## **W. F. J. BLACKFORD TRUST TRUSTEES’ ANNUAL REPORT AND ACCOUNTS** ## **FOR THE YEAR ENDED 5 APRIL 2025** **CHARITY REGISTRATION NUMBER: 1120809** **W. F. J. BLACKFORD TRUST CONTENTS YEAR ENDED 5 APRIL 2025** ||Page| |---|---| |Reference and administration details|1| |Trustees’ annual report|2 – 6| |Independent examiner’s report|7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the accounts|10 – 14| **W. F. J. BLACKFORD TRUST REFERENCE AND ADMINISTRATION DETAILS YEAR ENDED 5 APRIL 2025** |**Trustees**|A R J Penny| |---|---| ||I D Penny| ||M P Penny| |**Principal address**|c/o Gilbert Stephens LLC| ||Solicitors| ||1 Westward Business Centre| ||Mill Street| ||Crediton| ||Devon| ||EX17 1HB| |**Independent examiner**|Michelle Ferris BSc (Hons) FCA DChA| ||Albert Goodman LLP| ||Goodwood House| ||Blackbrook Park Avenue| ||Taunton| ||Somerset| ||TA1 2PX| -1- **W. F. J. BLACKFORD TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025** The Trustees present their Report for the year ended 5th April 2025. ## **REFERENCE AND ADMINISTRATION DETAILS** Details of the charity’s Trustees, advisors and other reference and administration details are given on page 1. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Description of the Charity’s governing document** W F J Blackford Trust is governed by a Will dated 5th July 1989, and Probate which was granted on 15th December 2000. The Trust effectively came into being in March 2006 on the sale of the property of the late W F J Blackford. Formal charitable status was achieved on 7th September 2007. ## **Trustee selection methods** The first two named Trustees were originally the Executors of the late W F J Blackford’s Will. They were appointed as Trustees when the Trust effectively came into being upon disposal of the property, which was part of the deceased’s Estate. They appointed the third named trustee in 2023. The power of appointing new Trustees is vested in the current Trustees. ## **OBJECTIVES AND ACTIVITIES** ## **Summary of the objects of the charity set out in its governing document** W F J Blackford Trust is a Trust that sets out to apply available funds, in such a manner that the Trustees think fit, for or towards the upkeep and repair of the Parish Church of St. John the Baptist in Witheridge, Devon, and also for the maintenance of the graveyard and monuments of the said Church. Through providing this financial support to the PCC, the Trust sets out to encourage the occupation and use of the Church as a place of public worship, for the benefit of the Parishioners and the wider community and also thereby preserving the structure of a Grade 1 listed building and its surroundings. ## **Summary of the main activities in relation to these objects** During the course of the year, the Trustees have again paid due regard to the Charity Commission’s guidance on public benefits. As in previous years, the majority of expenditure supported by the Trustees was in respect of repair work to and upkeep of the Church and general maintenance of the Church graveyard. The Trustees continue to meet every quarter and throughout the year, they have been in regular contact with both the priest and the PCC responsible for the church in order to ensure that funding was available when required by the Church. Following a review of the Trust’s activities, the Trustees have decided to amend the Trust’s objects and widen the number of churches that can benefit from the Trust. This is subject to Charity Commission Approval. Consultations with interested parties will commence in the year 2025/2026. -2- **W. F. J. BLACKFORD TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025** ## **Summary of the main achievements of the charity during the year** The Trust has fully achieved its current target – it has provided the Church with 100% of the funding it had sought during the year. In addition, the Trustees have completed a review of the Trust’s activities and are proceeding to