Kelly Trust (Crediton) Unaudited Financial statements Charity Registration Number: 1116644 31 December 2024
Kelly Trust (Crediton) Financial Statements Year ended 31 December 2024 Pages Trustees, annual report 1to4 Independenl examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements 8t015
Kelly Trust (Crediton) Trustees. Annual Report Year ended 31 December 2024 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Governing documents Will of John Alan Kelly dated 21 December 1994 (died 13 March 1995) Charity Commission Scheme dated 4 March 2019 Reference and administrative details Registered charity name Kelly Trust (Crediton) Charity registration number 1116644 Prlncipal office Boniface Centre Church Lane Crediton EX17 2AH The trustees A A White C M Clark C S Nicholl (Miss) JDWard G J Mortimer E J Heard R Cheriton {Mrs) D Brassington W J Crooke H M Parker R E Geering S Miller (Dr) (Appointed 9 July 2024) Independent examiner Nick Smy ACA Westcotts (SW) LLP Chartered Accountants and Business Advisors Queens House New Street Honiton Devon EX14 1BJ Bankers National Westminster Bank plc 59 High Street Exeler Devon, EX4 3DL Investment managers Charles Stanley & Co Broadwalk House Southernhay West Exeter, Devon, EX111TS CCLA One Angel Lane London EC4R 3AB Solicitors Gilbert Stephens LLP 1 Westward Business Centre Mill Street Crediton Devon, EX17 1HB
Kelly Trust (Crediton) Trustees. Annual Report (continued) Year ended 31 December 2024 Structure* 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, th8 life tenant, the Credilon Church Corporation received a share of the estate in 2004 and 2005 comprising cash balances of £889,427 and a portfolio of shares valued al approximately £160,000. Subsequently it was decided to demerge the Kelly legacy inlo the Kelly Trust (Crediton), a separate charity and to transfer the assets to Ihe 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 district. 2. to relieve hardship and distress for persons of any age who are chronically sick or disabled in Crediton and district. 3. after 50 years, from the date of Mr Kelly's death, to provide support for Holy Cross Church, Crediton, in addition to the foregoing. In respect of item 3 above, Ihe Charity Commission by a Scheme dated 4 March 2019 amended the period after which the Twstees can us8 funds to support Holy Cross Church, Crediton, from 50 years to 23 years, ie wilh immediate effect. The will and the Charity Commission Scheme of 4 March 2019 should be read for the precise wording. Appointment of Trustees The Trustees normally number twelve and are elected by existing members. In line with Ihe will, it is intended that the Trustees are the same as the Govemors of the Crediton Church Corporation. The Chairman is elected annually. The Chairman for 2024 was again Mrs R Cheriton. Day to day administration of the Trust is delegated to a small committe8 of Trustees, including the Chairman, who acl wilh the Warden of the Church Govemors and the Clerk. The delegated Trustees are appointed annually in December. Changes to personnel Dr Stephen Miller was elected as Trustee on 9 July 2024. Objectives and activities In line with the foregoing, th8 Trust makes grants etc. to individuals, oth8r 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 (Crediton) Trustees. Annual Report (contlnued) Year ended 31 December 2024 Objectives and activities (contlnu•d) Addilionally, the Trust owns five bungalows in Crediton. These are let to tenants falling within the objects of the Trust. In view of ils charitable status, the rent charged to all such tenants is discounted to some extent, and the properties are considered "mixed motive. investments as defined by the Charily Commission. The properties were fully let in 2024. In planning their activities for the year the Trustees kept in mind the Charity Commission guidance on public benefit. Achievements and performance In the year, the Trustees continued to make grants to groups and individuals. These totalled £8,604 as detailed in the accounls. In 2019 a grant was made of £50,000 towards the appeal for a replacement roof for Holy Cross Church, which ultimately will cost in excess of £1.5 million. This amount was paid within the terms of item 3 of the objects, detailed above. The Trustees took into account 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 Ihe Kelly Trust {Crediton}, in January 2007, there had been approximalely £150,000 of unspent income accruing. The properties continued to be maintained to a high stsndard. The administration of the lettings is in the hands of Winkworth, subject to a management fee of 100/0 plus VAT. Financial review Apart from the five bungalows owned, the Trust's main Sour of income is from a holding in the COI F Investment Fund. This investment provides income to meet requests for financial help, but also should ensure some capital appreciation over the long term. This income is supplemented by net rents received from the let properties. The portfolio of shares received from Mr Kelly's estate has been retained under the supervision of our principal investment managers, Charles Stanley and Co Limited. Income has accumulated within this investment, which is considered the Trustees, reserv8 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 particular following the Charity Commission Scheme of 4 March 2019. As at 31 December 2024, balances held were: £149,233 COIF Investment Fund (income to current account} £246,994 Charles Stanley share portfolio; reserve of last resort (income accumulated to capital). The Trustees have liaised al regular intervals with Investment Managers, Charles Stanley and Co Limited and both CCLAJCOIF and Charles Stanley provide regular reports and valuations.
