ChBrlty Reglsiration No. 1192048 THE SHANDFORD TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
The Shandford Trust Legal and Admlnlstrative Information For the Year Ended 31 December 2023 Trustees Paul Andrew Boult Jacqueline Maria Collins Christopher Hayward Davis Ichairman) Louise Marie Jacques Marc Jobson Penelope Frances Leather Richard Mejzner Joanne Ellzabeth Vanstone (Treasurer) Charlty number 1192048 Prfndpal address c/0 Publlc Hall Station Road Budlelgh Salterton Devon EX9 6RJ Independent emamlner Mr D J Carmichael FCA 2 Boucher Road Budlei8h Salterton Devon EX9 6HG Bankers CAF Bank 25 Klngs Hill Avenue Kings HIII West Mailin8 Kent ME19 4TA Solldtors Tozers 5ollcltors LLP Broadwalk House Southernhay West Exeter Devon EXI IUA
The Shandford Trust Contents For the Year Ended 31 December 2023 Pa8e Trustees Report Statement of Trustees, Respon51bllitles Independent Examiner's Report Statement of Flnanclal Actlvlties Balance Sheet Ststement ofcash Flow5 Notes to the Financlal Statements 10-16
The Shandford Trust Trustees Report For the Year Ended 31 December 2023 The Trustees present their annual report and financial statements for the year ended 31 December 2023. The financial ststements have been prepared in accordance wlth the accountlng policies Set out in note I to the financial statements and comply with the CIO'S governing document, the Chartlies Act 2011 and "Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFR5 1021" (effective l January 20191. ObJectl¥es and Actlvltles The CIO'S objects are to provlde financial a551stance towards the cost of care and home 5ervlces, facilldes and ssociated amenitie5 and to fund the provlslon of residentlal care to supporl older persons of limited means In Budlel8h Salterton, East Budlel8h, Otterton, Colaton Raleigh and Bicton. There are no restrlcted funds or endowment funds. The policles adopted in furtherance of these objects are to provlde grant fundin8 to older people for their accommodatlon or care, particularly those in financial need. those who are frall or wlth dlsabilitle5, who Ilve in Budlelgh Salterton, East 8udleigh, Otterton, Colaton Ralelgh or 81cton. It is indiscrlminate as to age, dlsability, Bender reassignment, marriage and civil partnership, race, reli8Son or bellef, sex or sexual orientatton and there has been no change In these during the year. The CIO commenced its achvities durinB 2023. The Trustees have paid due 83rd to guidance Issued by the CIO Commission In decldlng what activlde5 the CIO should undertake. Athlevements and Performance The New CIO The CIO was registered on 28 October 2020. This was done in andclpation of an agreernent with The AbbeyHeld Soclety ITAS) for the transfer of the proceeds of the sale of the Shandford Resldential Care Home ISRCHI, which they operated in Budlei8h Salterton, and of legacy funds totalling £196,000 held by the home. The home was closed in April 2020 by TAS as it W05 consldered no longer financially viable. Prior to this, in 2012, Shandford Resldential Care Home Ltd, which operated as a community benefit society* had transferred the Shandford ResIdenal Home to TAS. That transfer deed stlpulated that, If the home was subsequently tlosed then any a55ets alISed had to continue to be used in accordance with that deed. The deed defined the use of the fund5 as to 'providing houslng and associated amenitte5 for elderly persons of Ilmited means on terms appropriate to their means in Budleigh Salterton. East Budleigh, Otterton, Colaton Raleigh end 8icton'. The CIO wès establlshed as the entity to receive these funds and fulfil this purpose.
