REGISTERED CHARITY NUMBER: 202118 ort of the Trustees Financial tatements Year Ended 31 December 2023 Blanchminster T Meiherell Gard Ltd Chartered A¢￿￿￿tantS Bum View Bude Cornw811 EX23 88X ml Contents of the Financial Statemen for the Year Ended 31 Oecember 2023 Pa99 Report of the Trustees 1 to 6 Report ofthe Indepenilent Audltors 7 to 8 statement of Flnanclal Activltie5 Balance Sheet io Cash FlowStst•m•nt Notes to the Cash Flow Statement 12 Notgs to tho Flnanclal Statements 13 10 23 Blanc inster T ort of the Trusteès r Ended 1 December 2023 Th8 trustees present their ￿port with the finanoal staternenls of the tharity for the year ended 31 De￿rnber 2023. The trustees have adopted Ihe provisions of Accounts"n9 and Repor￿ng by Charities.. Statemenl of Recommended Practice applicable to th8rities preparing théir 3cmunts in accordance with the Financial Reporting Standard applicab￿ in UK and Republic of Ireland IFRS 1021 leffeotsve 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims Blanchminster Trust Is said to be possibly the oldest established grant rna￿￿9 tharity in the country lor even the worldl being ab￿ tc> tracè rts orKJins dI￿¢￿Y back to the year 1421, and has re￿nlY celebrated the 600th anniversary. Despite changes of natne through the long history, the trust has retained ils general principle in so far as the,￿lIef ol bcal need, is concerned. At that earfy date. cofisider8ble areas ol land in the dIStr￿t were bequeathed to thè trust, and over the yeats this has Chang￿ into a concentration of ownership of resid8ntial and cotnmeraal properbes mosdy in Bude itself. The first Charity Commission Scherne for the trust, then known a5 the Blanchminster Charity, was dated 12th De￿mber 1893. Thi5 directed the"Feoffees" at that b'me to formally sel up the adrninistration whieh, apart from the approved minor chang8s in iecent times. has remained to the present day. The objective of the trust IS to rnanage the latKJ b8longing to it, in order lo provide surplu5 incom8 which it then applies in the following ways by mean5 of gr8nts or otherwise_ Rslief in need trust is to gwe. generally or individually, to petsons who are in conditions of need, hardship or¢Jistress, by grant of monÈy or by provKliThJ sèmtss or fraalit￿5 to allewate this need. 2 Prornobon ofeduGgtion The trust is to award a Maintenan￿ allowan￿ or otherwis8 pravide financial assistan￿ to persons who are in need of such assistan￿, to continue their Studies The trust is to 8150 prowide schools with spea81 beneffts not norrnally prowded by the local education authority. The trust 15 to also provid8 financial assistan￿ lo any chantable organisation whose objects indude the promobon ofeducabon. Community aKI The trusl is 19 prow(Se financial assistano to local charitable organisations forthe trEnefit of thè community. The area ol benefit is principally the parishes of 8ude. Stratton and Poughill Ilhe forner Bude-stratton urban district areal bul in special circumstrn￿$ this may be extended to the imme(liate area outside these parishe5. In older foi an application to qualify for assistan￿, it musl be proved not only does the applicant reside wthin the 8rea ol benefit bul 3150 that the grant falks within the three application types and that there is a genuine nee(l. Consideration rnay. h¢)wever. be given to current or imme(liate past pupils of Budehaven Sthool who do mt ￿SIde in the area of benefit where an education grant has been requested. The trustees will also Consider educational grant applicaiions from students who have a parentl parents Iiwng Wslhin the d85ignated area. The trust is restricted in that the grants it give5 Gqnnot bÈ used direcuy to relieve liabilitres in respect of rates. taxes or other public funds. Following rnany years ol low levels ol income frTrm property rents15. With