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2022-12-31-accounts

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REGISTERED CHARITY NUMBER: 202118

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Report of the Trustees and Financial Statements for the Year Ended 31 December 2022 for Blanchminster Trust

Metherell Gard Ltd Chartered Accountants Burn View Bude Comwall EX23 8BX

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Blanchminster Trust

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Contents of the Financial Statements for the Year Ended 31 December 2022

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Page
Report ofthe Trustees 1 to 6
Report ofthe Independent Auditors 7 to 8
Statement of Financial Activitles 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
NotestotheFinancialStatements 13 to 23

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Blanchminster Trust

Report of the Trustees for the Year Ended 31 December 2022

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The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and alms

Blanchminster Trust is said to be possibly the oldest established grant making charity in the country (or even the world) being able to trace its origins directly back to the year 1421, and has recently celebrated the 600th anniversary. Despite changes of name through the long history, the trust has retained its general principle in so far as the ‘relief of local need! Is concerned. At that early date, considerable areas of land in the district were bequeathed to the trust, and over the years this has changed into a concentration of ownership of residential and commercial properties mostly in Bude itself. The first Charity Commission Scheme for the trust, then known as the Blanchminster Charity, was dated 12th December 1893. This directed the "Feoffees” at that time to formally set up the administration which, apart from the approved minor changes in recent times, has remained to the present day.

The objective of the trust is to manage the land belonging to It, in order to provide surplus income which it then applies in the following ways by means of grants or otherwise.

The trust is to give, generally or individually, to persons who are in conditions of need, hardship or distress, by grant of money or by providing services or facilities to alleviate this need.

2 Promotion of education The trust is to award a maintenance allowance, scholarship or otherwise provide financial assistance to persons who are In need of such assistance, to continue their studies. The trust is to also provide schools with special! benefits not normally provided by the local education authority. The trust is to also provide financial assistance to any charitable organisation whose objects include the promotion of education.

The trust is to provide financial assistance to local charitable organisations for the benefit of the community.

The area of benefit is principally the parishes of Bude, Stratton and Poughill (the former Bude-Stratton urban district area) but in special circumstances this may be extended to the immediate area outside these parishes. In order for an application to qualify for assistance, it must be proved not only does the applicant reside within the area of benefit but also that the grant falls within the three application types and that there is a genuine need. Consideration may, however, be given to current or immediate past pupils of Budehaven School who do not reside in the area of benefit where an education grant has been requested. The trustees will also consider educational grant applications from students who have a parent/ parents living within the designated area.

The trust is restricted in that the grants It gives cannot be used directly to relieve liabilities in respect of rates, taxes or other public funds.

Following many years of low levels of income from property rentals, with the consequent lack of investment in the maintenance of those properties, the trustees have, since the early 1980s, undertaken a steady upgrading of the trust's properties whenever the opportunity has arisen. This course of action had been possible through the raising of the rents to, or near to, the registered rent level and the setting of realistic rents for commercial properties, as guided by professional advice. The trustees continue to follow the programme of recent years in gradually raising the standard of all investment properties. It is a long-term process as most of the buildings are very old with the majority falling within a designated Conservation Area. The trustees believe that this policy is required to ensure that future surplus income is achieved to continue its grant making objectives.

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BlanchmInster Trust

Report of the Trustees for the Year Ended 31 December 2022

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OBJECTIVES AND ACTIVITIES Grant Making Policy

Applications are normally made in writing to the clerk, when a ‘financial enquiry form’ is sent for completion and retum. Applicants may be called for an informal interview by the relevant committee. Following this, a recommendation is made to the full Board of Trustees who make the final decision. in the case of clubs, organisations etc., the latest annual accounts are called for, together with an updated financial statement. Assistance can be glven in the form of a cash grant, provision of equipment or a loan of either cash or equipment.

There has been no change of policy by the trustees in their procedures during the past year.

In setting their objectives and planning their activities, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

The trustees measure the success of meeting their objectives by the level of grants made in the year.

ACHIEVEMENT AND PERFORMANCE

Grants Made Grants Declined Other Total
Needs 22 5 27
Education
Community
Outside OfThe Scope
Withdrawn		 238
13		 10
4		 9g
60		 248
17
9
60
Carried forward to 2023 61 61
422

The charity's main source of income remains rental receipts from the letting of its investment property. As in previous years, a number of properties have been refurbished.