Kelly Trust (Crediton) Trustees. Annual Report (continued) Year ended 31 December 2024 Financial revlew (contlnued) There are various controls in place to protect the integrily of the bank and investment balances. The Trustees have taken the precaution of purchasing Trustee Indemnity Insurance in respect of any personal liability. Trustees. responsibilities statement The trustees are responsible for preparing the Iruslees, report and the financial stalements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charily trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial stat8ments, th8 trustees are required to.. 1. select suitable accounting policies and then apply them consistently; 2. 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 basis unless it is inappropriate to presume thal the charity will continue in business. The trustees are responsible for keeping adequate accounting records thal are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Charilies Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions 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 trustees, annual report was approved on !.?..l.i.o.IJs...... and signed on behalf of the board of trustees by.. IAVWL AAWhite Trustee
Kelly Trust (Crediton) Independent Examiner's Report to the Trustees of Kelly Trust (Crediton) Year ended 31 December 2024 I report lo the trustees on my examination of the accounts of Kelly Trust (Crediton) for the year ended 31 December 2024. Responsibilities and basis of report As the charily trustees of Kelly Trust (Crediton) 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 Ihe charity'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 seclion 145(5}(b) of the Act. Independent examinerfs statement I have completed my examination. I confirm 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 form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihal 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Nick Smy ACA Independent Examiner We8t¢ott ISWI LLP Chartered Accountants and Busino8s Advisors Queens House New Street Honiton Devon EX14 1BJ
Kelly Trust (Crediton) Statement of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Inveslment income Other income 46,310 167 46,310 167 42,076 Total income 46,477 46,477 42,076 Expenditure Expenditure on raising funds: Investment management costs Expenditure on charitable activities Total expenditure 115,752) 115,159) (30,911) (15,752) (15,159) (30,911) {46,770) (12,136) (58.906) Net (losses)Igains on investments 10 18.676 18.676 22,283 Net {expenditure)lincome and net movement in funds 34,242 34,242 5,453 Reconciliation of funds Total funds brought forward Total funds carried forward 1,531,650 1,565,892 1,531,650 1,565,892 1,526,197 1,531,650 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 10 15 fomi part of these financial statèrnents.
Kelly Trust (Crediton) Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Investments 14 1,527.213 1,506,358 Current assets Debtors Cash at bank and in hand 15 3,958 48,753 4,353 33,475 52,711 37,828 Creditors: amounts falling due within one year Net current assets 16 (14,032) 38,679 (12,5361 25,292 Totsl assets less current liabllltles 1,565,892 1,531,650 Net assets 1,565,892 1,531,650 Funds of the charity Unrestricted funds 1,565,892 1.531,650 Total charity funds 17 1,565,892 1,531,650 These financial slatemenls were approved by the board of twstees and authorised for issue on ..Is.l.iolis.. and are signed on behalf of the board by.. A A White Trustee The notes on pages 8 to 15 fomi part of these flnanclal statomonts.
