Renls received 33 and 35 Rolle Street 20.000 20,000 4. Insuranee premiums re¢eivable 33 and 35 Rolle Street 2,590 2.510 5. Interest received Central Board of Finance Deposit Fund 1,012 731 6. Investment income received Central Board of Finance Funds: Investment Fund 4 Investment Fund 5 Property Fund 6 4,924 7,506 4.464 16,894 4,948 7,351 4,396 16,695 7. Direet tharitable expenditure Littleham-cum-Exmouth PCC Open Door Centre 30,000 2,500 32,500 50,125 2,500 52,625 8. Miscellaneous payments Property insurance Independent examiners fee Printing, Staiionery & Postage Building repairs & maintenance 2,590 960 2,510 900 12 200 3,750 3,422 Page 8
EXMOUTH CIIURCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024 NOTES TO THE ACCOUNTS (CONTINUED) 2024 2023 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) Investmeni 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 At cost- £80,000 181.452 177.392 276.598 270,409 81,898 82,728 539,948 530,529 11. Debtors Insurance premiums receivable 740 12. Ballk BalAnces National Westminster Bank.. Current Account Central Board of Finance.. Deposit account 21,462 16,476 19,431 19,431 40,892 35,907 Page 9