Charily Reglstratlon No. 1192048 THE SHANDFORD TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
The Shandford Trust Re8lStered Charity No: 1192048 Legal and Admlnistrative Information For the Year Ended 31 December 2024 Trustees Paul Andrew Boult (resigned August 20241 Jacqueline Maria Collins (resigned October 20241 Christopher Hayward Davis (Chairmanl Louise Marie Jacques Marcjobson Penelope Frances Leather Rlchard Mejiner Joanne Elizabeth Van5tone (Treasurer) Charlty number 1192048 Printipal address c/0 Seachange East Budleigh Road Budleigh Salterton Devon EX9 6HF Independent examiner Mr G s fibbltts 11 East Budleigh Road Budleigh Salterton Devon EX9 6HH Bankers CAF Bank 25 Kings Hill Avenue Klngs Hill West Malllng Kent ME19 4TA Solicitors Tozers 50licitors LLP Broadwalk House Southemhay West Exeter Devon EXI IUA
The Shandford Trust Registered Charity No: 1192048 Contents For the Year Ended 31 December 2024 Trustees Report Statement of Trustees, Responsibilities Independent Examiner's Report Income & Expenditure Account Balance Sheet statement of Cash Flows Notes to the Financial Ststements 10-12
The Shandford Trust Reglstered Charlty No: 1192048 Trustees Report For the Year Ended 31 December 2024 The Trustees present their annual report and tinanclal statements for the year ended 31 December 2024, The linancial statements have been prepared in accordance wwth the accounting policies set out in note I to the financial statements and comply with the CIO'S governing document, the Charities Act 2011 and "Accounting and Reportbng by Charlties: Statement of Recommended Practlce appllcable to charlties prepaYin8 their accounts in accordance with the Financial Reporhng Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. Objects and Activities Under a legal agreement dated 13 December 2021 The Abbeyfield Society la charitable company limited by guarantee, company number 574816 and charity number 2007191 transferred a cash asset to The Shandford Trust amounting to £729,000. The CIO'S objects are to provide financial assistance towards the cost of care and home SeIce5, facilities and associated amenities and to fund the provlsion of residential care to support older person5 of limited means in Budleigh Salterton, East Budleigh, Otterton, Colaton Raleigh and Bicton. There are no restricted funds or endowment funds. The policies adopted in furtherance of these objects are to provide grant funding to older people for thelr accommodation or care, particularly those in financial need, those who are frail or with disabilities, who live in Budleigh Salterton, East Budleigh, Otterton, Colaton Raleigh or Bicton. It is indiscriminate as to age, disability, gender reassignment, marriage and civil partnership, race, religion or belief, sex or sexual orientation and there ha5 been no change in these durfn8 the year. The CIO commenced its aclivitie5 during 2023. The Trustees have paid dtse regard to guidance issued by the CIO Commlsslon In decidlng what activities the CIO should undertake. Achlevements and Performance The New CIO The CIO was reglstered on 28 October 2020. Methodologyfor applyingfvnds in t7ccordance with the Objects When registering the new CIO, a grant5 policy was also submitted to the CIO Commission. No dlsbursements for this purpose have yet been made.
The Shandford Trust Registered Charity No: 1192048 Trustees Report For the Year Ended 31 December 2024 plunsfor Future Perlods A suitable property, adjacent to the old communlty hospital in Budleigh Salterton, now a charity In it5 own right Iseachange Devon # 11963791, was purchased by the CIO in January 2024. Subject to planning permission and available funds for conversion and renovation, this will provide affordable accommodation for3 or4 units. Rent in the form of a weekly maintenance charge IWMCI will be used chiefly for maintenance purposes, but also to provide reserves for other funding activities. The Trustees recognise the need of iniSividuals in the Community who would benefit from such extra SOUrce to help them in their Dwn homes, for example with minor improvements or refurbishment, or in the provision of care. It is the intention of the CIO to use surplus funds from the development ofthe propertyand any reseNes from the WMC foremergency mea5ure5 of this type. Financial Review The brought forward balance of funds available as at 31 December 2023 was £719,424. Changes during the year Interest and Legacies received during the year totalled £125,401 which includes Gift Aid Recoverable from HMRC totalling £10,081. Expenses were £34,878, predominantly in connection with the purchase of the property. The balance at the year-end was £809,947. There are no restricted funds. There are no commitments on the funds held. Going Concern No material Unrtaine$ related to events or conditions that may cast doubt about the ability of the CIO to continue as a going concern have been identified by the Trustees. Reserves The CIO considers the amount of funds 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 funds as reserve5 ft)r emergency grants to qualifying person5 in the community.
