Charity Registration No. 1080615 THE STUBBS BLINKHORN CHARITABLE SErrLEMENT TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Prepared by.. Brachers LLP Somerfield House 59 London Road Maidslone Kent ME16 8JH BL10028.4904 THE STUB8S BLINKHORN CHARITABLE SErrLEMENT TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The Truste8s present their rèport and Ihe unaudited financial statements of Ihe charity for the year ended 28 February 2025. The trustees have adopted the provisions of the Statement of Recommended Praclico ISORPI Accounting and Reporting by Charities" {FRS 1021 in preparing Ihe annual report and financial slalemenls of the charity. The financial slalemenls have been prepared in accordance with the accounting policies sel out in the noles lo Ihe accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Slatemènl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Objects of the charity and activities for the public benefit The charity's object is lo hold the Irkjst fund and income thereof in order to donate the income or capital, as the trustees see fil. lor the benefit of charitable causes. The Iruslees accepl applications from individuals and organisalions. Each application is considered in relation lo the object of the charity. The trustees have regard lo the guidance contained in the Charity Commission's guidance on public benefit when reviewing and implementing the Irusl's aims and objectives in the planning of granls and donations. and there has been no change in these during the year. Achievements and performance During the year ended 28 Februaiy 2025, the Iru51ee5 received various grant applications leading lo the approval of two chaiilable donation5 amounting lo £2,20012024". donations lolalled £nill.These are set out at note 2 lo the accounts. Review of financlal position The resulls for the year are sel oul on page 5. Total income lor the year amounted lo £3,127.58812024.' £2.3531. This included a £3,086,969 donation from the eslale of Mrs Blinkhorn. Charitable grant payments of £2.200 wefe agreed In the year12024'. £nill. After accounting for other cosls which amounted lo £81,505 for the year12024.' £5.837), the charity incurred nel income of £3,043.883, before recognising nel investment portfolio gains and this is acceptable to the tru51ees in this instance. Unrealised gains of £4,578 and realised gains of £nil on disposals arisin9 from the investment portfolio. were also recognised in the year, resulting in a net increase in overall unreslricled fund value of £3,048,461. The value of the trust fund investment portfolio, including cash held for reinve51menl of £nil12024'. £nill, amounled lo £115.046 as al 28 February 202512024.. £110,468). The unrestricted fund balance represents the amount available for general charitable purposes al the discretion of the Ifuslees. Going concern The Truslees have reviewed the current position on the charity's funds and operations. They believe adequate steps have been taken lo miligale the exlenl of any adverse impact and has no reason lo believe they cannot meet their liabilities as they fall due including grant commilmenls. Page 1 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 Reserves {includlng Reserves Policy) Al 28 February 2025, the charity's unreslricied reserves amounted lo £3.1 S9,59212024'. £111.1311. The Iruslees. intention is to keep a balance of income sufficient to provide enough funds al all time5 to enable them lo approve an anlicipaled level of applications each year, whilst also considering potential fa115 in income yields and interest rates in the current economic climale. The trustees also require funds to make one-off distributions for urgent cases from the reserves. Al 28 February 2025 Ihe nel curfenl assets of the charity were £94,546 {2024'. £6631. The Iruslees believed the reserves posilion of the charity al 28 February 2025 to be s8tisfa¢lory. Designated fund5 at 28 February 2025 lolal £115,04612024.- £110,4681- see note 7 for details, Investment pollcy The trustees have wide powers of investment in accordance with Ihe governing inslrumenl {the charitable trust deed) and Ihe provisions of the Charities Act. In conjunction with the charity's inveslmenl advisors. the Iruslees approach Ihe investment of funds in a cautious manner with the intention of maintaining the real value of the capital of the fund where possible, thus producing a realistic income from the capital which can then be dislribuled. Where appropriate, the trustees may distribute capital in furtherance of the objects of the charity. Risk management The Iruslees have reviewed the major risks lo which the charity is exposed and systems have been established lo miligale these risks. All gran15 have lo be approved by all Iruslees. The funds invested and those held on deposit are subject lo the compliance procedures of both the Charities Investment Fund and Brachers LLP. Structure. governance and management The Gharily was established by a deed of trust dated 10 September 1993. The trust was registered as a charity on 8 May 2000 IN. 70806151- Details of the Iruslees who served during the year are sel oul below. The truslees comprise professionals with appropriate skills to property manage the trust assets and apply those assets in accordance with the trust deed, given their knowledge of the local area. Mrs K Bannister Brachers Trust Corporation Limited Any changes in Iru51ees are subject lo formal approval by all trustees in office. Page 2 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Approved by the trustees and ed on their behalf.. Christopher Eriksson-Lee as Director of Bracher5 Trust Corporation Limiled Trustee Dated.. 