Kelly Trust (Crediton) Unaudited Financial Statements Charity Registration Number: 1116644 31 December 2023
Kelly Trust {Crediton) Financial Statements Year ended 31 December 2023 Pages Trustees, annual report 1to4 Independent examiner's report to the trustees Statement of financial activities Statement of financial FXJSition Note$ to the financial statements 8to1S
Kelly Trust (Crediton) Trustees. Annual Report Year ended 31 December 2023 The Iruslees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Governing documents 11 of John Alan Kelly dated 21 December 1994 Idled 13 March 19951 Charity Commission Scheme dated 4 March 2019 Reference and admintstrative details Registered charity name Kelly Trust {Creditcfi} Charity registration number 1116644 Prlnclpal office Boniface Centre Church Lane Cfediton EX17 2AH Tho trustees A A White C M Clark C S Nicholl (Miss) JDWard G J Mortimer E J Heard R Cheriton (Mrsl J King D Brassington W J Crooke H M Parker R E Geering {Resigned 10 October 20231 (Appointed 10 October 20231 Independent examlner Nick Smy ACA Westcotts ISW) LLP Chartered Accountants and Business Advisors Queens House New Street Honilon Devon EX14 18J Bankers National Westrniftster Bank plc 59 High Street Exeter Devon, EX4 3DL Investment manager8 Chades Stanley & Co Broadwalk House Southernhay West Exeter Devon, EX1 1TS CCLA One Angel Lane London EC4R 3AB Solicitors Gilbert Stephens LLP 1 Westsvard Business Centre Mill Street Crediton Devon, EX17 1HB
Kelly Trust (Crediton) Trustees. Annual Report (¢ontinued) Year ended 31 December 2023 Stru¢tur•y governance and management Charity's Background The objects are detailed in the Will of the late John Alan Kelly who died on 13 March 1995. Following the subsequent death of his widow. the life lenanL the Crediton Church Corporation received a share of the eytate in 2004 and 2005 comprising cash balances of £889,427 and a portfolio of shares valued al approximately £1 SO,LIOO. Subsequently il was decided to demerge the Kelly legacy into the Kelly Trust (Creditonl, a separate charity and to transfer the assets to the new entity effective from 1 January 2007. The will states that the Trustees are obliged= 1. to relieve hardship and distress for persons over the age of 55 in Crediton and districl. 2. to relieve hardship and distress for persons of any age who are chronically sick or disabled in Crediton and district. after 50 years. subsequently reduced to 23 years, from the dale of Mr Kelly's de*h, to provide support for Holy Cross Church. Cre(liton, in addition lo the foregoing. In respect of item 3 above, the Charity Commission by a Scheme dated 4 March 2019 amended the period after which the Trustees can use fvnds to support Holy Cross Church, Crediton, from 50 years to 23 years, ie with immediate effect. The wll and the Charity Commission Scheme of 4 March 2019 should be read for the precise wording. Appointment of Trustees The Tnjstees normally number e1ve and are elected by existing members. In line with the will, it ts inlended that the Trustees are the same as the Governors of the Crediton Church Corporation. The Chairman is elected annually. The Chairman for 2023 was Mrs R Cheriton. Day to day administration of the Trust is delegated lo a small committee of Trustees, including the Chaiman, who act with the Warden of the Church Governors and the Clert(. The delegated Trustees are appointed annually in December. Changes to personnel Mr Rupert Geering was elected as Trustee on 10 October 2023. Mr James King resigned for health reasons as of 10 October 2023. His resignation was accepted wth regret and appreciation of his years of service. There remained one vacancy a$ at the end of the year. Obiectlves and actlvltles In line with the foregoing, the Trust makes grants etc. to individuals, other charities and societies within the area. The Trustees have tended to support other charities and societies who themselves give help to private individuals and families rather than deal directly with a large number of Small requests.