The Shandford Trust Registered Charity No: 1192048 Trustees Report For the Year Ended 31 December 2024 StNcture, governance and management The CIO is a Charitable incorporated organisation registered wlth the CIO commlssion. It was fomied with a model Charity Commission Constitution of a Charitsble Incorporated Organisation, whose only voting members are its Trustees, dated 24 October 2020. The Trustees who served durlng the year and up to the date of slgnature of the financlal statements we. Paul Andrew Boult (resigned August 20241 Jacqueline Maria Collins (resigned October 20241 Christopher Hayward Davis Ichairmanl Louise Marle Jacques Marcjobson Penelope Frances Leather Richard Mejzner Joanne Elizabeth Vanstone ITreasurerl Trustee5 were recruited with a view to providing a cross section of skllls and experience relevant to the Objects of the CIO,. they include a past senior bank executive and board member, a professor of medicine, a medical practitioner, a lawyer, an HR executive, a heolth and wellbeing communlty hub manager, and a local town clerk. Future Trustees will be recruited wlth the same principle in mind. Trustees are appointed variously for a period of 2 to 4 years and are eligible for re-elertion. It is not the Intention that Trustees should serve more than 3 consecutive terms. Trustees will be offered appropriate training where necessary. No training gaps have yet been identilied. The minimum number of Trustees is 3 and the maximum is 12. Should the number fall below 3 therb the remaining Trustees may act only to call a meeting of the CIO Trustees to appoint a new charity Trustee. Governonce The CIO acts in accordance with its governlng document, the Model Constitution referred to above. Meetings of Trustees in 2024 were held quarterly. All decisions are taken elther at a meeting or by resolution in writing. A simple majority of Trustees is required. All Minutes and Accounting record5 are held by two of the Chairman, Secretary and Treasurer as appropriate.
The Shandford Trust Registered Charity No: 1192048 Trustees Report For the Year Ended 31 December 2024 Management The CIO consists of a Chairman 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 Trustees, Report was approved by the Board of Trustees. A Finance Investment and Property Committee wlll be formed in 2025126,. this Committee will a150 develop a Reserves Policy. The Trusteeg Report was approved by the Board of Trustees Mf Christopher Davis IChairm3n/Trusteel 19 loK/LC Date..
The Shandford Trust Registered Charity No: 1192048 Statement of Trustees, Responsibilities For the Year Ended 31 December 2024 The Trustee5 are responslble for preparlng the Trustees, Report and the flnanclal statements In accordance with appllcable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice}- The law appllcable to charltles In England and Wales requires the Trustees to prepare financlal statements for each financial year which eive a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistentlyi observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explalned in the financial 5tatements,' and prepare the financlal statement5 on the going concern basis unless it is inapproprlate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that dlsclose with reasonable accuracy at any time the tinancial position of the charity and enable them to ensure that the financial statemerbts comply with the Charities Act 2011, the charlty (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also resFK)nsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities
The Shandford Trust Registered Charity No: 1192048 Independent Examiner's Report For the Year Ended 31 December 2024 I report to the Trustees on my examlnation of the flnanclal statements of The Shandford Trust Ithe charrtyl for the year ended 31 December 2024. Responslbllities and basls of report A5 the Trustees of the charitv vou are responsible for the preparation of the tinancial statements in accordance wlth the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity'5 linancial Statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity CommSssion under section 14515llbl of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Aecounting and Reporting by Charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2(K)S which is referred to In the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair vlew in accordance with Generally A¢cepted Accoutbting Practice effective for reporting periods beginning on or after l January 2015. I have tompleted my examination. I confirm that no matters have come to my attention in connection with the examination, and confirm that.. accounting record5 were kept in SPect of the charity as requlred by section 130 of the 2011 Act,. the financial statements do accord wtth those records: the linancial statements do 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 vlew whlch is not a matter consldered 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 thls report. MrG STibbltts Date:
