2020-12-31-accounts - Blanchminster Trust

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		Page
Report ofthe Trustees	1	to	6
Report ofthe Independent Auditors	7	lo	6
Statement ofFinancial Activities
Balance Sheet		10
Cash Flow Statement
Notes to the Cash Flow Statement		12
Notes to the Financial Statements	13	to	26

							2020	2019
					Unrestricted	Endowment	Total	Total
				Notes	fund 6	fundf	funds 6	funds 6
INCOIIIIE AND ENDOWMENTS			FROM
Donations and legacies				2	728,402		728,402
Investment income				3	525,333		526,333	515,804
Other income					72,675		72,575
Total					1,326,310		1,326,310	515,804
EXPENDITURE ON
Raising funds
Investment management		costs		4	211,676	730	212,406	126,628
					211,676	730	212,406	126,628
Charitable activities
Educational grants					310,762	366	311,127	273,906
Community grants					21,236	183	21,418	51,113
Relief in need grants					30,297	183	30,480	39,587
Total					673,970	1,461	575,431	491,234
Net gains on investments					82,635	353,814	436,449	238,903
NET INCOME					834,975	362,353	1,187,328	263,473
RECONCILIATION	OF	FUNDS
Total funds brought	forward				1,772,282	10,094,123	11,866,406	11,602,932
TOTAL FUNDS CARRIED FORWARD					2,607,267	10,446,476	13,053,733	11,866,405

				2020	2019
		Unrestricted	Endowment	Total	Total
		fund	fund	funds	funds
	Notes	6	8		f
FIXED ASSETS
Tangible assets	11	706	86,160	86,866	88,438
Investments	12	1,374,677	10,360,002	11,734,678	11,298,231
		1,375,383	10,446,162	11,821,546	11,388,559
CURRENT ASSETS
Stocks	13	362		362	284
Debtors	14	866,462		866,452	28,794
Cash at bank	15	420,173	315	420,488	502,483
		1,286,987	315	1,287,302	531,581
CREDITORS
Amounts fall ng due within one year	18	(55,114)		(66,114)	(51,825)
NET CURRENT ASSETS		1,231,873	315	1,232,188	479,736
TOTAL ASSETSLESSCURRENT LIABILITIES		2,607,256	10,446,477	13,053,733	11,866,405
NET ASSETS		2,607,266	10,446,477	13,053,733	11,868,405
FUNDS	17
Unrestricted funds				2,607,256	1,772,282
Endowment funds				10,446,477	10,094,123
TOTAL FUNDS				13,053,733	11,866,405

				2020	2019
			Notes		f
Cash flows from operating	activities
Cash generated from operations				(359,084)	(355,756)
Net cash used in operating	activities			(369,084)	(355,756)
Cash flows from investing	activities
Net rents received				228,647	349,502
Interest received				302	269
Dividends received				48,240	47,260
Net cash provided by investing activities				277,089	397,051
Change in cash and cash	equivalents	In
the reporting period				(81,995)	41,295
Cash and cash equivalents	at the
beginning ofthe reporting	period			602,483	461,188
Cash and cash equivalents	at the end	of
the reporting period				420,488	502,483

RECONCILIATION	OF	NET INCOME TO NET CASH FLOW FROM OPERATING	NET INCOME TO NET CASH FLOW FROM OPERATING	ACTIVITIES
				2020	2019
				6	f
Net income for the	reporting		period (as per the Statement of Financial
Activities)				1,187,328	263,473
Adjustments for:
Depreaation charges				1,572	1,551
Unrealised (gain)/losses		on investments		(436,449)	(238,903)
Net rents received				(265,742)	(349,502)
Interest received				(312)	(286)
Dividends received				(48,713)	(47,755)
Increase in stocks				(78)	(84)
(Increase)/decrease	in	debtors		(799,222)	2,933
Increase in creditors				2,532	12,817
Net cash used In operations				(369,084)	(355,755)
ANALYSIS OF CHANGES IN			NET FUNDS
			At 1.1 20	Cash flow	At 31.12.20
			F	5	5
Net cash
Cash at bank			502,483	(81,996)	420,488
			602,483	(81,995)	420,488
Total			502,483	(81,996)	420,488

DONATIONS AND LEG	ACIES
			2020	2019
			5	f
Legacies			728,402
INVESTMENT INCOME
			2020	2019
			5	5
Rents received			476,263	467,713
Wayleaves			45	50
COIF - dividends			48,713	47,755
Deposit account interest			312	286
			525,333	515,804
INVESTMENT MANAGEMENT		COSTS
			2020	2019
				f
General insurance			13,458	14,712
Property repairs			151,508	76,146
General and water rates			9,061	1,582
Light and heat			887	205
Surveyors and valuers fees			9,923	5,036
Legal and professional	fees			4,125
Support costs			27,589	24,822
			212,408	126,628