the con*quent lack of investrnenl tn the maintenance of those properties. the trustees have, Sin￿ the early 1980$, undertaken a steady upgrading ol the trust's properties whenever the opportunity has arisen. Thi5 course ol action had been possib￿ through the raising ol the ￿￿1$ to. or near to. the registered renl ￿Ve1 and the setbng ol realist￿ rents for commerual properties, as guKJed by professional adwce The tnt3tees ¢onlinue lo follow the programme ol ￿￿n( years in gradually raising the standard of all investment properbes. It is a long-lerm procE5s as rnost ol the buildings a￿ very 01d with Ihe rnajority falling within a dèsignated Conservation Area. The trustees beI￿ve that thi5 policy is required to ensure that ftjture suwus income is achieved to continue ils grant making objectwes. Page 1 Blanchminster Trust ort of the fru$tees for th8 Year Ended 31 Decembgr OBJECTIVES AND ACTIVITIES Grant Making Policy Applications are nomialty made in writing to the clerk. when a 'fin8naal enquiry fomi, is sent for cornpletion and retum. Applicants may be called for an Infonnal Interview by the re￿vaTrt corntnittee. Followng this. a ￿¢[)mmendation is made to the full Board ofTrustees who make the final decision. In the case ol dubs. organisations etc.. the 13test annual accounts are called for, togelher with an updabl financlal 5tstement. ASsUstan￿ can be given in the fomi ol a cash grant or PrO￿810n of equipment Ther8 has bèen no chaNJe of policy by the trustees in their pr￿dureS during the past year. In setting their objectives and planning their 8ctiMties, the trustees have given careful considera￿Orn lo the Charity Commission's ger￿ra1 guidance on public benefit. The trustees measure the success of meeting their obiectives by the ￿Ve1 ofgrants made in the year. ACHIEVEMENT AND PERFORMANCE Grdnts Made Grants Decllned Other Total Ne Education Cornmunty Outside Of The Scop Vlnthdrawn Carried forward to 2024 30 257 35 269 10 10 85 51 85 51 458 The chariws main source ol income remains rental receipts from Ihe letting ol its investrnent tryerty. As in previous years. a number ol properties have been refurbished. The tru$te8s are pleased that, overall, Ihe invesbnent propety portfolio shows very few instan￿$ of non r the properties and carry out wular Maintenan￿ lo rniligate the risks. Page 4 hml r Trust R• ort of thè Trustees r the Year Ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DETAILS Name and Address Blanchminster Trust, Blanchminster Bu1￿Ing. 38 Lansdown Road, Bude. Comwall. EX23 8BN. Registered Charity Number 202118 All ol the trustees noted below were in office for the period fvom 151 January 2023 to the date ol this report ex￿pt where otherwse stated. The hekj and committee details are as at the date ofthis report. Trustees Mrs J Adams rs C Bilsland Ir8signÉd 4th August 20231 Mrs P Gliddon MrA R James Mrs S A Lamb￿ (Junior Slocawardenl MrOAMay DrA Mos5 lappointed 3rd Nov6mber 20231 Mrs V A Newman Mr C D Nichols (Senior Stockwardenl Mr I SaltÈm Mrs J M Sh8pherd Mr L M Tozgr Mrs D Y Wellington Mr l J Whttfield Staff IPart timg) r&sponsibl• for day-to4ay management Ms J E Comish (Clerk lo the Trusteesl Mrs J Hinson {Offi￿ SecYet8ry1 Propety and Admini¥tration Committee Mrs P Gliddon Ichairpefsonl Mr A R Jarn8S Mrs S A Lamb MrOAMay Mrs V A Newman Mr C D Nichols Mr5 J M Shepherd Mr L M Tozer Mr5 D Y Wellington Edu¢atlon Committee rs J Adams Mr A R James MrOAMay Mrs V A Newman Mr C D Ni¢hols Mr L M Tozer IChairy)ersonl Mr l J Thitfield Needs and Community Committee Mrs P Gliddon Mr A R James Mrs S A Lamble (Chairperson) MrOAMay Mrs V A Newman Mr C D Nithols Mrs J M Shepherd Mr L M Tozer Mrs D Y Wellin9ion Bankers NatK)nal Westminster Bank plc. LaunrAston Branch, 14 ￿￿$t9ate Street. Launceston. Cornwall. PLEA 7AG. Soliciiors Messrs Peter, Peter & Wrigm, 1 Oueen Street, Bude, Cornwall. EX23 8AZ. Audltofs Metherell Gard Ltd, Burn View, BLKIÈ. Comwall, EX23 8BX. Architects The Baze￿Y Partnership. Efford Farrn. Vicarage Road, Bud8, EX23 8LT Surveyor and Property Agent Mr A P Furse BSC. MRICS, Llnderwood Wright Ltd, 5 Queen Street. Bud8, Comwall, EX23 8AY. Irbsurers AXA Insuran￿ PLC. 20 GTace¢hurch Street. London. EC3V 08G Higos Insuran￿. 