The Shandford Trust Trustees Report For the Year Ended 31 December 2023 Proceed5from the sole of the previous AbbeyfieIdSocty residential core home The CIO reIVed £729,IXM) on 16 December 2021. 0 year after the Sale of the property. The sum wa5 made up of £196,000 of legacy funds and £533,C(X), belng the net amount of the propertv Sale after deduction of closure costs by TAS of £167.000. Methodologyfor opplyingfunds in occordunce with the Objects When registering the new CIO, a 8rants policy wa5 a150 submitted to the CIO Commission. No dlsbursements for this purpose have yet been made. Plansfor Future Perlods The CIO has been In discussion with an alms-house charlty in Exeter, the Exeter Homes Trust IEHTI, to do jolnt venture project. The CIO would purchase a property in Budleigh Salterton suitable for affordable housing for older people, In accordance wlth our objectives, administered by EHT. A suitable property, adjacent to the old community hospital In Budlel8h Salterton, now a charlty in its own rl8ht15eachange Devon # 11963791, has been purchased by the CIO wlth completion In January 2024. Subject to planning permisslon and avallable funds for conversion and renovation, thls will provide afft)rdable accommodadon for 3 or 4 unit5. Rent in the form of a weekly rnalntenance charge IWMCI will be used chiefly for malntenance purposes, but also to provide resee$ for other fundin8 activities. The Trustee5 recognise the need of indivlduals In the community who would benefit from such extra resource to help them In thelr own homes, for example with mlnor Improvements or refurbishment, or in the provlslon of care. It is the intention of the CIO to use surplus funds from the development ofthe property and any resee5 from the WMC for emergency measures of thls type. Flnanclal Revlew The brought forward balance of funds available as at 31 December 2022 was £726,004. Chonges during the yeor Inte$t recelved during the year was £21,371 and expenses were £29,206. predomlnantly in connectlon wlth the purchase of the property. The balance at the year-end was £719,424. There are no restricted funds. The are no commitments on the fund5 held other than the £275.OW held by the Trust's solicitors pending the completion of the purchase of the property. Going Concern No material uncertalnties related to events or conditions that may cast doubt about the ablllty of the CIO to continue as a going concern have been identified by the Trustees.
The Shandford Trust Trustees Report For the Year Ended 31 December 2023 Reserves The CIO considers the amount of fund5 held to be sufficient for the achievement of its Objects. Once an initial investment Into the project has been made. it Is the Intention to hold any surplus fund5 as reserves for emergency grant5 to qualifyin8 persons in the community. Structure* go¥ern¥nce and management The CIO Is a Charltable incorporated organisation registered wlth the CIO comm155ion. It was formed wlth a model Charity Comm1551on Constitutton of a Charitable Incorporated Organi5ation, whose only vottng members are its Trustees, dated 24 October 2020. The Trustees who served durln8 the year and up to the date of signature of the ff nancial statement5 were.. Paul Andrew Boult Jacqueline Marla Collins Chrlstopher Hayward Davi5 (Chairman) Louise Marle Jacques Marc Jobson Per¢elope Frances Leather Rlchard Mejzner Joanne Elizabeth Vanstone ITreasurerl The exlsting Trustees were recrulted wlth a vlew to provldlng a cross sertion of skills and experlence relevant to the Objects of the CIO. They Include a past senior bank executive and board member. a professor of medlclne, a medical prathtioner, a lawyer, an HR executive and past chair of a care charity, a health and wellbein8 communlty hub manager, the local town clerk, a prevlous NHS area manager and care home executive. Future Trustees wlll be recrulted wlth the same prlnciple in mSnd. Trustees are appointed variously for a period of 2 to 4 years and are eligible for reolection. It is not the intenfjon that Tru5tee5 should serve more than 3 consecutlve terms. Trustees wlll be offered appropriate training where necessary. No training gaps have yet been identified. The minlmum number of Trustees is 3 and the maxlmum is 12. Should the number fall below 3 then the remaining Trustee5 may act only to call a meetin8 of the CIO Trustees to appoint a new charity trustee. Governance The CIO acts in accordance with Its 8overninB document. the Model Constitution referred to above. Meetings are held quarterly. Meetlngs of Trustees In 2023 were held on an ad hoc basis, as circumstance5 regarding thelr plans for use of the fund5 developed. All decisions are taken either at a meeting or by resolution in wrlt6ng. A simple majority of Trustee5 15 required. All Minutes and Accounting records are held by two of the Chairman, Secretary and Treasurer as approprlate.