		Grant
		funding of
		activifies	Support
		(see note	costs (see
		6)f	note 7) f	Totals
Educational	grants	297,336	13,792	311,127
Community	grants	14,622	6,896	21,418
Relief in need grants		23,584	6,896	30,480
		336,441	27,584	363,026

GRANTS P	AYABLE
		2020	2019
			f
Educational	grants	297,335	261,496
Community	grants	14,522	44,907
Relief in need grants		23,584	33,381
		335,441	339,783

The total grants paid to ins	titutions	during	the year was as follows:
					2020f	2019 f
Buds After School Club						500
Budehaven School					7,967	21,110
Bude Canoe Club					1,000
StOlafs Church						1,000
Budehaven Nursery					6,000
Bude Infant School					714
Bude Junior School						9,627
Sensory Trust						1,000
HI5 Talk Time Cafe						400
Bude 8 Stratton Festival						100
Bude Food Bank					5,000
Friends ofBude Sea Pool						5,000
All @C						600
Hollabury Mission Hall						1,000
Bude Primary Academy						3,320
Buda Day Centre						1,250
Bude Quarantine Group					1,000
Comwall Beekeepers					750
Stratton Primary School					5,000
The Haven					8,310
					36,741	44,907
The total grants paid to individuals		during	the year was as follows:
					2020f	2019 f
Promotion of Education					277,116	261,495
Relief in Need					21,584	33,361
					298,700	294,876
SUPPORT COSTS
					Governance
			Management f	Finance	costs f	Totals f
Investment management	costs		22,066	5	5,518	27,589
Educational grants			11,030	3	2,759	13,792
Community grants			5,516	1	1,379	6,896
Rekef in need grants			6,516	1	1,379	6,896
			44,128	10	11,035	55,173

				Investment
				management	Educational	Community
				costs f	grants f	grants
Wages				17,222	8,611	4,305
Pensions				490	244	122
Insurance				233	117	59
Oflice ubbties				754	376	188
Telephone				620	260	130
Printing	and adverlising			361	180	90
Postage				307	153	77
Sundries				52	26	13
Oflice repaim				1,342	670	336
Depreciation		oftangible	fixed assets	785	393	197
				22,066	11,030	6,616
					2020	2019
				Relief in
				need	Total	Total
				grants f	activities f	activibes
Wages				4,305	34,443	32,803
Pensions				122	978	849
Insurance				59	468	784
Office utilities				188	1,506	1,661
Telephone				130	1,040	927
Pnnbng	and adverbsing			90	721	675
Postage				77	614	605
Sundries				13	104	214
Office repairs				335	2,682	337
Depreciation		oftangible	fixed assets	197	1,572	1,551
				5,516	44,128	40,406
Finance
				Investment
				management	Educational	Community
				costs f	grants f	grants f
Bank charges				6	3	1

Finance -co	ntinued
							2020	2019
					Relief in
					need		Total	Total
					grants E		activities E	activities f
Bank charges						1	10
Governance	costs
					Investment
					management		Educational	Community
					costs		grants	grants
								E
Auditors' remuneration					3,226		1,613	806
Meeting expenses
Legal and professional		fees			2,293		1,146	573
					5,518		2,769	1,379
							2020	2019
					Relief	in
					need		Total	Total
					grants E		activities	activities f
Auditors' remuneration					806		6,460	6,300
Meeting expenses								299
Legal and professional		fees			573		4,586	2,640
					1,379		11,035	9,239
AUDITORS'	REMUNERATION
							2020 E	2019f
Fees payable	to the charity's		auditors	for the audit ofthe chadty's	financial
statements							6,450	6,300

STAFF COST	S
				2020	2019
				6	f
Wages and salaries				34,443	32,803
Other pension	costs			978	849
				36,421	33,652
The average monthly		number ofemployees	during the year was as follows:
				2020	2019
Staff (exduding	trustees)			3	3

TANGIBLE FIXEDASSETS
		Fixtures
	Freehold	and
	properly	Fitbngs	Totals
	5	5
COST
At 1 January 2020	92,000	10,161	102,161
Disposals		(464)	(464)
At 31 December 2020	92,000	9,697	101,697
DEPRECIATION
At 1 January 2020	4,380	9,343	13,723
Charge for year	1,460	82	1,542
Eliminated on disposal		(434)	(434)
At 31 December 2020	5,840	8,991	14,831
NET BOOK VALUE
At 31 December 2020	86,160	706	86,866
At 31 December 2019	87,620	818	68,438

FIXEDASSET INVESTMENTS
		COIF/
	Investment	listed
	property f	shares 6	Totals 5
MARKET VALUE
At 1 January 2020	9,723,280	1,574,961	11,298,231
Revaluations	335,719	100,729	436,448
At 31 December 2020	10,068,999	1,675,680	11,734,679
NET BOOK VALUE
At 31 December 2020	10,058,999	1,675,680	11,734,679
At 31 December 2019	9,723,280	1,574,951	11,298,231