The trustees are pleased that, overall, the investment property portfolio shows very few instances of non occupancy, and, with the guidance of the trust's property advisers, continues to achieve competitive, commercial rental returns. By far the largest number of requests fall within the ‘Education’ category. Each year the trust offers a standard grant to mainly students of Budehaven Community School who are moving on to higher education where a financial need is established. This has provided in many cases an invaluable help to the students and their families at a time when Local . Education Authority grants have been removed. In 2022 the standard grant paid was £1,200.

FUNDRAISING ACTIVITIES

The charity does not participate in any external fundraising activities nor does it engage any professional fundraising services. The costs of raising funds as noted in the SOFA on page 9 are detailed in note 4 to the financial statements, and relate solely to the management of the Investment Properties.

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Blanchminster Trust Report of the Trustees for the Year Ended 31 December 2022

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FINANCIAL REVIEW Overall incoming resources increased from £511,259 in 2021 to £556,835 in 2022. There has also been an increase in investment income in the year of £18,829 which is the result of an increase in rental income, dividends and deposit interest income. The trust is not dependent upon the receipt of donations, legacies or other voluntary income. The trust has applied its income firstly to grants in the areas of education, need and community projects, which totallad £284,934 and a further £199,241 in the maintenance and repair of properties. The freehold property and the investments are valued on a fair value basis as explained in the accounting policies. ; Theand showedCharitiesanOfficialunrealisedInvestmentloss of £222,948Fund (COIF)for thesharesyear.are publicly quoted. These shares were valued at the year end The trustees’ reserves pollcy is to retain its investment assets in order to secure an income stream to meet current and future grants and related expenditure. The total value of the unrestricted reserves at the year end amounted to £2,493,483. The trustees are of the opinion that it is prudent for them to hold reserves to the level of between two and three years normal grants and cost of raising funds.

The reserves currently held are in excess of the target. The trustees are actively researching ways of providing additional benefits to the areas of need. In addition to this there are, as detailed in the next paragraph, major costs anticipated in the near future, and the level of this expenditure is currently unknown, so the additional reserves may be needed to cover those one off costs. During the year one of the older residential properties was found to have a structural fault. The fault has been investigated and there is a cost estimate recently agreed of around £30,000, to correct the fault. The residential properties in close proximity have been surveyed and they all contain the same structural fault and so will all need remedial work. There is no overall estimate of the costs involved but it is expected to be significant. In addition to this the trustees are aware of regulation changes to the EPC rules on commercial property which they will need to adhere to. The trustees expect the work involved to be substantial. There is no overall estimate of the costs involved but it is expected to be significant. The trustees believe that the EPC regulations for residential property will continue to be tightened. The trustees expect the work involved to be substantial. There is no overall estimate of the costs involved but it is expected to be significant. The trust is in a strong financial position at the year end. Much of the financial strength of the Balance Sheet lies in the fixed assets, the majority of which are held by the trust as part of the endowment fund to provide annual income. The current assets and liquidity ratios are also strong and represent a good buffer against any future risks. As has been noted earlier, the majority of the assets are long term and essential to the future income stream of the trust. This is further reflected in the apportionment of the assets between the funds. The endowment fund consists of all the properties owned and managed by the trust and also those COIF shares which have been purchased from the proceeds of the previous sale of properties. The funds are sufficient to meet the trust's obligations. .

Investments are held in accordance with the trustees’ powers.

FUTURE PLANS The trustees’ intention is to continue running the charity along very similar lines to those carried on In recent years. However, a particular objective is to seek out opportunities to continue the amount of annual grants made whilst adhering to the requirements of the governing document.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document The trust is an unincorporated association which is governed by the Charity Commission Scheme dated 16 March 1982 as amended on 27 June 1988, 12 August 1991 and 7 August 1996 and amended by special resolution 4 July 1997.

Appointment of Trustees The Board of Trustees consists of thirteen members. Trustees are appointed by the Board of Trustees who may, if necessary, consult with the Bude/Stratton Town Council regarding nominations. Each such appointment shall be for a periad of five years, after which time trustees may put themselves forward for re-appointment.

