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 a￿oUnt$.
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 re￿iVed 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 balar￿s.
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 endON￿nents
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 fO￿ard
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 Un￿rtainlIeS 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 rella￿Y 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$,
non-charilable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further ils charitable aims for the benefit of its beneficiaries, including those
support costs and costs ￿lating lo the govemance of the charity apportioned to charitable
activities.
other expenditure includes all expenditure that is neither related to raising funds for the
charity nor part of its expenditure on charitable activities.
All costs are all￿ated lo expenditure categories reflecting the use of the resource. Direct costs
attributable lo a single activity are allocat& directly to that activity. Shared costs are apportioned
belhveen the activ¢ties they contribute to on a reasonable, justifiable and consistent basis.
Inve$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
othe￿iSe 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$es} on listed investments
22,283
22.283
181,584)
{81,584}
11. Independent examlnatlon fe
2023
2022
Fees payable to the independent examiner for..
Independent examination of the financial statements
1,593
1,551
12. Staff costs
The average head count of employees during the year was Nil {2022.' Nill.
No employee received employee benefits of more than £60,000 during the year {2022.' Nil}.
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were
re￿iVed by Ihe Tru$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 D0￿mber 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 lI￿n 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