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