2*- O¢G¢4Lr bzs Page 3 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STUBBS BLINKHORN CHARITABLE TRUST I report to the Irustees on my examination of the accounts of the Stubbs Blinkhorn Charitable Trust IOT the year ended 28 February 2025, which are sel out on pages 5 10 11. Responsibilities and basis of report As the charity Iruslees of the Trusl you are responsible lor the preparation of the accounts in accordance with the requirements of the Charities Act 2011 Ilhe 'Acl'l. report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515Xbl of the Acl. Independent examiner's statement have completed my examination. I confirm that no rnalerial matters have come lo my attention in conneclion with the examinalion giving me cause lo believe Ihal in any material respect.. accounting records were not kept in respecl of the Trust as required by seclion 130 of the Act.. or 2. the accounts do not accord wilh those record5', or 3. (he accounts do not comply with the applicable requiremenls concerning the form and conlenl of accounts sel out in the Charities IAccounls and Reports) Regulalions 2008 other Ihan any requirement Ihal the accounts give a 'lrue and lair view, which is not a maller considered as parl of an 1ndependenl examinalion I have no concerns and have come across no other mallers in connection with the examination lo which allenlion should be drawn in this report in order lo enable a propef understanding ol Ihe accounts to be reached. James Francis Ensors Accounlanls LLP Incubalor 2 The Boulevard Enterprise Campus A1conbury Weald Hunlingdon PE28 4XA Page 4 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Unrestricted FLJnds Year ended 28 February 2025 Unrestricted Funds Year ended 29 February 2024 Notes Income from: Inveslmenl income Rental Income Donations Deposit account and oiher interest 2,353 40,081 3.086,969 538 Total income 3,127,588 2,353 Expenditure on: Charitable activities Costs of raising funds Other costs 2.200 81,505 5.837 Total expenditure 83,705 5.837 Net Incomel{Expenditurfr) 3,043.883 13,4841 Other r¢cognised gains and losses Nel Gains on investments 4,578 9,066 Net movement In funds 3,048,461 5,582 Total funds brought forward 111.131 105,549 Total funds carried forward 3,159,592 111,131 Page 5 THE STUBBS BLINKHORN CHARITABLE SErrLEMENT BALANCE SHEET ASA T28FEBRUARY2025 Unrestricted Funds Unrestricted Funds 28 February 2025 29 February 2024 Notes Fixed assets Investments Properties 115,046 2.950,000 110,468 Current assets Debtors Cash al bank and in hand 97,826 663 97.826 663 Creditors: amounts falling due within one year 13,2801 Net current assets 94,546 663 Net assets 3,159,592 111 131 Charity funds Unreslricled funds General lunds Designated funds 3.044.446 115,046 663 110,468 Total unrestricted funds 3.159.592 111 131 Approved by th Tryslees on 2* ChflSlopher Eriksson-Lee as Director ol Brachers Trust Corporation Limited Trustee Page 6 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 1 Accounting policles 1.1 Basls of preparatlon The Stubbs Blinkhorn Charitable Trust is a charity registered with the Charity Commission in the United Kingdom (England & Wales) IN. 10806151. The address of the regislered office is Somerfield House. 59 London Road, M3idslone, Kent, ME16 8JH. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities. Statement ol Recomrllended Practice {SORPI applicable lo ch8rilies preparin9 their accounts in acctsrdance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued in October 2019, the Financial Reporting S13ndard applicable in the United Kingdom and Republic of Ireland IFRS1021, the Charitie5 Act 2011 and UK Generally Accepted Practice. The charity conslilules a public benefit entity a5 defined by the SORP. The charity has opted nol lo prepare a cash flow slalemenl for the financial period, as permitted by the 2019 Sialemenl of Recommended Practice. The financia1 slalemenls have been prepared lo give a 'true and fair view, and have departed from the Charilies (Accounts and Reportsl Regulations 2008 only lo the exlenl required lo provide a 'lrue and fair view.. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. The financial slalemenls 3re prepared on a going concern basis under the historical cost Convention. modified lo include certain items al faif value. The financial slalemenls are presenled in 51erling which is the functional currency of the charity and rounded lo the nearest £. The significant accounting policies applied in the preparation ol these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise staled. 1.2 Funds structure The funds held by the charity are unreslricled funds which can be used in accordance with the charitable objectives al the discretion of Ihe Trustees. Designated funds comprise funds which have been sel aside al the disGrelion of the Trustee for specific purposes. The purposes and uses of the designated funds are sel out in the notes to the financial slalemenls. 