The Shandford Trust Trustees Report For the Year Ended 31 December 2023 Monagement The CIO conslsts of a Chalman and Treasurer, drawn from the Trustees. The Secretary Is employed on a part time basis. There Is a Grants Committee consisting of 4 Trustees, with one Trustee the Chair. The Trustee5' Report was approved by the Board of Trustees. A Finance Investment and Property Committee wlll be formed In 2024125- thls Commlttee wlll also develop Reserve5 Pollcy. The Trustee5' Report was approved by the Board of Trustees Mr Christopher Davis (ChalrniaTrlTrust¢o1 Date:
The Shandford Trust ststement of Trustees, Responsibilities For the Year Ended 31 December 2023 The trustees are responsible for preparin8 the Trustees, Report and the financial statements in accordance wlth applicable law and United Klngdom Accountin8 Stsndards (United Klngdom Generally Accepted Accounting Practicel. The law appllcable to charities in England and Wale5 requires the trustees to prepare financlal statements for each financlal year which give a true and fair view of the state of affairs of the charity and of the incoming resources and appllcafjon of resources of the charity for that year. In preparing these financial statements, the trustees are required to: select sultable accountin8 pollcies and then apply them consistently; observe the methods and prlnciples in the Charltles SORP: make lud8ements and estfmates that are reasonable and prudent; state whether applicable accountin8 stsndards have been followed, subject to any material departures disc105ed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is Inapproprlate to presume that the charity wlll contlnue In operation. The trustees are responsible for keeplng sufficlent accountlng records that dlsc105e with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finan¢lal statements comply with the ChaTltle5 Act 2011, the Charity IAccounts and Reports) Regulation5 2008 and the provlsions 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 Irregularltles
The Shandford Trust Independent Examlner's Report For the Year Ended 31 December 2023 I report to the tru5tee5 on my examinatlon of the financial stoternents of The Shandford Trust (the charity) for the year ended 31 December 2023. Responslbllltles and basls of report As the trustees of the charity you are re5pon51ble for the preparatton of the flnancial Statements in accordance wlth the quirementS of the Charities Act 2011 Ithe 2011 Act). I report In respect of my examlnatlon of the charlty's flnancial ststements carried out under section 145 of the 2011 Act. In carryin8 Out my examination I have followed all the applicable Directions 8iven by the Charlty Commission under sethon 1451511bl of the 2011 Act. Independent examlner's slatement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charltles preparing their account5 in accordance with the Financial Repordng Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporhng by Charities: Statement of Recommended Practlce155ued on l Aprll 2005 which 15 referred to In the extant regulattons but has now been withdrawn. l understand that thi5 ha5 been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. I have completed my examination, I confirm that no matters have come to my attention In connection with the examination. and confrrm that.. a¢countin8 records were kept in SpeCt of the charlty as requlred by sectlon 130 of the 2011 Act; the flnancial statements do accord wlth those cordS. the flnancial statements do comply wlth the appllcable requlrements concernlng the form and content of accounts set out in the Charities IAccounts and Reports) RegUlaon$ 2008 other thars any requirement that the accounts give a true and fair vlew which is not a matter considered as part of an Independent exaMInaOn. I have no concerns and have come across no other matters in connection with the examination to which attentlon should be drawn In this report In order to enable a proper understandin8 of the tinancial statements to be aChed. Mr D J Carmichael FCA 2 Boucher Road Budleigh Salterton Devon EX9 6H Dated .........
The Shandford Trust statement of Flnancial Activities (including income and expendlture account) For the Year Ended 31 December 2023 Unrestrlrted Funds 2023 Unrestrlcted Fund5 2022 Notes Income fr Donations and Legacles Investments 2,000 21.372 664 Total Income 23,372 664 endi Charitable Activitles 29,952 2,964 Net lexpendlturelllncome for the year/ Net movem¢nt In fund$ -6,580 -2,3IXI Fund balances as at l January 2023 726,004 728,304 Fund balances as at 31 December 2023 719,424 726,LX)4
The Shandford Trust Balance Sheet For the Year Ended 31 December 2023 Notes 2023 2022 Current Assets Cash at bank and Sn hand Funds held by Tozers relating to Gardeners Cottage 444,424 275,000 726,664 Credltors: amounts fallln8 due wlthln one year li -660 719,424 726,004 Income Funds Unrestricted Funds 719,424 726.004 719,424 726,004 The flnanclal statements were approved by the Trustee5 on Mr Chrlstopher Davis jchairmanj Trustee