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Bianchminster Trust

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Report of the Trustees for the Year Ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsation

The full Board of Trustees meets monthly.

There are three committees, each of which meet monthly:

Both grant applications committees and any two trustees have emergency powers. Otherwise they make recommendations to the full board meeting on a monthly basis.

Induction and Tralning of New Trustees

All trustees are fully aware of their responsibilities to the trust. In the event of a new appointment, either by further trustees being required or permanent retirement, the senior and junior stockwarden are jointly responsible for providing all the necessary induction and guidance to any newly appointed trustee. The clerk to the trustees assists in this regard, advising on day to day responsibilities and tasks.

Key management remuneration

Remuneration of key management is reviewed by trustees annually.

Related Parties

Related party transactions requiring disclosure are recorded at note 18 in the accounts.

All trustees who have a connection with a recipient of a grant or have any involvement with a grant recipient's application are not involved in the deliberation or decision making process for those particular grants.

Risk Management

The principal risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.

The principal risks faced by the Trust lie In the performance of investments. The charity's principal income source is from rental receipts of tts investment properties. The trustees have ensured that adequate insurance is in place for the properties and carry out regular maintenance to mitigate the risks.

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BilanchmInster Trust

Report of the Trustees for the Year Ended 31 December 2022 ;

ee REFERENCE AND ADMINISTRATIVE DETAILS

Name and Address

Blanchminster Trust, Blanchminster Building, 38 Lansdown Road, Bude, Cornwall, EX23 8BN.

Registered Charity Number 202118

All of the trustees noted below were in office for the period from 1st January 2022 to the date of this report except where otherwise stated. The offices held and committee details are as at the date of this report.

Trustees Mrs J Adams (Appointed 07/10/22) Mrs V A Newman Mrs C Bilsland Mr C D Nichols (Senior Stockwarden) Mr C B Cornish (Retired 01/04/22) Mr| Saitern Mrs P Gliddon Mrs J M Shepherd Mr A R James Mr L M Tozer Mrs S A Lamble (Junior Stockwarden) Mrs D Y Wellington Mr O A May Mr | J Whitfield

Staff (Part time} responsible for day-to-day management

Ms J E Commish (Clerk to the Trustees) Mrs J Hinson (Office Secretary)

Property and Administratlon Committee Mrs P Gliddon (Chairperson) Mr C D Nichols Mr AR James Mrs J M Shepherd Mrs S A Lambie Mr L M Tozer Mr 0 A May Mrs D Y Wellington Mrs V A Newman Education Committee Mr A R James Mr C D Nichols Mr O A May Mr L M Tozer (Chairman) Mrs V A Newman Mr 1 J Whitfield Needs and Community Committee Mrs P Gliddon Mr C D Nichols Mr A R James Mrs J M Shepherd Mrs S A Lamble (Chairperson) Mr L M Tozer Mr O A May Mrs D Y Wellington Mrs V A Newman

Bankers © : National Westminster Bank plc, Launceston Branch, 14 Westgate Street, Launceston, Cornwall, PL15 7AG.

Solicitors Messrs Peter, Peter & Wright, 1 Queen Street, Bude, Cornwall, EX23 8AZ.

Auditors Metherell Gard Ltd, Burn View, Bude, Cornwall, EX23 8BX.

Architects

Metters & Wellby Ltd, 10 Lansdown Road, Bude, Cornwall, £X23 8QZ.

Surveyor and Property Agent MrA P Furse BSc. MRICS, Underwood Wright Ltd, 5 Queen Street, Bude, Cornwall, EX23 BAY.

Insurers

Ansvar Insurance, Ansvar House, St Leonards Road, Eastbourne, East Sussex, BN21 3UR Higos Insurance, 7 Cary Court, Somerton Business Park, Somerton, TA11 6SB

STATEMENT OF TRUSTEES’ RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable !aw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Blanchminster Trust

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Report of the Trustees for the Year Ended 31 December 2022

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charlty for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions 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 irregularities.

Approved by order of the board of trustees on ABI)... and signed on its behalf by:

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C Nichols (Senior Stockwarden) - Trustee

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Report of the Independent Auditors to the Trustees of

Blanchminster Trust

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Opinion

We have audited the financial statements of Blanchminster Trust (the 'charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financla! statements, we have concluded that the trustees’ use of the going concem basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we.have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

Responsibilities of trustees As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Report of the Independent Auditors to the Trustees of

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Blanchminster Trust

Our responsibllitles for the audit of the financlal statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Trust.