implement the results of that review. ## **Investment Policy** For most of the reporting period, global equity and bond markets delivered positive returns, supported by stable monetary policy and improving corporate earnings. Equities across major regions performed well, with U.S. and Japanese markets benefiting from strong AI-driven growth, while European and emerging markets saw steady gains despite sector-specific challenges. Bond markets remained resilient, with high-yield credit outperforming investment-grade debt, reflecting investor confidence in risk assets. Market conditions shifted abruptly in early April 2025, following President Trump’s announcement of sweeping tariff measures on imports to the U.S. The policy, introduced on April 2, dubbed “Liberation Day”, triggered a sharp selloff across global equity markets, marking its steepest decline since the COVID-19 pandemic. Bond markets saw inflows as investors sought safe-haven assets. Despite the late-period volatility, the overall performance across equities and bonds remained positive for most of the year, underscoring the importance of diversification and strategic risk management in navigating macroeconomic uncertainties. ## **Investments and cash held at the end of the year** ||**05.04.25**|**05.04.24**| |---|---|---| |BNY Mellon|761,513|747,319| |M&G Charifund|142,770|136,920| |J Edward Sellars|356,899|350,081| |Charles Stanley|356,782|367,392| ||1,617,964|1,601,712| |Cash Holdings|75,522|81,958| ||**1,693,486**|**1,683,670**| The overall structure of the investments remained largely unchanged throughout the period, with a modest increase in allocations to fixed income (Bonds) in response to attractive yields within the asset class. The trust portfolio continued to adhere to a medium risk investment approach, with the Charles Stanley portfolio adopting the highest level of risk, while a more conservative strategy was maintained within the J Edward Sellars portfolio and the M&G/BNY Mellon funds. The J Edward Sellars portfolio retained an overweight position in fixed income, which proved effective in mitigating volatility towards the end of the period, particularly amid market uncertainty triggered by recent geopolitical and fiscal developments. -3- **W. F. J. BLACKFORD TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025** ## **Charles Stanley Portfolio** The Charles Stanley portfolio represents the higher-risk component of the Trust’s investment strategy, with a focus on both income and capital growth through exposure to UK-listed equities, primarily within the FTSE 350. This allocation is designed to complement the more conservative elements of the Trust’s holdings, and as such, it is positioned last in the order of drawdown to preserve its long-term growth potential. The portfolio is actively managed and reflects a more speculative approach, accepting greater volatility in pursuit of higher returns over time. During the reporting period, the portfolio value declined from £367,392 to £356,782. While this represents a reduction, it is considered a reasonable outcome given the broader market instability. The period included significant volatility, particularly in August 2024, when global equity markets were shaken by concerns over US recession risks and elevated valuations in the technology sector. However, sentiment improved as revised US GDP figures and expectations of interest rate cuts helped stabilise markets. UK equities, including those in the FTSE 100, performed relatively well, nearing record high. Against this backdrop, the portfolio’s performance reflects the inherent risk profile of its equity-heavy strategy while remaining aligned with its long-term objectives. ## **J Edward Sellars Portfolio** Over the reporting period, the J Edward Sellars portfolio demonstrated resilience amid a volatile global economic environment. The portfolio began the period with a valuation of £350,081 in April 2024 and ended at £356,899 by