The Shandford Trust Registered Charity No: 1192048 Income & Expenditure Account For the Year Ended 31 December 2024 Notes 2024 2023 Income Investrnents Legacies and Donations Gift Aid recoverable from HMRC 24,176 91,144 10,081 21,372 2,000 Total Income 125,401 23,372 Ex enditure 34,878 29,952 Net Income/(expendlturel for the year 90,523 (6,5801 Trust Funds as at l January 719,424 726,004 Trust Funds as at 31 December 809,947 719,424
The Shandford Trust Registered Charity No.. 1192048 Balance Sheet For the Year Ended 31 December 2024 Notes 2024 2023 Land and Buildlngs 275,000 Current Assets Cash at bank and in hand Cash held by Solicitor Gift Aid Recoverable 524,866 444,424 275,000 10,081 Net Current A55ets 534,947 719,424 Total Assets 809,947 719,424 Re resented b Trust Funds 809,947 719,424 The financial statemen s were approved bythe Trustees on Mr Christopher Davls Ichalrmanl Trustee
The Shandford Trust Registered Charity No: 1192048 Statement of Cash Flows For the Year Ended 31 December 2024 2024 2023 eratin Activities Legacies and Donations Expenditure 91,144 134,8781 2,000 129,952) Total from Operatlng Actlvitles 56,266 127,952) Investin activitie5 Interest Land Purchase Gift Aid Recoverable 24,176 (275,0001 10,081 21,372 Total from Investlng Activitles (240,743) 21,372 Net Increase/(detrease) In cash (184,477) {6,580) Cash at beglnnlng of year 719,424 726,004 Cash at end of year 534,947 719,424
The Shandford Trust Registered Charity No: 1192048 Notes to the Financial Statements For the Year Ended 31 December 2024 Accountlng Pollcles Charlty InfOrmaOn The Shandford Trust is a charitsble incorporated organisation which was registered with the Charity Commission on 28 October 2020 (charity number 11920481. The prln¢ipal cor¢tact address is shown on the legal and administrative information page of these financial statements. Accounting Convention The financial statements have been prepared in accordan with the chafity's Igoverning documentl, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP "Accounting and Reporting by charle$.. Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporung Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective I January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regtjlations 2CX)8 only to the extent required to provlde a true and fair view. This departure has involved following the ststement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements have been ppared under the historical cost corwention. The principal accounting policies adopted are set out below. Going concern At the time of approvlng the financial statements, the Trustees have a reasonable expectation that the charity has adequate resource5 to continue in operational exSstence for the foreseeable futu. Thu5 the Trustees continue to adopt the going concern basis of accounting in preparing the financlal statements. Income Income is recognised when the charlty is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that Income will be received. Cash donations are recognised on receipt. other donations are recognised once the charity ha5 been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time ofthe donation. Le8acle5 are recognlsed on receipt or otherwise if the charlty has been notified of an impendlllg dlstribution, the amount is known, and receipt is expected. If the amount Is not known. the legacy 15 treated as a contingent asset. io-
The Shandford Trust Registered Charity No: 1192048 Notes to the Financial Statements For the Year Ended 31 December 2024 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliablv. Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Expendlture 2024 2023 Room Hire Adminlstration Postage and Stationery Website and IT Bank Charges Accountancy Fees Legal Fees Costs relating to Gardeners Cottage 96 550 95 989 65 620 20 58 60 977 32,107 34,878 29,206 30,612 Less Prevlous Year's Accountancy Fees 660 34,878 29,952 Land and Bulldlngs This represents money paid for the acquisition of land/property at East Budlelgh Road, which is to be used for the construction of three Almshouses. Trustees None of the TrL¢Stees lor any persons connected with them) received any remuneration or benefits from the charily durlng the year. li-
The Shandford Trust Registered Charity No: 1192048 Notes to the Financial Statements For the Year Ended 31 December 2024 Employees There were no employees. Taxation The charity Is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Loans and overdrafts There were no loans or overdrafts during the year12023- none). Credltors There were no amounts falling due to creditors during the year12023 - none). Related party transactions There were no di5closable related party transaction5 during the year12023- none). 12-