We obtained an understanding of the entity's risk assessment process, including the risk of fraud.

We reviewed the financial statements and tested the disclosures against supporting documentation.

We reviewed minutes of meetings of those charged with management and governance.

We performed audit work, including reviewing the risk of management override of controls, testing journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions, and reviewing accounting estimates for bias. : Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, inciuding those teading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves Intentional concealment, forgery, collusion, omission or misrepresentation.

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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ‘

for and on— of eet Gard Ltd

Chartered Accountants Burn View

Bude Cornwall EX23 8BX ‘

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Blanchminster Trust

Statement of Financial Activities for the Year Ended 31 December 2022

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|||||||||| |---|---|---|---|---|---|---|---|---| |aI aa| |2022|2021| |Unrestricted|Endowment|Total|Total| |fund|fund|funds|funds| |Notes|£|gE|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations and|legacies|2|-|-|-|2,130| |investment income|3|522,025|-|522,025|503,196| |Other income|34,810|-|34,810|5,933| |Total|556,835|-|556,835|511,259| |EXPENDITURE|ON| |Ralsing|funds| |Investment management|costs|4|291,708|660|292,368|247,764| |291,708|660|292,368|247,764| |Charitable|activities|5| |Educational|grants|264,848|330|265,178|271,301| |Community grants|28,493|165|28,658|41,185| |Relief in|need grants|21,046|165|21,211|27,626| |Total|606,095|1,320|607,415|587,876| |Net gains/(losses)|on|investments|(182,900)|182,798|(102)|478,858| |NET INCOME/(EXPENDITURE)|{232,160}|181,478|(50,682)|402,241| |Other|recognised|gains/(losses)| |Gains/(losses)|on|revaluation|of fixed|assets|-|-|-|(1,160)| |Net movement|in funds|(232,160)|181,478|(50,682)|401,081| |RECONCILIATION|OF|FUNDS| |Total funds|brought forward.|2,725,643|10,729,171|13,454,814|13,053,733| |TOTAL FUNDS CARRIED FORWARD|2,493,483|10,910,649|||13,404,132|13,454,814|

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The notes form part of these financial statements

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Blanchminster Trust

Balance Sheet 31 December 2022

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|||||||| |---|---|---|---|---|---|---| |a| |2022|2021| |Unrestricted|Endowment|Total|Total| |fund|fund|funds|funds| |Notes|£|£|£|£| |FIXED ASSETS| |Tangible|assets|11|4,583|83,680|88,263|86,456| |Investments|12|1,564,562|10,826,969|12,391,531|12,391,633| |1,569,145|10,910,649|12,479,794|12,478,089| |CURRENT|ASSETS| |Stocks|13|10,279|-|10,279|10,514| |Debtors|14|66,797|-|66,797|99,095| |Cash|at bank|15|922,569|-|922,569|932,735| |999,645|-|999,645|1,042,344| |CREDITORS| |Amounts|falling due within one year|16|(75,307)|-|(75,307)|(65,619)| |NET CURRENT ASSETS|924,338|-|924,338|976,725| |TOTAL ASSETS|LESS CURRENT|LIABILITIES|2,493,483|10,910,649|13,404,132|13,454,814| |NET ASSETS|2,493,483|10,910,649|13,404,132|13,454,814| |FUNDS|17| |Unrestricted|funds|2,493,483|2,725,643| |Endowment funds|10,910,649|10,729,171| |TOTAL FUNDS|13,404,132|13,454,814|

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Thepenne iesarycial Sjatementsweve. and wwer e re signedapproved on itsbybehalfthe by:Board of Trustees and authorised. for issue on ichols (Senior Stockwatden) - Trustee my,wi cee |