The Shandford Trust Statement of Cash Flows For the Year Ended 31 December 2023 Notes 2023 2022 Cash flows from operatin8 actlvltles Cash (absorbed byllgenerated from operations 13 -1,405 -2,904 Investln8 artlvltles Investment income received Le8acles and Dornatlons received 21372 2000 664 Net cash generated from/(used In) Investln8 actlvltles 23372 664 Flnanclng activltles Repayment of borrowln8S Property purchase -1,000 -29,206 Net cash generated fromllused In) flnanclng artlvltles -29,206 -1,000 Net Increase (decreasel In cash and cash equlvalents -7,240 -3,240 Cash and cash equlvalents at beglnnin8 of year 726,664 729,904 Cash and cash equivalents at end of year 719,424 726,664
The Shandford Trust Notes to the Flnanclal Statements For the Year Ended 31 December 2023 Accounting Polldes Charfty Infomiatlon The Shandford Trust is a charitable incorporated organisation which was registered with the Charity Comrni55ion on 28 October 2020 (charity number 11920481. The prlncipal contact address Is shown on the legal and administratlve Informauon page of these financial statements. Accountln8 Conventlon The financSal statements have been prepared In accordance wlth the charity's Igoverning documentl, the Charities Act 2011. FRS 102 "The Financial Reportin8 Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charlt5es SORP "Accounting and Reportbn8 by Charltie5= Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Financial Repordn8 Standard applicable In the UK and Republic of Ireland IFRS 1021" leffectlve I January 20191. The charityls o Public Benefit Entlty as defined by FRS 102. The financlal statements have departed from the Charittes (Accounts and Reports) Regulatlons 2CQ8 only to the extent required to provide a true and falr vlew. This departure has Snvolved followln8 the Statement of Recommended Practice for charities applying FRS 102 rather than the verslon of the Statement of Recommended Practlce which is referred to In the Re8ulations but which has slnce been wlthdrawn. The financlal statements are prepared In sterlin8, whlch 15 the functtonal currency of the charity. Monetary amounts in these flnancial statement5 are rounded to the nearest £. The financSal statements have been prepared under the hlstorlcal cost corsvention. The principal accounting policies adopted are set out below. Goln8 Concern At the time of approving the linanclal statements, the trustees have a reasonable expectation that the charlty has adequate resources to continue in operadonal existence for the foreseeable future. Thus the trustees condnue to adopt the going concern basls of accounting in preparin8 the financial statements. Charftsble funds Unrestrlcted funds are avoilable for use at the discretlon of the trustees in fvrtherance of thelr charitable objective5. Restricted funds are subject to specffic condltions by donor5 as to how thev may be used. The purpose5 and use5 of the restricted funds are set out in the notes to the flnancial statements. Endowment funds are subject to Specific conditlons by donors thot the capital must be maintsined by the charity. io-
The Shandford Trust Notes to the Flnancial Statements For the Year Ended 31 December 2023 Income Income is recogni5ed when the charity is legally entitled to It after any performance condition5 have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognlsed on receipt. Other donation5 are recognised once the charity has been notifie(l of the donation, unless performance conditions requi deferral of the amount. Income tax recoverable In relation to donatlons received under Gift Aid or deeds of covenant Is recognised at the time ofthe donation. Legacies a recognised on receipt or otherwise if the charity has been notified of an Impendlng distribution, the amount 15 known, and receipt is expected. If the amount is not known, the le8acy is treated as a contingent asset. Expendlture Expendlture15 recogn15ed once there15 a legal or constructive obli8atiors to transfer economlc benelit to a thlrd party, It Is probable that a transfer of economlc benefits wlll be required in Settlement, and the amount of the obligation can be measured reliably. Expendlture Is classified by actlvlty. The costs of each activity are made up of the total of dlrect costs and shared costs, includlng support costs Involved In undertaklng each activlty. Direct costs attrlbutable to a single athvity are allocated directly to that activbty. Shad costs whlch contrlbute to more than one activity and support costs which are not attributable to a single activlty are apporttoned between those activities on a basis cons15tent wlth the use of resources. Central staff costs are allocated on the basls of dme spent, and depreciation charges are allocated on the portlon of the asset's use. Cash •nd cash equlvalents Cash and cash equivalents Include cash in hand, deposlts held at call with banks, other short-term liquld investments wlth origlnal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wlthln borrowing5 In current liablllties. 8oslcfinonciul a55ets Basic flnanclal assets, which Include debtors and cash and bank balance5. are inlttally rnea5ud at transaction price Including transartlon costs and are subsequentfy carried at amortised cost Using the effective Interest method unless the arrangement constitutes a financing transathon, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified 05 recelvable within one year are not amortised. li-