Kelly Trust (Crediton) Notes to the Financial Statements Year ended 31 December 2024 General infonnation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Boniface Centre, Church Lane. Crediton, EX17 2AH. Statement of compliance These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charilies SORP IFRS 102)) and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabililies and investment properties measured at fair value through income or 8xpenditure. The financial statements are prepared in sterling, which is the functional currency of the entity- Going concern There are no material uncertainties about the charily's ability to continue. Disclosure exemptions 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 uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimales and judgements are continually reviewed and are based on experience and olher factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2024 Accounting policies (contlnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable thal the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo Ihe donor or the estimated resale value. Donated facilities and seNices are recognised in Ihe 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 with the delivery of the contracted service. This is classified as unreslricted funds unless there is a contractual requirement for it to be spenl on a particular purpose and returned if unspent, in which case it may be regarded as restrided. Resources expended Expendilure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events. non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support Costs and costs relating to the governance 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 chafltable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated direclly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2024 Accountlng pollcies fcontlnued) Investment property Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement conslitules a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and currenl liabilities are subsequently 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 otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequenlly measured at cost less impairment. Investment income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from investment properties Income from listed investments Bank interest receivable Investment interest 36,900 4,817 531 4,062 36,900 4,817 531 4,062 30.650 5,484 446 5,496 42,076 30,650 5,484 446 5,496 46,310 46,310 42,076 Income from investment properties Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 10 Meadow Gardens 19 Greenway 7 Waresfool Drive 12 Waresfoot Drive 14 Waresfoot Drive 6,600 6,240 6,240 8,640 9,180 6,600 6,240 6.240 8,640 9,180 6,600 6,240 6.240 6,980 4,590 6,600 6,240 6,240 6,980 4,590 36,900 36,900 30,650 30,650 10
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2024 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sale of scrap metal 167 167 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment managers, fees Property managemenl fees Repairs to properties and insurance 2,624 4,366 8,762 15.752 2,624 4,366 8,762 2.678 4.538 39,554 2,678 4,538 39,554 15,752 46,770 46,770 Expenditure on charitable activitl8S Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants Support costs 8,604 6,555 8,604 6,555 6,300 5,836 6,300 5,836 15,159 15.159 12,136 12.136 Analysis of grants 2024 2023 Grants to institutions Age Concern Crediton PCC Shobrooke Citizens Advice Holy Cross 5,000 2,500 300 804 5.000 800 8,604 5,800 Grants to individuals N Beighton 500 8.604 6,300 11
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2024 Other expenditure Analysis of govemance costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Clerk lo the Trustees Insurance Meeting room and the facilities Independent examinalion Accountancy Sundry expenses 1,250 807 500 1,671 2,258 69 1,250 807 500 1,671 2,258 69 1,250 796 500 1,593 1,593 104 1,250 796 500 1,593 1,593 104 6,555 6,555 5,836 5,836 10. Net {losses)Igains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on listed investments 18,676 18,676 22,283 22,283 11. Independent examination fees 2024 2023 Fees payable to the independent examiner for- Independent examination of the financial statements 1,671 1,593 12. Staff costs The average head count of employees during the year was Nil (2023: Nil). No employee received employee benefits of more than £60,000 during the year {2023: Nil). 13. Trustee remuneration and expenses No remuneration or olher benefits from employment wilh the charity or a related entity were r8ceived by the Trustees, 12
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2024 14. Investments Cash or cash Listed Investment Other equivalents investments properties investments Total Cost or valuation Al 1 January 2024 Additions Disposals Other movements 11,173 74,549 (81,4891 145,936 1,126,753 222,496 1,506,358 81,452 156,001 (72,333) (153,822) 15,379 18,676 246,994 1,527,213 3,297 149,233 At 31 December 2024 4,233 1,126.753 All investments shown above are held at valuation. Listed Investments Historical cost as at 31 December 2024 4,233 110,178 1,105,258 219,458 1.439,127 Individual investments, which comprise more than 50/0 of the lolal market value of fixed asset inveslments, are as follows- CCLA Investments 149,233 13
Kelly Trust (Crediton) Notes to the Financial Statements (continued) Year ended 31 December 2024 14. Investments fcontlnu•d) Investment properties 2024 2023 10 Meadow Gardens 19 Greenway 7 Waresfool Drive 12 Waresfoot Drive 14 Waresfoot Drive 190,000 190,000 200,000 220.000 326.753 190,000 190,000 200,000 220,000 326,753 1.126,753 1,126,753 The four original properties were valued professionally in December 2019 by Devon Sales and Lettings giving a valuation of £800,000. All fixed asset investments are held within the United Kingdom. 15. Debtors 2024 2023 Other debtors 3,958 4,353 16. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 3,342 10,690 3,186 9,350 14,032 12,536 14
Kelly Trust (Crediton) Notes to the Financial Statements leontlnued) Year ended 31 December 2024 17. Analysis of charitable funds Unrestricted funds At 1 January 2024 Al Gains and 31 December losses 2024 Income Expenditure General funds 1,531,650 46,477 (30,911) 18.676 1,565.892 At 1 January 2023 At Gains and 31 December losses 2023 Income Expenditure General funds 1,526,197 42,076 (58,906) 22,283 1,531,650 18. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Inveslments Currenl assets Creditors less than 1 year Net assets 1,527,213 52,711 (14,032) 1,565.892 1,527,213 52,711 (14,032} 1,565,892 Unrestricted Total Funds Funds 2023 Investments Current assets Credilors less than 1 year Net assets 1,506,358 37,828 (12,536) 1,531,650 1,506,358 37,828 (12.536) 1,531,650 15