The notes form part of these financial statements

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Blanchminster Trust

Cash Flow Statement for the Year Ended 31 December 2022

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|||||||| |---|---|---|---|---|---|---| |a| |2022|2021| |Notes|£|£| |Cash|flows|from|operating|activities| |Cash generated|from|operations|1|(321,558)|214,353| |Net cash|(used|in)/provided|by operating|activities|(321,558)|214,353| |Cash|flows|from|investing|activities| |Purchase|of tangible fixed assets|(4,290)|(899)| |Purchase|of fixed asset investments|-|(3,095)| |Net|rents|received|264,644|252,413| |Interest received|548|278| |Dividends|recelved|50,490|49,197| |Net cash|provided by investing|activities|311,392|297,894| |Change|in|cash and|cash|equivalents|in| |the|reporting perlod|(10,166)|512,247| |Cash|and|cash|equivalents|at the| |beginning of the|reporting|period|932,735|420,488| |Cash|and|cash|equlvalents|at the|end|of| |the reporting|period|922,569|932,735|

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The notes form part of these financial statements

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Blanchminster Trust

Notes to the Cash Flow Statement for the Year Ended 31 December 2022

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RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

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|||||||| |---|---|---|---|---|---|---| |2022|2021| |£|£| |Net|(expenditure}/income|for the|reporting|perlod|(as|per the| |Statement|of|Flnanclal|Activities)|(50,682)|402,241| |Adjustments|for:|;| |Depreciation|charges|2,483|129| |Loss|on|disposal|of fixed|assets|-|20| |Unrealised|(gain)/losses|on|investments|102|(478,858)| |Net|rents|received|(180,484)|(206,336)| |Interest|received|(1,631)|(342)| |Dividends|received|(50,685)|(49,690)| |Donated|asset|“|(175,000)| |Decrease/(increase)|in|stocks|235|(10,152)| |(Increase)/decrease|in|debtors|(30,282)|722,217| |(Decrease)/increase|in|creditors|(10,614)|10,124| |Net cash|(used|in)/provided|by|operations|(321,558)|214,353|

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ANALYSIS OF CHANGES IN NET FUNDS

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||||||| |---|---|---|---|---|---| |At|1.1.22|Cash|flow|At|31.12.22| |£|£|£| |Net|cash| |Cash|at|bank|932,735|(10,166)|922,569| |932,735|(10,166)|922,569| |Total|932,735|(10,166)|922,569|

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The notes form part of these financial statements

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Blanchminster Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

  1. ACCOUNTING POLICIES

Basls of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective from January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donated goods are measured at their fair value and included in income. They are included when the trust has been notified of their entitlement, all conditions have been met and the final amount is known and expected.

Donations and legacies are included in income when the charity has been notified of their entitlement, all conditions have been met, and the final amount is known and expected. Rental income from investment property leased out under an operating lease is recognised in income on a straight line basis over the lease term. Any income received in advance is included as a creditor as shown in note 16. :

Investment income from interest and dividends is shown in the accounts on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

In particular raising funds includes property management costs relating to the investment property held as Permanent Endowment.

Grants payable are recognised as expenditure when the grant is approved by the Board of the Trustees and the decision has been communicated to the recipient.

Allocation and apportionment of costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs Governance costs comprise of costs involved in the public accountability of the trust and its compliance with regulation and good practice.

Support costs have been allocated and apportioned on the basis of time spent, further analysis is shown in note 7.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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Blanchminster Trust

Notes to the Financlal Statements - continued for the Year Ended 31 December 2022

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  1. ACCOUNTING POLICIES - continued Tangible fixed assets Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold Land - Nil Freehold Buildings - 2% per annum on valuation Fixtures and Fittings - 10% per annum on written down basis - 25% per annum straight line basis All fixtures and fittings are included at historic cost and are reviewed for impairment at each balance sheet date.

Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation

The charity is exempt from tax on its charitable activities.

Funds

Unrestricted Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes,

Endowment

Endowment funds represent those assets which must be held permanently by the charity. The investment and freehold property are shown in the financial statements as a permanent endowment, in accordance with the trust's charity scheme as described in the Report of the Trustees. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the endowment fund. Other investments, which have been purchased using the proceeds of sales of freehold property, are also included in the endowment fund.

Other Financial instruments The trust only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as rent, trade and other accounts receivable and payable, and. cash held at bank. Further disclosures relating to the financial instruments are given in the notes for particular items.

Debtors Rent and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any discounts due.

Investment assets and unrealised gains

The valuation of the Investment Property is an important factor in the Financial Statements and this is a key source of estimation uncertainty.

