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 ResIden￿al 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 AbbeyfieIdSoc￿ty residential core home
The CIO re￿IVed £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 rese￿e$ 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 rese￿e5 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) RegUla￿on$ 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 exaMIna￿On.
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. Sha￿d 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 rnea5u￿d 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 p￿seftt 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-