early April 2025, reflecting a modest net increase despite fluctuations throughout the year. Performance was supported by a diversified allocation across fixed interest (averaging over 55% of the portfolio), equities, and a small but strategic introduction of alternative investments—namely gold—in early 2025. The portfolio’s cautious positioning, particularly its overweight exposure to bonds and underweight stance on US equities, helped mitigate downside risks during periods of market stress, such as the Q1 2025 downturn triggered by US tariff announcements. Income generation remained a consistent strength, with quarterly income returns contributing positively to overall performance. The portfolio benefited from high-yield bond holdings and strategic fund selections, including the Aegon High Yield Bond and Royal London Sterling Extra Yield Bond, which delivered attractive yields above 6%. Despite a brief dip in performance during Q1 2025 (with a quarterly return of -1.10%), the portfolio recovered well, aided by tactical reallocations and the inclusion of gold as a hedge against geopolitical and economic uncertainty. Overall, the portfolio’s defensive growth strategy aligned well with its investment objectives, balancing capital preservation with steady income generation. ## **M&G Charifund** The M&G Charifund, a UK sterling-denominated equities investment fund for charities, maintained its focus on income generation and long-term capital growth throughout the reporting period. The fund continued to adopt a high-yield equity strategy, emphasising dividend-paying stocks to support charitable income needs. Performance over the period was moderately positive, with the fund benefiting from strong corporate earnings and stable dividend distributions. However, market volatility towards the end of the period, driven by geopolitical uncertainty and fiscal policy shifts, introduced some fluctuations in returns. Despite this, the fund’s diversified approach helped mitigate downside risks, ensuring relative stability in income generation. Structural changes within the fund were minimal, with no significant alterations to asset allocation. The fund remained committed to its core strategy of investing in UK-listed equities, maintaining exposure to sectors that historically provide resilient dividend yields. Overall, the M&G Charifund continued to align with its objective of delivering sustainable income while navigating broader market challenges effectively. -4- **W. F. J. BLACKFORD TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025** ## **BNY Mellon Growth & Income for Charities** The BNY Mellon Growth & Income Fund for Charities maintained its focus on capital growth and income generation, investing primarily in a diversified portfolio of global equities and fixed-income securities. The fund’s strategy remained centred on balancing risk and return, with a minimum 70% allocation to equities, complemented by selective fixed-income exposure. Performance over the reporting period was positive, supported by resilient corporate earnings and favourable market conditions. The fund benefited from a lower sensitivity to interest rate movements, which helped mitigate volatility amid fluctuating bond yields. However, financial sector holdings acted as a drag on returns, reflecting broader challenges within the industry. Despite late-period market turbulence, the fund’s diversified approach ensured stability, reinforcing its role as a reliable vehicle for long-term charitable investment. The fund’s allocation strategy remained largely unchanged, continuing to emphasise high-quality dividend-paying equities alongside selective fixed-income positions. Overall, the BNY Mellon Growth & Income Fund for Charities delivered steady returns, aligning with its objective of providing sustainable capital and income growth while navigating evolving market dynamics. ## **Investment income received during the year** |
BNY Mellon