The portfolio of commercial, mixed commercial/residential, residential and agricultural property which make up the investment property are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.

It is the trustees policy to have a full independent quinquennial review completed by a valuer who holds a recognised and relevant professional qualification and has recent experience in the location and class of the property being valued. The quinquennial review was last completed on 31st December 2021 in accordance with RICS Valuation standards. 1n the intervening years in order to ensure the carrying amounts are at fair value, the residential property is revalued in accordance to the Land Registry house price index and the commercial property values are adjusted if there is a material change in circumstance with guidance being provided by an independent valuer.

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Blanchminster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

  1. ACCOUNTING POLICIES - continued

Other

Investment assets in the form of the Charities Official Investment Fund shares, are shown in the financial statements at fair value.

Unrealised gains on investment and other assets represent the difference between the fair value at the end of the year and:

i) for Investment and other assets held at the start of the year, the falr value at that date, or li) for investment and other assets acquired in the year, the cost of acquisition.

Changes in fair value are recognised in the SoFA.

Employes Benefits

When employees have rendered service to the trust, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The trust operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
2022 2021
£ £
Legacies - 2,130
INVESTMENT INCOME
2022 2021
£ £
Rents received 469,664 453,119
Wayleaves
COIF - dividends		 45
50,685		 45
49,690
Deposit account interest 1,631 342
§22,025 503,196
INVESTMENT MANAGEMENT COSTS
: 2022 2021
£ £
General insurance 17,365 18,215
Property repairs 199,241 167,240
General and water rates 17,860 9,410
Light and heat 5,540 1,976
Surveyors and valuers fees 19,674 22,868
Legal and professional fees 2,576 -
Support costs 30,112 28,055
292,368 247,764

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Blanchminster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

TS 5. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note		 Support
costs (see
6) note 7) Totals
£ £ £
Educational grants
Community grants
Reliefin need grants		 250,121
21,130
13,683		 15,057
7,528
7,528		 265,178
28,658
21,211
284,934 30,113 315,047

The objects of the trust are to make grants in three specific areas:

1. Relief in need

The trust is to give generally or individually to persons, who are in conditions of need, hardship or distress, by grant of money or by providing services or facilities to alleviate this need.

2. Promotion of education

The trust is to award a maintenance allowance, scholarship or otherwise provide financial assistance to persons who are in need of such assistance, to continue their studies. The trust is to also provide schools with special benefits not normally provided by the local education authority. The trust is to also provide financial assistance to any charitable organisation whose objects include the promotion of education.

3. Community aid

The trust is to provide financial assistance to local charitable organisations for the benefit of the community.

6.

GRANTS PAYABLE

GRANTS PAYABLE
2022 2021
£ £
Educational grants
Communitygrants
Relief in need grants		 ; 250,121
21,130
13,683		 257,273
34,171
20,613
284,934 312,057

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Blanchminster Trust

;

Notes to the Financlal Statements - continued for the Year Ended 31 December 2022

ec

6. GRANTS PAYABLE - continued
Thetotalgrants paidto institutions duringtheyearwasasfollows: 2022 2021
£ £
St Andrews Church - 5,000
Bude After School Club - 171
Budehaven School (2,152) 640
St Michaels Church
-		 2,622 -
Budehaven Nursery 2,000 -
South WesternAmbulance Services NHS Foundation Trust - 16,000
Stratton Playgroup
SensoryTrust
Bude Croquet Club
Bude Food Bank		 3,640
-
2,500
-		 2,500
1,000
-
10,500
Hollabury Mission Hall
Bude PrimaryAcademy
Marhamchurch Pre School		 -
2,346
-		 (1,000)
2,000
500
Bedazzled
2 Minute Foundation		 1,000
2,570		 -
-
Comwall Grows 4,200 -
Christians Together 500 -
Kilkhampton PTA
Young People's Pop Up Cafe		 1,300
898		 -
-
Poughill ShortMat Bowling Club 1,200 -
22,624 37,311
The total grants paid to individuals during the yearwas as follows: 2022 2021
£ £
Promotion ofEducation 248,627 256,633
Relief in Need 13,683 18,113
262,310 274,746
7. SUPPORT COSTS
; ; ; Management
£		 Governance
costs
£		 :
Totals
£
investment management costs
Educational grants
Communitygrants		 ; 24,403
12,202
6,100		 5,709
2,855
1,428		 30,412
15,057
7,528
Relief in need grants 6,100 1,428 7,528
48,805 11,420 60,225