Kelly Trust (Credtton) Trustees. Annual Report (¢ontinuod) Year ended 31 December 2023 Objective8 and actlvltles {coniinued) Additionally, the Trust has owned four, now five bungali)ws in Crediton. These are let to tenants falling within the objects of the Trust. In vtew of ils charitable status, the rent charged to all such tenants is discounted to some extent, and th6 properties are considered "mixed motive" investments as defined by the Charity Commission. After Considerable work to both the bungalow and the garden, No 12 Waresfool Drive was re-let lo Mr & Mrs Paul Cahill from 17 October. No 14 Waresfoot Drive. an additional bLsngalow for lelling, was purchase for £325,000 (excluding costs} on 14 April and after redecoration and work in the garden was let lo Mr & Mrs Colin Rooke from 17 July. A small strip of land to the rear of the propety was sold lo neighbours Mr & Mrs Andy Cole for £250 to improve their access. The cost of the new property and expenses were funded by transfers of £130,000 from the share portfolio with Charles Stanley and £200,000 from the COIF Investment Fund. In planning their activities for the year the Trustees kept in mind the Charrty Commission guidan on public benefrt. Achievements and perforn7ance In the year, the Trustees conlinued lo make grants to groups and individuals. These tolalled £6,3 as detailed in the aoUnt$. In 2019 a grant was made of £SO,000 towards the appeal for a replacement roof for Holy Cross Chuich. which ultimalely wtll Cost in excess of £1.5 million. This amount was paid wthin the terms of item 3 of the objects, detailed above. The Trustees look into attount the relaxation by the Charity Commission of the '50 year moratorium, applying previously and also the fact that since the time of the setting up of the Kelly Trust (Crediton), in January 2007, there had been approximately £150.000 of unspent inMrne accruing. The properties ntInued to be rnaintained to a high standard. The administration of the lettings ts in the hands of Winkworth, subjeLt to a management fee of 10% plus VAT. Financial rfrvlew Apart from the ffive bungalows owned, the Trust's main source of in¢ome is from a ttolding in the COIF Investment Fund. This investment provides inGorne to meet requests for financial help. bul also should ensure some capitsl appreciation over the long term. This income is supplemented by net rents reiVed from the let properties. The portfolio of shares ieceived from Mr Kelly's estate has been retained under the supervision of our principal investment managerg, Charles Stsnley and Co Limited. Income has ac¢umulated wthin this investment. which is considered the Trustees, reseNe of last resort. The Trustees are conscious that their commitments may well increase under item 3 of the Charity's objects, in future years, and in patticular following the Charrty Commission Scheme of 4 March 2019 As al 31 De¢ember 2023, balances held were.. £145,936 COIF Investment Fund {income to current account} £222,496 sha portfolio.. reserve of last resort {income accumulated to capilall. The Trustees have liaised at regular intervals with Investment Managers, Chades Stanley and Co Limited and both CCLA and Charles Stanley provide regular reports and valuations.
Kelly Trust (Crediton) Trustses. Annual Report (continued) Year ended 31 December 2023 Flnancial revlew {¢oniyrtuedJ There are various ¢onlrols in place to protecl the integrity of the bank and investrnent balars. The Trustees have taken the precaution of purchasing Trustee Indemnity Insurance in respect of any personal liability. Trustees, respon8ibllltle8 Statem¢nt The trustees are responsible for preparing the trustees, report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). The law applicable lo charities in England and Wales requires the charity trustees to prepare finanual statements for each year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resouices, of the charity for that period. In preparing these financial statements, the trustees are required to- 1. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the applicable Charities SORP., 3. make judgments and accounting estimates that are reasonable and prudent," 4. prepare the financial statements on the going concem ba$is unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply w¢th the ChaTlties Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisitsns of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The tfUStee$' annual report was approved on ............ . trustees by.. and signed on behalf of the board of Trustee
Kelly Trust (Crediton) Independent Examinerfs Report to the Trustees of Kelly Trust (Crediton) Year ended 31 December 2023 I report to the Iruslees on my examination of the financial statements ol Kelly Trust (Creditonl I'the charity'l for the year ended 31 December 2023. Rosponsibilities and basi8 of report As the trustees of the charity you are responsible for the preparation of the financial ststements in accordance with the requirements of the Charities Act 2011 I'lhe Acl'}. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commisston under section 145{5llbl of the Act. Independent gxaminerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection wth the examination giving me cause to believe Ihat in any material resFect.' accounting records were not kept in respect of the ¢harity as qUIred by section 130 of the Act., or the financial statements do not accord vAth those rewrd$', or the financial ststements do not cornply wth the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulath)ns 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter considered as part of an independent examination. I have no con¢erns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Nlck Smy ACA Independent Examlner W•stcott (SW) LLP Chartorod Aceountsnts and Business Advisors Queens House New Street Honlton Devon EX14 18J Date." Iblioli
Kelly Trust (Crediton) Statement of Financial Actlvities Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Income and endONnents Donations and legacies Investment income 250 41,289 41,539 42,076 42,076 42,076 42,076 Total Income Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total expenditure 146,7701 112,1361 158,906} 146,770) {12,136} {58,9061 {8,8321 (18,9071 (27.7391 Net Ilossesllgains on investments 10 22,283 22,283 (81,5841 Net lexponditurgllincome and net movement in funds 5.453 5,453 {67,7841 Reconclllallon of funds Total funds brought fOard Total funds cattled fovNa¥d 1,526,197 1,531,650 1,526,197 1,531,650 1.593.981 1.526.197 The statement of financial activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from continuing actimties. The notss on pages 8 to 15 fom part ofthese flnan¢i81 statements.