7 Cary Court. Somerton Business Park. Somerton, TA116SB STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees are responsible for preparing the Report ol the Trustees and the financial staternents in accofdance with ap￿1¢able law and United ￿'ngdoffl Accounting Standards IUnite¢J Kingdom Generally AC￿pted AccountiwJ Pla¢b￿l. Page 5 8lanchminster Trust Re ort of the Trustees for the Year Ended 31 December STATEMENT OF TRUSTEES, RESPONSIBILITIES- ¢ontlnued The law applir2ble to charities in England and Wa185, th8 Charities Act 2011, Charity (Accounts and Reportsl Regulations 2008 and the provisions of the tru5l deed requires the tmstees to p￿pare financial statements for each financial year which give a true and fair view ol the state ol affairs of the Charity and of the incoming resources and applicAtion of ￿$Our￿$, induding the income and expendbture, ol the charity fr>r that period. In prepanng those finanaal statements, the tfUStee5 are tequlred io select suitable accounting polici8s and th8n appty them consistenlly., observe the methods and prinaples in the Charty SORP,. ake judgements estimates that are reasonable and prudÈnL' state whether 8pplicab1e accounting standards have been followed, 5uLiect to any material departures disdosed and explained in the financial Stateme￿t$., prepare the finan￿al statements on thè going conTrm basis Un￿$$ it 15 inappropriate lo pr8sume that the tharity will continue in business. The trust￿$ are responsible for keeping proper accounting reeords which disdose wth reasonabb accuiacy at any time the finanual position of the Charity and to enable them to ensur8 that the finanoal statements ujmply with the Charili8s Aet 2011. the Charity IAccounts and Reports) Regulations 2008 and th8 provisions ol the trust deed. They are a150 responsible for saf69uarding the assets ol the charity and heTr￿ for taking reasonable Steps for the prevention and detection ol fraud and other irr8gularitie5. Approve(I by order of the board ol trustees on . arKI Sgned on ils behalf by.. ru51ee Page 6 ort of th8 Ind? endent Audltors to the Trustee5 0 Blan hmins er Trust Oplnlon We have aufjited the finanaal statements of Blanchminsler Trust (the 'chafity'l frjr the year ended 31 De￿[nbel 2023 whieh comprise the Ststement ol Finanaal Acts"vities. the Balan￿ Sheet, the Cash Flow Statement an(J notes lo the financial statements, including a 5Uffltnary of Significant accounting policips. The financial reporting frarnework that has been applied in their preparation is applicable law and United lQ'n9d¢yn Accounting Standards Iunited ￿"ngdoM Generally A￿pted Accounting practi￿). In our0pin￿n the finanaal statements.. give a true and fair view ol the state of the charlty's affairs as at 31 D￿rnber 2023 and of its incoming resources and 8pplicab.on ol resou¥ces. for the year then ended", h8ve been properfy prepared in accordan￿ with United Kingdom Generally A￿pted Accounting Practice., and have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basi$ for opinion We conducted our audit in accordanee wlh Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilits.es uNJer those standards a￿ further described in the Auditors, responsibilitses for the audit of the finana81 statements section of our report We ale independent of the charity in accordance with the ethiral requirements that 8ie r81evanl to our audrt of th8 financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethic21 