M&G Charifund

J Edward Sellars

Charles Stanley

|**05.04.25**
17,563
8,558

4,927

12,633
43,681
|**05.04.24**
17,607
9,883
6,903
12,813
47,206| |---|---|---| ## **Cash Reserves** At 5 April 2025, the Trust’s cash holdings stood at £75,522 (2024: £81,958), comprising money held in the Trust's current bank account and savings account. The Trustees are comfortable holding this cash as they expect it will be used to cover the cost of the ongoing works to the church over the next year. ## **Financial Review** During the year, the value of the Charity’s investments increased by £16,252 to £1,617,964 (2024: increased to £1,601,712), and the income earned from the investments amounted to £45,602 (2024: £47,255), with total expenditure for the year of £55,937 (2024: £71,175). The Charity recognised an overall surplus for the year of £14,646, after an investment revaluation gain of £24,982 (2024: surplus of £61,956 after an investment revaluation gain of £85,876). -5- **W. F. J. BLACKFORD TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025** ## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, _the Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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. ## **Declaration** The trustees declare that they have approved the Trustees’ report above. Signed on behalf of the charity’s trustees ## **I D Penny** Date: 08 January 2026 -6- **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF W. F. J. BLACKFORD TRUST FOR THE YEAR ENDED 5 APRIL 2025** ## **Independent examiner’s report to the trustees of the W.F.J. Blackford Trust.** I report to the trustees on my examination of the accounts of the W.F.J. Blackford Trust (‘the Trust’) for the year ended 5 April 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust 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 the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that 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. Michelle Ferris BSc (Hons) FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Date: 19January 2026 -7- ## **W. F. J. BLACKFORD TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**Funds**|**Funds**| |||**2025**|**2024**| ||**Note**|**£**|**£**| |**Income**|||| |Investment income:|||| |Bank interest||1,920|49| |Dividends received||43,681|47,206| |||──────|──────| |**Total income**||45,601|47,255| |||──────|──────| |**Expenditure**|||| |Raising funds|**2**|9,430|7,624| |Charitable activities|**3**|46,567|63,551| |||──────|──────| |**Total expenditure**||55,997|71,175| |||──────|──────| |**Net income/(expenditure) before**|||| |**investment (losses)/gains**||(10,396)|(23,920)| |**Gains/ (losses) on investments**|
**4**|24,982|85,876| |||──────|──────| |**Net movements in funds**||14,586|61,956| |Total funds brought forward||1,686,974|1,625,018| |||──────|──────| |**Total funds carried forward**||1,701,560
**──────**|1,686,974
**──────**| -8- ## **W. F. J. BLACKFORD TRUST BALANCE SHEET AS AT 5 APRIL 2025** |**Note**
**Fixed assets**
Investments
**4**
**Current assets**
Debtors and prepayments
**5**
9,874
Cash at bank and in hand
75,522
──────
85,396
**Creditors: amounts falling**
**due within one year**
**6**
(1,800)
──────
**Net current assets**
**Net assets**
**Represented by:**
**Unrestricted funds**|**2025**
**2024**
**£**
**£**
1,617,964
1,601,712
9,243
81,958
──────
91,201
(5,939)
──────
83,596
85,262
──────
──────
1,701,560
1,686,974
──────
──────
1,701,560
1,686,974
──────
──────| |---|---| The accounts were approved by the Trustees on 08 January 2026 I D Penny On Behalf of the Board of Trustees -9- **W. F. J. BLACKFORD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** ## **1 Accounting policies** ## **Basis of accounting** The financial statements have been prepared in £ sterling on the historical cost basis and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)). The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **Income** These are included gross of related expenditure in the Statement of Financial Activities (‘SoFA’) when the charity becomes entitled to the resources, is virtually certain they will receive the resources, and can measure the monetary value with sufficient reliability. Investment income is recognised on a receivable basis. Investment gains and losses include any gain or loss on the sale of investments, and any gain or loss resulting from revaluing investments to market value at the end of the year. Income from tax reclaims are included in the SoFA at the same time as the interest to which they relate. ## **Expenditure** Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. ## **Fixed asset investments** Investments are recognised initially at fair value which is normally the transaction price (but excludes any transactions costs). Subsequently, investments are held at market value, with all realised and unrealised gains and losses passing through the SoFA. ## **Reserves Policy** The Trustees have decided that for the year 2025/26 they have no need to set aside funds as a Reserve. In their opinion, the size of the Charity’s uncommitted funds, the easily realisable nature of its investments and the level of income contrasted with the levels of expenditure give more than adequate assurance of the resilience of the Charity and outweigh the reasons advanced for designating funds as a Reserve by the Charity Commission guidance on reserves. -10- **W. F. J. BLACKFORD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** ## **Accounting policies (continued)** ## **Realised gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. ## **Debtors** Trade debtors and other debtors are recognised at the settlement amount due. ## **Cash at bank and in hand** Cash at bank and in hand comprise of cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Creditors** Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. ## **Taxation** The Trust is a registered charity and is exempt from taxation on its income and gains where they are applied for charitable purposes. The Trust’s tax exempt status was confirmed by H M Revenue & Customs on 6 August 2009. ## **Fund accounting policy** All funds held by the Trust are:- - Unrestricted – these funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## **Financial instruments** The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows: Financial assets – debtors and accrued income are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 10. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors and accruals are financial instruments, and are measured at amortised cost as detailed in note 10. -11- ## **W. F. J. BLACKFORD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** |**2**
**3**
**4**|**Raising funds**
Investment management costs
Portfolio management charges
**Charitable activities**
Repairs to Church
Repairs to grounds and monument
Church utilities reimbursements
Insurance
Governance costs
**Included within Governance costs**
Legal charges
Accountancy
Independent examination
Bank charges
**Investments**
Listed shares
Cash held by investment manager
**Represented by**:
Global Growth & Income Fund for Charities
Charles Stanley – Investment portfolio
J E Sellars – Investment portfolio
M & G Investments - Charifund


