2021-12-31-accounts - Blanchminster Trust

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		Page
Report ofthe Trustees	1	to	6
Report ofthe Independent Auditors	7	to	8
Statement of Financial Activities
Balance Sheet		10
Cash Flow Statement
Notes to the Cash Flow Statement		12
Notes to the Financial Statements	13	to	26

								2021	2020
						Unrestricted	Endowment	Total	Total
						fund	fund	funds	funds
					Notes	f	f	6	f
INCOME AND ENDOWMENTS				FROM
Donations and legacies					2	2,130		2,130	728,402
Investment income					3	503,196		503,196	525,333
Other income						6,933		5,933	72,575
Total						511,259		611,259	1,326,310
EXPENDITURE ON
Raising funds
Investment management		costs			4	247,764		247,764	212,406
						247,764		247,764	212,406
Charitable activities
Educational grants						271,301		271,301	311,127
Community grants						41,186		41,185	21,418
Relief in need grants						27,626		27,626	30,480
Total						587,876		587,876	575,431
Net gains on investments						195,004	283,854	478,858	436,449
NET INCOME						118,387	283,854	402,241	1,187,328
Other recognised gains/(losses)
Gains/(losses) on revaluation			of	fixed assets			(1,160)	(1,160)
Net movement in funds						118,387	282,694	401,081	1,187,328
RECONCILIATION OF FUNDS
Total funds brought	forward					2,607,256	10,446,477	13,053,733	11,866,405
TOTAL FUNDS CARRIED		FORWARD				2,726,643	10,729,171	13,454,814	13,053,733

				2021	2020
		Unrestricted	Endowment	Total	Total
	Notes	fund 5	fund f	funds 6	fundsf
FIXEDASSETS
Tangible assets	11	1,456	86,000	86,456	86,866
Investments	12	1,747,460	10,644,171	12,'391,631	11,734,679
		1,748,916	10,729,171	12,478,087	11,821,545
CURRENT ASSETS
Stocks	13	10,614		10,614	362
Debtors	14	99,096		99,096	866,452
Cash at bank	15	932,735		932,735	420,488
		1,042,345		1,042,345	1,287,302
CREDITORS
Amounts falling due within one year	16	(65,618)		(65,618)	(55,114)
NET CURRENT ASSETS		976,727		976,727	1,232,188
TOTAL ASSETS LESS CURRENT LIABILITIES		2,725,643	10,7',171	13,454,814	13,053',733
NET ASSETS		2,725,643	10,729,171	13,454,814	13,053,733
FUNDS	17
Unrestricted funds				2,725,643	2,607,256
Endowment funds				10,729,171	10,446,477
TOTAL FUNDS				13,454,814	13,053,733

				2021	2020
			Notes	5
Cash flows from operating	activities
Cash generated from operations				214,353	(359,084)
Net cash provided by/(used	in)	operating	activities	214,353	(359,084)
Cash flows from Investing	activities
Purchase oftangible fixed assets				(899)
Purchase offixed asset investments				(3,095)
Net rents received				252,413	228,547
Interest received				278	302
Dividends received				49,197	48,240
Net cash provided by investing		activities		297,894	277,089
Change in cash and cash	equivalents		in
the reporting period				612,247	(81,995)
Cash and cash equivalents	at	the
beginning ofthe reporting	period			420,488	502,483
					i
Cash and cash equivalents	at	the end	of
the reporting period				932,736	420,488

	RECONCILIATION	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	FROM OPERATING	ACTIVITIES
							2021	2020
							6	E
	Net income for the	reporting			period (as per the Statement	of Financial
	Activities)						402,241	1,187,328
	Adjustments for:
	Depreciation charges						129	1,572
	Loss on disposal of	fixed assets					20
	Unrealised (gain)/losses		on	investments			(478,858)	(435,449)
	Net rents received						(206,336)	(255,742)
	Interest received						(342)	(312)
	Dividends received						(49,690)	(48,713)
	Donated asset						(176,000)
	Increase in stocks						(10,162)	(78)
	Decrease/(increase)	in debtors					722,217	(799,222)
	Increase in creditors						10,124	2,532
	Net cash provided	by/(used			in) operations		214,353	(359,084)
2.	ANALYSIS OF CHANGES			IN	NET FUNDS
						At 1.(.21	Cash flow	At 31.12.21
						5		6
	Net cash
	Cash at bank					420,488	612,247	932,735
						420,488	612,247	932,735
	Total					420,488	512,247	932,735

DONATIONS ANO LEGACIES
		2021	2020
		E	E
Legacies		2,130	728,402
INVESTMENT INCOME
		2021	2020
		E
Rents received		453,119	476,263
Wayleaves		46	45
COIF - dividends		49,690	48,713
Deposit account interest		342	312
		503,196	525,333
INVESTMENT MANAGEMENT	COSTS
		2021	2020
		E	E
General insurance		18,215	13,458
Property repairs		167,240	151,508
General and water rates		9,410	9,061
Light and heat		1,976	867
Surveyors and valuers fees		22,868	9,923
Support costs		28,055	27,589
		247,764	212,406