Kelly Trust (Crediton) ststement of Financial Position 31 December 2023 2023 2022 Not• Fixed a550ts Investments 14 1.506,358 1,484,811 Current assets Debtors Cash at bank and in hand 15 4,353 33,475 4.909 47.964 37,828 52,873 Creditors: amounts falling due within one year Net current assets 16 112,536) 25,292 1,531,650 1,531,650 (11,4871 41,386 Total assets less current1Sablllties 1,526.197 1,526.197 Net as$8ts Funds of the charlty Unrestricted funds 1,531,650 17 1,531,650 1,626.197 1.526,197 Total charity fundg These financial slalements were approved by the board of twslees and authorised for issue on .E..l.i.c¥xw. and are signed on behalf of the board by.. A A Whlte Trusteg Th¢ nots$ on pages 8 to 15 forni part ofthose financlal slatefflents.
Kelly Trust {Crediton) Notes to the Financial Statements Year ended 31 December 2023 General informatlon The charity is a public benefit entity and a register&J charity in England and Wales and 1$ unincorporated. The address of the principal office is Boniface Cenlre. ChLfjrch Lane. Crediton, EX17 2AH. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republre of Ireland,, the Slatement of Recommended Practiee applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP (FRS 10211 and the Charities Act 2011. A¢¢ounting pollcle8 Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial ststements are prepared in slerting, which is the functional currency of the entity. Going concem There are no material UnrtainlIeS about the charitys ability to continue. Dis¢losure exgmption8 The charity has taken advantage of the exemption in FRS102 from the requirement to produce a Cashflow statement because it is a small charity. Judgements and key sources of estimation uncgrtainty The preparation of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience ar other factors, including expeclalions of future events that are believed lo be reasonable under the circumstances. Fund accounting Unrestricted funds a available for use at the discretion of the trustees to further any of the charity's purpjses.
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 Decernber 2023 Accountlng policies fcontinued) InGoming resources All incoming resources are included in the statement of financial activities when entitlement has passed lo the chanty,. it is probable that the economic benefits associated wlh the tronsaction will flow to the charity and the amount can be rellaY measured. The followng speGific policies are applied to particular categories of income". income from donations or grants is recognised when there is evidence of entillement to the gift. receipt is probable and its amount can be measured reliably. legacy income is COgniSed when receipt is probable and entitlement is e$tsblished. income from donated goods is measured at the fair value of the gcKJds unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised ¥Mth the delivery of the contracted seNice. This is classrfied as unrestricted funds unless there is a ¢ontractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recoveTed, and is dassified under headings of the slalement of financial aclivilie$ to which it relates-. expenditure on raising funds includes the costs of all fundraising activities, evenl$, non-charilable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and costs lating lo the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allated lo expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocat& directly to that activity. Shared costs are apportioned belhveen the activ¢ties they contribute to on a reasonable, justifiable and consistent basis. Inve$tments Listed investments are measured at fair value wth changes in fair value being recognised in profil or loss.