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Blanchminster Trust

:

‘

Notes to the Financlal Statements - continued for the Year Ended 31 December 2022

7. SUPPORT COSTS - continued

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

Support costs, included in the above, are as follows:

Management

Management
Investment
management Educational Community
costs grants grants
£ £ £
Wages 20,234 10,116 §,058
Pensions §48 274 137
Insurance 370 186 93
Office utilities 657 329 164
Telephone 366 182 91
Printing and advertising 489 245 122
Postage 169 85 43
Sundries
Office repairs		 233
95		 116
48		 58
24
Depreciation oftangible fixed assets 1,242 621 310
Loss on sale oftangible fixed assets - - -
24,403 12,202 6,100
2022 2021
Relief in
need Total Total
grants activities activities
£ £ £
Wages 5,058 40,466 35,890
Pensions 137 1,096 1,032
Insurance 93 742 775
Office utilities 164 1,314 1,587
Telephone 91 730 688
Printing and advertising 122 978 600
Postage 43 340 783
Sundries 58 465 1,458
Office repairs 24 191 1,534
Depreciation oftangible fixed assets 310 2,483 129
Loss on sale oftangible fixed assets - - 20
6,100 48,805 44,496
Governance costs
Investment
management Educational Community
costs grants grants
g £ £
Auditors’ remuneration 3,349 1,675 838
Legal and professional fees 2,360 1,180 590
5,709 2,855 1,428

.

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Blanchminster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

;

7. SUPPORT COSTS - continued

Governance costs - continued

2022 2021
Relief in
need
grants		 Total
activities		 Total
activities
£ £ E
Auditors’ remuneration 838 6,700 6,600
Legal and professional fees 590 4,720 5,014
1,428 11,420 11,614
AUDITORS’ REMUNERATION
2022 2021
£ £
Fees payable to the charity's auditors forthe audit ofthe charity's financial
statements 6,700 6,600

The total auditors remuneration includes fees for non-audit services. The non-audit services include assistance with the preparation of the statutory accounts, £4,720 has been allocated in governance costs as legal and professional fees.

9, TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ’ ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2022, (2021: one trustee was paid for travel expenses amounting to £46).

STAFF COSTS
; 2022 2021
£ £
Wages and salaries 40,466 35,890
- Other pension costs , 1,096 1,032
41,562 36,922
The average monthly number ofemployees during the yearwas as follows:
2022 2021
Staff(excludingtrustees) 3 3

No employees received emoluments in excess of £60,000.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Key management personnel salary totals £26,171 for the year (2021: £23,445).

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Blanchminster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

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Si SIA AI
IE		 pr
Si SIA AI
IE		 pr
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11. TANGIBLE FIXED ASSETS
Fixtures
Freehold
property
£		 and
Fittings
£		 Totals
£
COST
At 1 January 2022 85,000 10,167 95,167
Additions
Disposals		 -
-		 4,290
(2,394)		 4,290
(2,394)
At 31 December2022 85,000 12,063 97,063
DEPRECIATION
At 1 January 2022 - 8,711 8,711
Charge for year
Eliminated on disposal		 1,320
-		 1,163
(2,394)		 2,483
(2,394)
At 31 December2022 1,320 7,480 8,800
NET BOOK VALUE
At 31 December2022		 83,680 4,583 88,263 @ i @)
At 31 December 2021 85,000 1,456 86,456
Freehold property includes freehold land estimated at £19,000 (2021: £19,000) which is not depreciated.
The tangible fixed assets are used in the management and administration of the charity. The freehold
property
was acquired at no cost. The freehold property was valued on the same basis as the commercial investment
property detailed in the accounting policy in note 1, in order to ensure that the carrying amount does not differ
materiallyfrom the fairvalue at the end ofthe reporting period.
The freehold property is included in the endowment fund.
12. FIXED ASSET INVESTMENTS
COIF/
Investment
property		 listed
shares		 Totals
£ £ £
MARKET VALUE
At 1 January2022
Revaluations		 10,478,250
1,913,383
222,846
(222,948)
qq ————_ Ss		 12,391,633
_
i. la
(102) Cranns
;
\o6SES
At 31 December 2022 10,701,096 1,690,435 12,391,531
NET BOOK VALUE
At 31 December2022		 10,701,096 1,690,435 12,391,531> ;
~
@+0
At31 December2021 10,478,250 1,913,383 12,391,633 NY
Therewerenoinvestmentassets held outside theUK. Eypoe
Cost orvaluation at31 December2022 is represented by: om
COIF/
Investment listed
property shares Totals
£ £ e
Valuationin2022 10,701,096 1,690,435 12,391,531