		Grant
		funding of
		activities	Support
		(see note	costs (see
		Sjf	note 7) f	Totals 6
Educational	grants	257,273	14,028	271,301
Community	grants	34,171	7,014	41,185
Relief in need grants		20,613	7,013	27,626
		312,057	28,055	340,112

GRANTS PAYABLE
					2021	2020
						6
Educational grants					257,273	297,335
Community grants					34,171	14,522
Relief in need grants					20,613	23,584
					312,067	335,441
The total grants paid to institutions		during	the year was	as follows:
					2021	2020
						f
St Andrews Church					5,000
Buda After School Club					171
Budehaven School					640	7,967
Buda Canoe Club						1,000
Budehaven Nursery						5,000
Bude Infant School						714
South Western Ambulance	Services NHS		Foundation	Trust	16,000
Stratton Playgroup					2,500
Sensory Trust					1,000
Bude Food Bank					10,500	5,000
Hollabuiy Mission Hall					(1,000)
Buda Primary Academy					2,000	2,000
Buda Quarantine Group						1,000
Cornwall Beekeepers						750
Stratton Primary School						5,000
The Haven						8 310
Marhamchurch Pre School					500
					37,311	35,741

The total g	rants paid to individuals during the year wa	s as follows:
		„	2021 6	2020f
Promotion	of Education		256,633	277,116
Relief in Need			18,113	21,584
			274,746	298,700
SUPPORT	COSTS

SUPPORT	COSTS
				Governance
			Management 6	costs f	Totals f
Investment	management	costs	22,249	5,806	28,055
Educational	grants		11,124	2,904	14,028
Community	grants		5,562	1,462	7,014
Relief in need grants			5,661	1,452	7,013
			44,496	11,614	56,110

Activity		Basis	of allocation
Management		TIME	SPENT
Finance		TIME	SPENT
Human resources		TIME	SPENT
Governance	costs	TIME	SPENT

				Investment
				management	Educational		Community
				costs	grants		grants
				6	6		6
Wages				17,945	8,973		4,486
Pensions				516		258		129
Insurance				387		194		97
Office utilities				794		397		198
Telephone				344		172		86
Pnnting	and	advertising		300		160		75
Postage				391		196		98
Sundries				730		364		182
Office repairs				767		383		192
Depreciation		of tangible	fixed assets	65		32		16
Loss on	sale	of tangible	fixed assets	10		5		3
				22,249	11,124		5,562

						2021	2020
					Relief in
					need	Total	Total
					grants	activities	activities
					6	6	6
Wages Pensions					4,486 129	35,890 1,032	34,443 978
Insurance					97	775	468
Office utilities					198	1,587	1,606
Telephone					86	688	1,040
Printing Postage Sundries	and advertising				75 98 182	600 783 1,458	721 614 104
Office repairs Depreciation			oftangible	fixed assets	192 16	1,534 129	2,662 1,572
Loss on	sale		of tangible	fixed assets	2	20
					5,561	44,496	44,128
Finance
						2021	2020
						Total	Total
						activities	activities
						6	6
Bank charges							10
Governance			costs
					Investment
					management	Educational	Community
					costs 6	grants f	grants 6
Auditors'		remuneration			3,300	1,650	825
Legal and		professional		fees	2,506	1,254	627
					5,806	2,904	1,452
						2021	2020
					Relief in
					need	Total	Total
					grants f	activities 6	activities f
Auditors'		remuneration			825	6,600	6,450
Legal and		professional		fees	627	5,014	4,585
					1,452	11,614	11,035

STAFF COST	S
					2021	2020
						5
Wages and salaries					35,890	34,f43
Other pension	costs				1,032	978
					36,922	35,421
The average monthly		number ofemployees	during	the year was as fofiows:
					2021	2020
Staff (excluding	trustees)				3	3

					Fixtures
				Freehold	and
				property	Fittings	Totals
				E	E	E
COST OR VALUATION
At 1 January	2021			92,000	9,697	101,697
Additions					899	899
Disposals					(429)	(429)
Revaluations				(7,000)		(7,000)
At 31 December		2021		85,000	10,167	96,167
DEPRECIATION
At 1 January	2021			6,840	8,991	14,831
Charge for year					129	129
Eliminated on disposal					(409)	(409)
Revaluation	adjustments			(5,840)		(5,840)
At 31 December		2021			8,711	8,711
NET BOOK	VALUE
At 31 December		2021		85,000	1,456	86,466
At 31 December 2020				86,160	706	86,866
Cost or valuation		at 31 December 2021 is represented	by:
					Fixtures
				Freehold	and
				property	Fittings	Totals
				E	E	E
Valuation in	2021			85,000		85,000
Cost					10,167	10,167
				85,000	10,167	95,167

FIXED ASSET INVESTMENTS
		COIF/
	Investment	listed
	property E	shares 5	Totals f
MARKET VALUE
At 1 January 2021	10,058,999	1,675,680	11,734,679
Additions	178,095		178,095
Revaluations	241,166	237,702	478,857
At 31 December 2021	10,478,249	1,913,382	12,391,631
NET BOOK VALUE
At 31 December 2021	10,478,249	1,913,382	12,391,631
At 31 December 2020	10,058,999	1,675,680	11,734,679