responsibilitie5 in aecordance with thesè iequirements. Vve believe Ihal the audit eviden￿ we have obtained is suffic4ent and appropriate lo provi¢Je a basis for our opinion. Con¢luslons relatlng to golng concern In auditing the finanual statements, we havè etsncludèd that th• tru5tees' use of the going COn￿M basi5 of accounbng in the preparation of the financial statements is appropriate. Base(1 on the work we have perfomied. we have not identified any mateii81 uncertaintie5 telating to events or condib"on5 that, individualty or collectively. may cast significant doubt on the charity's ability to (yjntinue as a going COn￿M for a pEriLyJ of at least twelve months fvom when the financial statements are authorised for issue. Our responsit%"lits"es and thè r8spon5ibilitiès of the trustees with ￿SpeCt to going con￿rn are descrribed in Ihe r81evanl sections of thi5 Teptsrt. Other infomation The trustees are responsibte for the other information. The other informats.on comprises the Info￿atIon IndUd￿ in the Annual ReporL otherthan the financial statements and our Report of the IndependentAuditors thereon. Our opinion on Ihe financial statements does not ￿Ver the other information and, ex￿pt to the extsnt otherwise explicitly stated in our report, we tjo not exp￿$$ any foftn of assurance conclusion thereon. In connéetion wth our audit ol the finaneial ststements, Our responsibility B to read the other infortnation afid, in d(xng 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 rnat8rially m15Stated. 11 we identify such material inconsistenaes or apparent material misstaternents. we are required to deterffline whether this gives rise to a material rni5Stal8ment in the financial statements themselves. If, based on the work we have perfortned, we conclude that there is a rnaterial misstatement of this other Inforfflats"on, we are required to report that fact. We have nothing to rtport in this regard. Matters on whl¢h we are requlred to report by exception We h8ve riothing to r8POrt in resp8ct of the followng tnattet5 where the Charities (Accounts and Reports) Regulations 2008 require5 US to report ¢0 you if, in our opinion. the information given in the Report of the Tru5tee5 is inconsistent in any material respect with Ihe finanrial statements,. or suffiaent accounting records have not been kept., or the finanual statements a￿ not in agreement with the ac£ounts'ng rewrd5 and retu￿5,. or we have not receivèd all thé information and explanations we require lor our audit. Responsibilities of trustees As explained more fully in the Stalernenl of Trustees, Respon5ibilrties. the trustees a￿ responsiNe for the preparation of the financial stalernents which give a true and fair wew, and foi such internal control as the tru51e8s determine is ￿e￿ssary to enab￿ the preparats'on of finan￿al statement5 that are free fvom fflate¥ial misstatement. whether (Jue to fraud or error. In Pfeparing the finanual statements, the trustees are responsible for assessing Ihe charity's abilrty to cothnue 85 a going concem, disclosing. as applic8ble. rnarters related to going concem and using the going con￿r￿ basis of accounting unless the Iruslees either intend to liquidate the charity or to ￿ase operation5, or have no realistic altemative bul lo do so. Pa98 7 Re ort of the Inde endent Auditors to the Trustees of Blanchmlns Our r•sponslbllltte$ for the audlt of the financlal statement8 We have been appointed as auditor5 under Section 144 of the Charities Act 2011 and ￿pOrt in accoidano ￿th the Act and relevant regulations rnade or having effect thereund8r. Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material rni55tatement, whether due to fraud or etror, and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assuran￿ is a high level ol assurance, but is not a guarantee that an audit conducled in accordan￿ with ISA5 IUKI will alway5 dètect a rnaterial misstatement when it exists. Misstatements can arise trom fraud or error and are considered rnaterial if. individually or In the aggwate, they could reasonably be oxpected lo Influen￿ the econornic decisions of users taken on the b85is of these finanoal statements. The exteftt to whid) our proCedU￿S a￿ capable of detecting irregularities, induding fraud 15 detailed below.. We gaired 8n understanding of the *al and ￿gUlatOry framework applicable to the Trust. We obtained an und￿￿tandIng ofthe entity's risk 85sessmènl pro￿$, including the risk of traud. remewed the financial ststements and tested the di8closures against supporting docUmenta￿n. We rewewed fflinute5 of m8eb.ngs oflh058 charged wrth management and governan￿. We perfornied audit work, including the risk of rnanagement Dverride ol controls, testing journal entriès and other adjustments for appropriateness. evaluating the rationale of significant transactions. and reviewing 8cu)untirvJ 9stirnates for bias. BeGqU58 of the inherent limitations of an audit, there is a risk that we will not detecl 811 irregularities, including those leading to a material rnisslat8m8nt in the fin8nual statements or non(￿mplIanCe with regulation. This risk increases the more that wrnpliance with a law or regulab.on 15 removed from the events and transactions reflecte¢J in the finanaal statements, as we will be 18Ss likely to b8come aware ol instan￿5 01 non-compliance. The risk is also greater regarding irregularities occurring. ¢iJe to traud rather than err(x, as traud involves intentional ¢one￿alment, lorgery. collusion. om15sion or misrepresentation. A further description of our responsibilities for the audit of th8 financial statements is bcatecl on the Financial Reportsng Council's websrte at wmw.fvc.org.uklaudit0rs￿sponslb1lItie5. This descripti(￿ fotrns part ol our Report of fhe Independent Auditors_ Use of our report This report is rnade 501ely to th8 charitys trustees. as a body, in accordance with Part 4 01 the Charities {A￿Unts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight 5tst8 to the charity's twstees those matters we are required 10 State to Ihefn in an auditors, rewrt anLI for no other purpose. To the fullest extent permitted by law, we do not accept or assume re5POn5ibility 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 fonlled. for ancj on be Charte￿￿ Accountants View 11 Gard Ltd 8ude Comwall EX23 8BX Date.. Page 8 BlznchminsterTrust of FÈnancial Activitles forlhe Year Ended 1 December 202 2023 Totsl funds 2022 Total fvnds Unrestricted fvnd End(Mment hjnd Notes INCOME AND ENDOWMENTS FROM Investment incorng Other income 544.890 1.794 $44,890 1.794 522,025 34.810 Totsl $48,684 546.684 556,835 EXPENDtTURE ON Raigrng funds InV8Stsn￿t management CLJsts 305,757 660 306,417 292,368 305,7S7 660 306,417 292,368 Charfjtable activities Educational orants Community grants Relief in need grants 350.146 30.756 41,210 330 165 165 3SO,476 30.921 41,37S 265,178 28,658 21,211 Total 727.869 1,320 729,1B9 607,415 Net gainslllossesl on inve5trnents 127,898 1329,3711 1201.4731 11021 NET INCOMEIIEXPENOITUREI 153.2871 1330,6911 1383,9781 150,6821 RECONCILIATION OF FUNDS Total funds brought fotward 2,493,4B3 10,910,649 13.404,132 13,454,814 TOTAL FUNDS CARRIED FORWARD 2,440.196 10,579,958 13,020.154 13,404,132 The notes form part ol these fin3ncial stalefflents Pag8 9 Ian hminster Tru Balance Sheet 31 December 2023 2023 Total funds 2022 Total funds Unrestricted fuThY Endowmènt nd Notes FIXED ASSETS Tangible assets Investsllents 10 11 3.341 1.809,147 82,360 10.578.683 85,701 12,387,830 68,263 12,391.531 1,812.488 10,681,043 12A73.531 12,479,794 CURRENT ASSETS Stocks Debto Cash at bank 12 13 14 114 57,406 618,896 114 