The investment property portfolio has been valued in line with the accounting policy in note 1.

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Blanchminster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

12. FIXED ASSET INVESTMENTS- continued

Property COIF
£ £
Historical cost at 31 December 2022 1,010,595 354,870
COIF shares are allocated as follows:
2022 2021
£ £
General fund 1,564,560 1,747,460
Endowment fund 125,875 165,923
1,690,435 1,913,383
13. STOCKS
4 2022 2021
£ £
Stock 10,279 10,514
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Rent debtors 9,217 4,358
Other debtors 35,958 75,933
/
-)
~\s
NY
EWS		 Accrued investment income receivable
Prepayments		 14,132
7,490
————s
66,797		 12,854
5,950
SS
99,095
U~,4
Ch		 15. CASHATBANK 2022 2021
Total Total
funds funds
£ £
Current account 237,569 147,735
Deposit account 685,000 785,000
Total 922,569 932,735

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Blanchminster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

:

ne ne ne ne ne ne
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Grants payable
Other creditors		 5,096
26,800		 9,939
6,885
Rents received in advance 33,411 33,596
Accruals 10,000 15,199
75,307 65,619
17. MOVEMENT IN FUNDS
Net
movement At
At 1.1.22 in funds 31.12.22
£ £ £
Unrestricted funds
Genera! fund 2,725,643 (232,160) 2,493,483
Endowmentfunds
Endowment fund
10,729,171 181,478 10,910,649
TOTAL FUNDS 13,454,814 (50,682) 13,404,132
Net movement in funds, included in the above are as follows:
Incoming
resources
£		 Resources
expended
g		 Gains and
losses
£		 Movement
infunds
£
Unrestricted funds
General fund 556,835 (606,095) {182,900) (232,160)
Endowment funds
Endowment fund
- (1,320} 182,798 181,478
TOTAL FUNDS 556,835 (607,415) (102) (50,682)
Comparatives formovement in funds
Net
movement At
At 1.1.21 in funds 31.12.21
£ £ £
Unrestricted funds
General fund 2,607 256 118,387 2,725,643
Endowment funds
Endowment fund
10,446,477 282,694 10,729,171
TOTALFUNDS 13,053,733 401,081 13,454,814

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Blanchmlinster Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17.

MOVEMENT IN FUNDS- continued

Comparative net movement in funds, included in the above are as follows:

Incoming
resources		 Resources
expended		 Gains and
losses		 Movement
in funds
£ £ £ £
Unrestricted funds
General fund 511,259 (587,876) 195,004 118,387
Endowment funds
Endowment fund
- - 282,694 282,694
TOTAL FUNDS 511,259 (587,876) 477,698 401,081
Endowment fund assets
2022 2021
£ £
Freehold property (Blanchminster office) 83,680 85,000
Investment properties 10,701,094 10,478,248
COIF shares 125,875 165,923
Total 10,910,649 10,729,171
  1. RELATED PARTY DISCLOSURES

Mr C B Cornish, a trustee, is the father of the clerk to the trustees, who is employed under a standard contract of employment and is classed as key management personnel. Mr C B Cornish retired as a trustee this year as of 1st April 2022.

.

,

Mrs D Wellington, a trustee, is the daughter of Mr Hicks, who provides services to the charity . During the year the services totalled £136 (2021: £156).

Mr I Saltern, a trustee, was a director of Commwall Grows at the time the grant was awarded, as disclosed in note 6. Mrl Saltern, was excluded from the decision making process.

GOING CONCERN

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

TRUSTEES INDEMNITY INSURANCE

The main office insurance detailed in support costs includes trustees indemnity insurance.

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