The 5handford Trust Notes to the Financial Ststements For the Year Ended 31 December 2023 Bosicfvnanciul liabilities Basic financial liabilities, including creditors and bank loan5 are InFtially recognised at transaction price unless the arrangement constitute5 a financing transaction, where the debt Instrument is measured at the pseftt value of the future payments discounted at a market rate of interest. Flnancial liabilities classified as payable withln one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, U5in8 the effective interest rate method. Trade credltors are obllgations to pay for goods or services that have been acquired In the ordinary Course of operations from suppliers. Amounts payable are cla551fled as current liabilities If payment is due within one year or less. If not. they are presented as non-current liabilltte5. Trade creditors a recognlsed in[allY at transaction price and subsequently measured at amorknsed cost uslng the effective interest rnethod. Derecognition offinonclul liobilitles Flnancial Ilabilities a derecognised when the charity'5 contrartual obll8atlons explre or are dlschar8ed or cancelled. Employee benetits The cost of any unused hollday entltlement Is reco8nised In the perlod in whlch the employee's servlces are recelved. Terminalon benefits are recognlsed Immedlately as an expense when the charlty Is demonstrably committed to termlnate the employment of an employee or to provide terminadon benefits. Crftl¢al a¢untIng estlmates and judgements In the applicatlon of the charity's accountlng policie5, the trustees are requlred to make judgements, estimates and assumptfons about the carrying amount of assets and liabilities that are not readily apparent frorn other sources. The estlmates and assoclated assumpdons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The esttmates and underlyln8 assumptions are reviewed on an on80ing ba515. Revislons to accounting estlmates are recognlsed In the period In which the estimate Is revised where the vIsion affects only that period, or in the period of the revislon and future perlods where the revlslon affects both current and future periods. 12-
The Shandford Trust Notes to the Financial Statements For the Year Ended 31 December 2023 Donations and le8aCiè$ Totsl 2023 Totsl 2022 Donatlon5 and gifts 2,000 DonatloTrs and Iffts 2(VJO Under a le831 a8reement dated 13 December 2021 The Abbeyffeld Society la charltable company Ilmlted by guarantee, company number 574816 and charlty number 2007191 transferred a cash asset to The Shandford Trust amountlng to £729,CNJO. The funds are to be used for the provlslon of re51dendal care or hou51n8 for the elderly and financlal asslstance towards the costs of care for the elderly who are of Ilmited means upon terms approprlate to their means in Budleigh Salterton, East Budlelgh, Otterton. Colaton Raleigh and Bicton. Investments Total 2023 Total 2022 Interest recelvable 21,372 664 13-
The Shandford Trust Notes to the Flnanclal Statements For the Year Ended 31 December 2023 Charltable Artlvftles Totsl 2023 Total 2022 Share of support Costs (see note 61 29.952 2.964 Support Costs Support Costs Governance Costs 2023 Support Costs Governance Costs 2022 Bank charges Audlt Webslte and IT Postage and Stationery Room hire Administratlon 60 60 83 83 660 1718 648 660 58 19 58 19 1718 155 342 155 342 620 620 757 648 1,405 2,304 660 2,964 Truste•s None of the trustees lor any persons connected wlth them) recelved any remunerntion or beneflts from the charlty during the year. Employees There were no employees whose annual remuneratlon was more than £60.OQN). Taxatlon The charity is exempt from tax on income and gains falling Within section 505 of the Taxes Act 1988 or section 252 of the Taxafjon of Chargeable Galns Act 1992 to the extent that these are applied to Its charitsble objects. 14-
The Shandford Trust Notes to the Flnancial Statements For the Year Ended 31 December 2023 io Loans and overdrafts There were no loans or overdrafts durlng the year12022- none). li Credltors: arnounts falllnz due wlthin one year Total 2023 Total 2022 Borrowln8S Accruals and deferred Income 660 660 12 Related party transactlons There were no dlsclosable related party transacdons durlng the year12022- nonel, 13 Cash generated from operntlons Total 2023 Total 2022 IDeflcitl1surplus for the year 11,4051 12,3001 Adjustments for: Investment income recognlsed in Statement of Financlal Activitles 23372 1664) Movements in workin8 capital: Increase In creditors 129,2061 60 Cash {absorbed)Igenerated from operatlons 17,2401 (2.9041 15-
The Shandford Trust Notes to the Flnanclal Statements For the Year Ended 31 December 2023 14 Analysis of changes In net fund$ At l January 20Z3 Cash flows At 31 De¢emb¢r 2023 Cash at bank and in hand 726,664 17,2401 733.903 Loans falling due withln one year 726,664 17,2401 719,424 -16-