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2023 Accountlng pollcles (¢OnllnuedJ Investment property Investment property is revalued to its fair value at each reporting date and any changes in fair value a recognised in profft or loss. Flnancial instruments A financial asset or a financial liability is re¢ognised only when the entity tecomes a paty to the contractual provisions of the instrumenL Basic financial instruments are initially recognised at the amount receivable or payable including any related transaclitsn costs, unless the arrangement constitutes a financing transaction, where it is recognised al the present value of the fLrture payments discounted at a market rate ol interest for a similar debt instrument. Current assets and current liabilities are subseqLWltly measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otheiSe be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other $vch investments are subsequently measure¢Y at cost less impairment. Donatlons and legacles Unrestricted Total Funds Unrestricted Total Fund5 Fund$ 2023 Funds 2022 Grants South West Vvater 250 250 Investhient In¢om• Unrestllcted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Income from investment properties Income from listed investsnents Bank inlerest receivable Investment interest 30,650 5,484 30,650 5,484 24,360 6,956 24,360 6,956 92 9,881 5,496 42,076 5,496 42.076 9,881 41,289 41,289 10
Kelly Trust (Crediton) Notes to the Financial Statements (conunuedj Year ended 31 Decamber 2023 Inveslment income feontlnu8dJ In¢ome from invostment propertle8 Unrestrieled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 10 Meadow Gardens 19 Greenway 7 Waresfoot Drive 12 Waresfool Drive 19 Waresfool Drive 6,600 6,240 6,240 6,980 4.590 30,650 6,600 6,240 6,240 6.980 4.590 6,600 6,240 6,240 5,280 6.600 6.240 6.240 5,280 30,650 24,360 24,360 Investment management costs Unrestricted Total Funds Unrestricted Total Fund$ Funds 2023 Funds 2022 Investment managers, fees Property management fees Repairs lo properties and insurance 2,678 4,538 39,554 2,678 4.538 39.554 3.858 2,989 1,985 3.858 2.989 1,985 8,832 46,770 46.770 8,832 Expendlture on ¢haritable activitie8 Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Grants SuptK)rt costs 6,300 5,836 6.300 5,836 12,136 13,200 5,707 18,907 13,200 5,707 12.136 18,907 Analysis of grants 2023 2022 Grants to institutions Age Concern Crediton Yeoford Church Beacon Church Holy Cr05S 6,200 2,000 5.000 800 5,800 13,200 Grants to Indivlduals N Beighton 6.300 13,200 11
Kelly Trust (Crediton) Notes to the Financial Ststsments (contlnued) Year ended 31 December 2023 Other expendlture Analys18 of governance costs Unrestricted Total Funds Unrestricted Total Funds Funds 2023 FL¢nds 2022 Clerk to the Trustees Insurance Meeting room and the facilities Independent examination Accountancy Sundry expenses 1.250 1,250 1,250 770 1,250 770 500 1,551 1,551 85 500 1,593 1,593 104 500 1,593 1,593 104 1,551 1,551 85 5,836 5.836 5.707 5,707 10. Net {lossesllgains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsl{los$es} on listed investments 22,283 22.283 181,584) {81,584} 11. Independent examlnatlon fe 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,593 1,551 12. Staff costs The average head count of employees during the year was Nil {2022.' Nill. No employee received employee benefits of more than £60,000 during the year {2022.' Nil}. 13. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were reiVed by Ihe Tru$tee5. 12
Kelly Trust {Crediton) Notes to the Financial Statements (conrfnued) Year ended 31 December 2023 14. Investments Cash or cash Listed Investment Other equivalents investments properties investment$ Total Cost or valuatlon At 1 January 2023 Additions Disposals Other movements 15.675 162,405 1166,9071 {200,0001 15,040 145,936 330,896 800,000 328,753 338,240 1,484,811 33,914 523,072 1156,9011 1523,8081 7,243 22,283 222,496 1,506,358 At 31 D0mber 2023 11.173 1,126,753 All investments shown above are held at valuation. Listgd investments Historical cost as at 31 December 2023 11,173 110,178 1,105,258 203,854 1,430,463 Individual investments, which Comprise more lIn 5/0 of the total market value of fixed asset investments. are as fdlows: CCLA Investments 145,936 13
Kelly Trust (Crediton) Notes to the Financial Ststements (conunuedj Year ended 31 December 2023 14. Investments (coniinuedj Invesbnent propertigs 2023 2022 10 Meadow Gardens 19 Greenway 7 Waresfcot Drive 12 Waresfoot Drive 19 Waresfoot Drive 190,000 190,000 200,000 220,000 326,753 1,126,753 190,000 190,000 200.000 220,000 800.000 The four original properties were valued professionally in December 2019 by Devon Sales and Lettings givin9 a valuation of £800,000. All fixed asset investments are held within the United Kingdom. 15. Debtors 2023 2022 Other deblors 4,353 4,909 16. Credltorn". amounts falling duo within one year 2023 2022 Accruals and deferred income Other creditors 3,186 9,350 12,536 3,036 8,451 11,487 14
Kelly Trust {Crediton) Notes to the Financial Statements (conthu8d) Year ended 31 December 2023 17. Analysis of charltable funds Unrestrlcted fund$ At l January 2023 At Gains and 31 December lo$$es 2023 Income Expenditure General funds 1.526,197 42,076 158,9061 22,283 1,531,650 At 1 January 2022 At Gain5 and 31 De¢ember losses 2022 Income Expenditure General fvnds 1,593,981 41,539 127,7391 (81,5841 1,526,197 18. Anatysis of net assets between funds Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 1,506,358 37,828 {12,5361 1,531,650 1.506,358 37,828 112,5361 1,531.650 Unrestricted Total Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assets 1,484,811 52,873 111,487) 1.526.197 1,484,811 52.873 {11,4871 1.526.197 15