Property	COIF
832,500	354,870

	COIF shares	are all	ocate	d as follows;
					2020	2019
					6	f
	General fund				1,374,678	1,292,043
	Endowment	fund			301,003	282,909
					1,675,680	1,574,952
13.	STOCKS
					2020	2019
	Stock ofpostage stamps				362	284
14.	DEBTORS:	AMOUNTS		FALLING DUE WITHIN ONE YEAR
					2020	2019
					6	5
	Rent debtors				50,053	12,101
	Other debtors				798,402
	Accrued mvestment		income receivable		12,297	11,813
	Prepayments				6,700	4,880
					866,462	28,794

								2020	2019
						General	Endowment	Total	Total
						fund	fund	funds	funds
						6	f		f
Current	account					75,173	315	76,488	167,483
Deposit	account					345,000		345,000	335,000
Total						420,173	315	420,488	502,483
CREDITORS:			AMOUNTS		FALLING DUE WITHIN ONE YEAR
								2020	2019
								8
Grants payable								6,792	8,112
Other creditors								6,467	1,795
Rents received				in advance				33,214	32,457
Acouals								9,651	9,461
								66,114	51,825
MOVEMENT			IN	FUNDS
								Net
								movement	At
							At 1.1.20	in funds f	31.12.20 f
Unrestricted			funds
General	fund						1,772,282	834,974	2,607,256
Endowmentfunds
Endowmentfund
							10,094,123	352,354	10,446,477
TOTAL	FUNDS						11,866,406	1,187,328	13,053,733
Net movement				in funds, induded		in the above are as follows.
						Incoming	Resources	Gains and	Movement
						resoul ces f	expended f	losses 8	in funds f
Unrestricted			funds
General	fund					1,326,310	(573,971)	82,635	834,974
Endowment			funds
Endowment		fund
							(1,460)	353,814	352,354
TOTAL	FUNDS					1,326,310	(676,431 )	436,449	1,187,328

Compar	atives	for movement In funds
				Net
				movement	At
			At 1.1.19 6	in funds F	31.12.19 f
Unreshtcted		funds
General	fund		1,550,263	222,019	1,772,282
Endowmentfunds
Endowmentfund
			10,052,669	41,454	10,094,123
TOTAL	FUNDS		11,602,932	263,473	11,866,405

Compara	tive	net movement in funds,	induded in the above are as	follows
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
					5	5
Unrestricted		funds
General	fund		515,804	(489,774)	195,989	222,019
Endowment		funds
Endowment		fund
				(1,460)	42,914	41,454
TOTAL	FUNDS		515,804	(491,234)	238,903	263,473

A current	yea	r 12 months and prior year 12	months combined position is as follows.
				Net
				movement	At
			At 1.1.19 f	in funds 5	31.12.20 f
Unrestricted		funds
General	fund		1,550,263	1,056,993	2,607,256
Endowment		funds
Endowment		fund
			10,052,669	393,808	10,446,477
TOTAL	FUNDS		11,602,932	1,450,801	13,053,733

A current year 12 as follows.	months and pr	ior year 12	months combined	net movement in fund	s, inc	luded	in the above
			Incoming	Resources	Gains	and	Movement
			Iesoul'ces 5	expended E	losses f		in funds 5
Unresbicted funds
General fund			1,842,114	(1,063,745)	278,624		1,056,993
Endowmentfunds
Endowment fund
				(2,920)	396,728		393,808
TOTAL FUNDS			1,842,114	(1,066,665)	675,352		1,450,801
Endowment fund	assets
				2020		2019
				5		5
Freehold property	(Blanchminster	office)		86,160			87,620
Investment properties				10,058,999		9,723,280
COIF shares				301,003		282,909
Cash at Bank				315			314
Total				10,448,477		10,094,123

The canying amount ofthe	cha	rity's fina	nc	ial instruments are as follows	:
					2020f	2019 f
Financial assets
Measured at fair value through COIF / listed shares (note 12)		net income		/ expenditure:	1,675,680	1,574,951
Debt instruments measured	at	amortised		cost:
Rent debtors (note 14) Accrued investment income receivable			(note 14)		50,053 12,297	12,101 11,813
Prepayments (note 14) Other debtors (note 14)					6,700 788,402	4,880
					866,452	28,794
Financial liabilities
Measured at amorbsed cost:
Grants payable (note 18) Other creditors (note 18) Rents received in advance Accruals (note 16)	(note 18)				6,792 6,467 33,214 9,661	8,112 1,795 32,457 9,481
					66,114	51,825

The income, expenses, net ga summarised as follows	ins and	net losses attnbutable t	o the charity's financial i	nstruments
			2020f	2019 f
Income and expense COIF / listed shares (note 3)			48,713	47,755
Net gains and losses (including COIF / listed shares (note 12)	changes	In fair value)	100,728	238,903