1.3 Income recognition Donalions, legacies and other fomis of voluntary income are recognised as income when receivable, except insolar as they are incapable of financial measurement. Income from investments is recognised on an accruals basis. Page 7 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 1.4 Expendlture recognition All expenditure is accounted lor on an accruals basis and has been classified under headings that aggre9ale all cosls relaled lo Ihe category. Grant expenditure is recognised when awarded lo the recipient. The expense is included on an accruals basis in the year in which a legal or conslrtjclive obligation lo pay the grant arises. Costs of raising funds are those investment managernenl fees for both income generalion and capital maintenance. Charilable activities include expendilure associated with the making ol grants and donations and include both the direct costs and indirect costs relaling lo these aclivilies, on an accruals basi5. Irrecoverable VAT is charged against the category ol resource expended for which il was incurred. 1.5 Investments Investments are recognised al fair value which is normally the transaction price excluding transaclion costs. Subsequently they are measured at fair value with changes recognised in 'nel gainsllosses on investments. in the Statement of Financial Aclivilies {SoFAI if shares are publicly traded or their fair value can otherwise be measured reliably. Realised gains and losses arising on disposals are recognised in the SOFA when the proceeds are receivable. 1.6 Grants payable Grants payable aTe included on an a¢cru31s basis and are charged in the year in which there is a legal or conslruclive obligation to pay the grants. 1.7 Debtors and credltors receivablelpayable within one year Debtors and Creditors with no slated interest rale and receivable or payable within one year are recorded al Ifansaction price. Any losses arising from impairment are recognised in expenditure. 1.8 Taxation The charity is an exempl charity within the meaning of schedule 3 of the Charities Acl 2011 and is considered to pass the lesls sel out in Paragraph 1 Schedule 6 Finance Act 2010. 1.9 Golng Concern The financial statements have been prepared on a going concern basis as the Iruslees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of in¢ome and expenditure for 12 months frorn authorising these financial slalements. They believe Ihe anlicipaled expenditure will be adequately funded given th8 existing level of reserves for the charity to be able lo continue as a 90ing concem. 1.10 Judgements and key sources of estlmallon uncertainty Accounting eslimales and judgements are continually evaluated and ale based on historical experience and other factors, including expectations of future events thal are believed lo be reasonable under the circumstances. Page 8 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 2 Expenditure Total 2025 Total 2024 Chaiitable activities Grants lo institutions:12 grants) Egerton Music Festival 200 2.200 Reconciliation of grants payable: Commitments unpaid al 29 FebrLJary 2024 Cofflmilmenls made in the year Grants paid in the year 2,200 12,200) Commitments unpaid al 28 February 2025 (Note 61 Other costs-. Legal, admini5tralion and accountancy fees Independeiil examinalion fee Property Repairs & Maintenance Property Agents fees Cafelaking fee Rates and Insurance 37,368 1,980 15,894 12,687 2,250 11.326 5,837 81,505 5,837 Page 9 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 3 Trustees and related party transactions Number of employees There were no employees during the year. Related party transactions None of the Iruslees, or any person connected with them. received any remuneration or expenses reimbursed in their capacity as trustee. During the year the trust was charged £37,368 (2024. £5.837) for day lo day administration and accountancy services by Brachers LLP, a firm of solicitors. 4 Investments 2025 2024 Listed investments: Market value a11 March 2024 Additions al cost Disposal proceeds Realised gain on disposals Uniealised Ilossllgain on revaluation 110.468 105.549 2,353 16,5001 3.112 5,954 4,578 4,578 9.066 Market value al 28 February 2025 11 S.046 110.468 Cash lor investment Market value at 28 February 2025 115,046 110,468 islorical cost al 28 February 2025 54.232 54,232 The whole of the portfolio is held in the COIF Charities Investment Fund Account. 2025 2024 5 Properties Book value al 1 March 2024 Additions al cost 2,950,000 Book value al 28 February 2025 2,950,000 Page 10 THE STUBBS BLINKHORN CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 6 Debtors 2025 2024 Other debtors 7 Creditors: amounts falllng due within one year 2025 2024 Grants payable INole 2) Other creditors 3,280 3,280 8 Oe5ignated funds The income funds of the charily include the following designated funds which have been sel aside out of unreslricled funds by the Iruslees for specific ptjrposes.. 1 March 2024 New designations Designations released 28 February 2025 Inveslmenl fund 110.468 4,578 115,046 1 March 2023 New Designations rel•ased 29 February 2024 designatlons Investment fund 105.429 11,539 16,5001 110,468 Inve51menl fund - these funds are inve51ed to maximise lolal return and generate income. 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