|**2025**
**2024**
**£**
**£**
9,430
7,624
──────
──────
9,430
7,624
──────
──────
**2025**
**2024**
**£**
**£**
8,279
45,878
23,061
2,670
4,847
2,759
3,614
3,000
6,766
9,244
──────
──────
46,567
63,551
──────
──────
**2025**
**2024**
**£**
**£**
4,501
7,500
1,185
1,164
580
580
500 -
──────
──────
6,766
9,244
──────
──────
**2025**
**2024**
**£**
**£**
1,605,648
1,576,545
12,316
25,167
──────
──────
1,617,964
1,601,712
──────
──────
761,513
747,319
356,782
367,392
356,899
350,081
142,770
136,920
──────
──────
1,617,964
1,601,712
──────
──────| |---|---|---| -12- ## **W. F. J. BLACKFORD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** ## **Listed Shares** |**5**
**6**|**Market value**
At 6 April 2024

Additions
Disposals
Return of capital
Unrealised & realised (losses)/gains
At 5 April 2025


**Debtors and prepayments**
Debtors and accrued income
**Creditors and accruals**
Accruals|**2025**
**2024**
**£**
**£**
1,576,545
1,550,280
317,655
353,615
(313,227)
(413,226)
(307) -
24,982
85,876
──────
──────
1,605,648
1,576,545
──────
──────
**2025**
**2024**
**£**
**£**
9,874
9,243
──────
──────
**2025**
**2024**
**£**
**£**
1,800
5,939
──────
──────| |---|---|---| ## **7 Trustees’ and employee remuneration** None of the trustees were paid any remuneration or expenses by the charity during the year (2024: none). The trust has no employees, and hence no key management personnel and none that receive remuneration of over £60,000 (2024: none). ## **8 Related party transactions** I D Penny, a trustee, was a consultant of Gilbert Stephens LLP until 31 March 2024. During the year, the trust paid Gilbert Stephens LLP £4,501 (2024: £7,500) for legal services. At the year-end, £nil was due to Gilbert Stephens LLP (2024: £4,200). -13- ## **W. F. J. BLACKFORD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** ## **9 Analysis of net assets between funds** |**10**|Fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year
**Analysis of net assets between funds - 2024**
Fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year
**Financial instruments**
**Categorisation of financial instruments**
Financial assets measured at fair value through the
income and expenditure account
Financial assets that are debt instruments measure
at amortised cost
Financial liabilities measured at amortised cost
**Item of income, expenditure, gain or losses**
**2025**
Financial assets measured at fair value through the
income and expenditure account
**2024**
Financial assets measured at fair value through the
income and expenditure account
|**Unrestricted**
**Total**
**funds**
**2025**
**£**
**£**
1,617,964
1,617,964
9,874
9,874
75,522
75,522
(1,800)
(1,740)
──────
──────
1,701,620
1,701,620
──────
──────
**Unrestricted**
**Total**
**funds**
**2024**
**£**
**£**
1,601,712
1,601,712
9,243
9,243
81,958
81,958
(5,939)
(5,939)
──────
──────
1,686,974
1,686,974
──────
──────
**2025**
**2024**
**£**
**£**
1,605,648
1,576,545
97,712
116,368
──────
──────
1,703,360
1,692,913
──────
──────
1,800
5,939
──────
──────
**Income Expenditure**
**Net gains**
**£**
**£**
**£**
45,602
9,430
24,982
────── ────── ──────
**Income Expenditure**
**Net gains**
**£**
**£**
**£**
47,255
7,624
85,876
────────────────────| |---|---|---| -14-