57,406 618,896 10,279 66.797 922.569 676A16 676.416 999.645 CREDrroRS Amounts falling due within one year 15 148.7081 181,0851 1129,7931 175,3071 NET CURRENT ASSET5 627,708 181.0851 546,623 924,338 TOTAL ASSETS LESS CURRENT LIABILITIES 2.440.196 10,579,958 13,020,154 13.404,132 NET ASSETS 2,440.196 10.579,958 13,020,154 13.404.132 FUNDS un￿Stricted fund5 Endowment funds 16 2.440,196 10,579.958 2,493.483 10,910,649 TOTAL FUNDS 13.020.154 13,404,132 e fina statements were approved by the Board of TrkJ51ees and autt)orised for issue and were signed on its bèhalf by.. on C Nthols (Senior Stockwardenl- Trustee The note5 forrn part of these financial statements Page 10 Blanc ster Trust Cash Flow Statement ar Ended ember 2023 2023 2022 Not85 Cash flows from operatlng actlvltles C85h generated from operations 1420,7271 1321,5581 Net cash usèd in operating activ￿16$ 14ZO,7271 1321,5581 Cash ftows from investtng a¢tivi¢ie$ Purchase ol tangible fixed assets Purchase ol fixed asset invesbnents Nel rents retsived Interest rec8iv8d Dividends receNed 14,2901 1116.6871 180,S62 2,494 50.685 264,644 548 50.490 Net cash provided by investing activities 117,054 311.392 Change in cash and cash 8quival8nts in the ￿portIng period Cash and cash equivalents at the beginning of the reportlng perlod 1303,6731 110.1661 922,569 932,735 Cash and cash equivalents at the end of the reporting period 618,896 922,569 The note5 forTn part of these finanaal statements Page 11 Blanchminster Trust o the Cash Flow Statem8nt for the Year Ended 31 Detember 2023 RECONCIUATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net exp8nditur• for the reportlng perfod las perthe Statement of Financial Activitie51 Adlustmonts for: Depwation charges Unrealised Igainlllosses on investrnents Net rents re￿1Ve￿ lllterest reoive(I Dividends iecsw8d Decrease in stocks Decreasellincreasel in debtor5 Decrease in creditors 1383.9781 150,6821 2.562 201,473 11910081 16,0941 150.6851 10,165 121 12,2831 2,483 102 1180,4841 11,6311 150,6851 235 130,2821 110,6141 Net ea$h used In operntlons 1420,7271 1321.5581 ANALYSIS OF CHANGES IN NET FUNDS At1.1.23 Cash flow At 31.12.23 Net cash Cash at bank 922,S69 1303,6731 618,896 922.569 1303.6731 618.896 Totsl 922,569 1303,6731 618.896 The notes fomi part of thes8 finanaal statements Page 12 hmln Notes to the Financial Statements for th8 Year Ended 31 December 2023 A¢¢OUNTING POLICIES Basis of preparing the financial statements The financial statements ol the charity, which i8 a pu￿1¢ benefit entity under FRS 102. have been prepared in accordan￿ with the Charities SORP IFRS 1021'Accounting and Reporbng by Charities.. Slalement ol Recornmended Practice appI￿Able to charities preparing their accoun15 in accordan￿ with the Finanaal Reporting Standard appli(xble in the UK and RepLJblic of Ir81and IFRS 1021 leffects.ve 1 January 20191,. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland. and the Chartyes Act 2011. The financial statements have been prepa￿d to give a 'lrue and fatrf wew and have departed from the Charitie5 IAccounl$ and Reportsl Regulations 2008 only to the extent ￿qUIred to provide a 'true and fair view. This departure has involved following the Accounting and RepDrting by Charits"es.' Statement of Recommended Practice &ppliG3b18 to charits.es preparing their accounts in 8cfA)rd3nce with the Finanual Reporting Standard applicabb in the UK and Republic of Ireland effective from January 2019 rather than the AccountirKJ and Reporting by Charities.. Statement of Recommended Practice effective fvorn 1 April 2005 whth has since bèèn wrthdrawn. The financrdl statements are pr8parèd on a going coneem basis under the historical cost convention, modifpd to include c£rtain item5 al fatr value. The finanual statements ara prèsentod in sterfing which is the functional