Cost or v	alu	ation at 31 December 2021 is	represented by:
				0OIFI
			Inve8tment	listed
			property 6	shares f	Totals
Valuation	in	2021	10,478,249	1,913,382	12,391,631

COIF sh	ares	are allocated as follows:
			2021	2020
				f
General	fund		1,747,460	1,374,678
Endowment		fund	165,922	301,003
			1,913,382	1,675,680

13.	STOCKS							2021	2020
								6	f
	Stock							10,514	362
14.	DEBTORS: AMOUNTS				FALLING DUE WITHIN ONE YEAR			2021	2020
								6	6
	Rent debtors Other debtors Accrued investment Prepayments			income		receivable		4,359 76,933 12,854 5,950	50,053 798,402 12,297 5,700
								99,096	866,452
15,	CASH AT BANK							2021	2020
								Total	Total
								funds	funds
								6	E
	Current account Deposit account							147,735 785,000	75,486 345,000
	Total							932,735	420,488
16.	CRED(TORS:	AMOUNTS				FALLING DUE WITHIN ONE YEAR		2021	2020
								6	f
	Grants payable Other creditors Rents received Accruals		in advance					9,939 6,885 33,596 15,198	6,792 5,457 33,214 9,651
								65,618	55,114
17.	MOVEMENT IN		FUNDS					Net
								movement	At
							At 1.1 21	m funds	31.12.21
								6
	Unrestricted General fund	funds					2,607,256	118,387	2,725,643
	Endowment funds
	Endowment fund
							10,446,477	282,694	10,729,171
	TOTAL FUNDS						13,053,733	401,081	13,454,814

Net movement	Net movement	in funds,	included	included	in	the above	are as follows:
							Incoming	Resources	Gains and	Movement
							resources f	expended f	, losses f	in funds 5
Unrestricted		funds
General fund							611,269	(587,876)	195,004	118,387
Endowment		funds
Endowment	fund
									282,694	282,694
TOTAL FUNDS							511,259	(587,876)	477,698	401,081
Comparatives		for movement		in	funds
									Net
									movement	At,
								At 1.1.20	In funds	31.12,20
								5	5	f
Unrestricted		funds
General fund								1,772,282	834,974	2,607,256
Endowment	funds
Endowment	fund
								10,094,123	352,354	10,446,477
TOTAL FUNDS								11,866,405	1,187,328	13,053,733
Comparative	net movement		in	funds,		included	ln the above are as follows:
							Incoming	Resources	Gains and	Movement
							resources f	expended 5	losses 5	in funds
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	(575,431)	436,449	1,187,328

A current year 12	months	and pri	or year 12 months	combined	position is as fo	llows:
							Net
						movement		At
					At 1.1.20		in funds	31.12.21
							6	f
Unrestricted funds
General fund					1,772,282	953,361		2,725,643
Endowment funds
Endowment fund
					10,094,123	635,048		10,729,171
TOTAL FUNDS					11,866,405	1,588,409		13,454,814
A current year 12	months	and prior year 12 months		combined	net movement	in funds,	included	in the above	are
as follows;
				Incoming	Resources	Gains and		Movement
				resources E	expended f		losses 8	in funds f
Unrestricted funds
General fund			1,837,569		(1,161,847)	277,639		953,361
Endowment funds
Endowment fund
					(1,460)	636,508		635,048
TOTAL FUNDS			1,837,569		(1,163,307)	914 147		1,588,409
Endowment fund	assets
					2021		2020
					6		6
Freehold property	(Blanchminster		office)		85,000		86,160
Investment properties					10,478,249		10,058,999
COIF shares					165,922		301,004
Cash at Bank (transferred		to unrestricted)						314
Total					10,729,171		10,446,477

The carrying amount ofthe c	ha	nty's fin	anc	ial instruments are as follo	ws:
					2021	2020
					5	f
Financial assets
Measured at fair value through		net income		/ expenditure:
COIF / listed shares (note 12)					1,913,382	1,675,680
Debt instruments measured	at	amortised		cost.
Rent debtors (note 14)					4.359	50,053
Accrued investment income	receivable		(note 14)		12,854	12,297
Prepayments (note 14)					5,950	5,700
Other debtors (note 14)					75,933	798,402
					99,096	866,452
Financial liabilities
Measured at amortised cost:
Grants payable (note 16)					9,939	6,792
Other creditors (note 16)					6,885	5,457
Rents received in advance (note 16)					33,596	33,214
Accruals (note 16)					15,198	9,651
					65,618	55,114

The income, expenses, net ga summansed as follows:	ins and	net losses attributable to	the charity's 5nancial	instruments
			2021	2020
			5	5
Income and expense
COIF / listed shares (note 3)			49,690	48,713
Net gains and losses (including	changes	In fair valuel
COIF / listed shares (note 12)			237,702	100,728