currency ofthe charty and rounded to the nearest £. The principal accounting policies adopted. judgements and key sources of estimation Un￿rtaInty in thè weparation of the financial stat￿ents are as follows.. Income All incomirYJ resourcè5 arè included in th8 Stat8fflèTII ol Finanoial Acts"vities ISOFAI when the charity is bgally entitled lo the incoffle after any p8rformanc8 conditions have been met, the amount can be measured reliably and it is probable that the income will be r￿1ved. Donated goods are rneasured at iheir fair value and induded in in¢>Jrne. They are included then the trust has been nob'fjed of their enlittement all conditions have been rnet and the final amourit 15 known an¢J eypected. Donations and legac￿$ a￿ induded in income when the charity has been notified of their ents"Ilement. conditions have been met, and the final amount is known and expected. Rental income trom inve5trnent pro1￿rtY leased out und6r an operating lease is recognised sn income on a straight line basis over the lease term. Any incorne re￿ived in advan￿ is induded as a creditor 85 shown in note 15. Invesbnent income from interest and diwdends is Shown in the acmunts on a recèivabk basis. Expenditure Liabilits"es are ￿Cognised as expenditu￿ as soon as the￿ is a legal or constructive obligation corTTmittinp the ¢harity to that expenditure, il is probable that a transfer of etonomic benefits will ￿ reqUI￿d in Settlement and the amount of the obligation be measured reliably. Expenditure Is accounted for on an accruals basis and has been classified under headings that aggregate all costs re181ed to the category In parti(xlar raising funds includes prcperty managernent costs relating to the investrnent propety held ss Pertnanent Endowfflent. Grants payable are re¢oJnised as expenditure wh8n thè giant is approved by the Board of the Trusiees and the decision has been cornmunicaled lo the recipient. Allocation and apportionment ol costs Support costs a￿ those that assist the work ol the charity but do not directly represent chanlable acliviliès and indude Offi￿ costs, governan￿ costs, administrative payroll costs Governan￿ costs cornprise ol costs involved In the public accountability of the trust and its Complian￿ with regulation and good practi Support msts have been allttated and apportroned on the basis ol time spent. further analysi5 15 slu¥n in note Tangible fixed assets Tangible fixed asset5 are stated at cost lor deemed costl or valuation ￿$S accumulated depreciation and accumulated irnpairment losses. Cost include5 costs direcly attributa￿e to making the assèt rapable of operating as intended. Page 13 Blanchminster Trust Notes to the Financi I ststemen for the Year Ended 31 Dece continued b r2023 ACCOUNTING POLICIES- contlnued Tanglble fixed assets Dep￿ciatIon is provid8d on all tangib￿ fixed assets. at rate5 ralcul8ted to wrbte off the cost, le55 eslirnated sidual value, ol eath asset on a systematic basis over its expected useful life as follow5. Freehokl Land Freehold Buildings Fixtures and Fittings 2% p8r annum on valuation 10% per annum on written down basis 25% per annurn 5tr8ight line basi5 All fixtures and fittings are inclLKled at historic cost and are reviewed for impairment at each balan￿ sheet date. Stocks Stod(s are valued at the lower of cost and net realisab￿ value, after making due allowance for obsoleb and moving iterns. Taxation The charity is exempt trom tax on its tharilable activit￿& Funds Unrèstricted Unrestricted funds are available for use at the discretion of the tru5t8es in fvrtheran￿ ol the general otyectives ol the charity and ¥vhich have not been designated for other purposes. Endowment Efidowfflent funds ￿present those assets which must be hekl pernanentty by the charity. The investrnent and fr8ehokl property are shown irn the finarJcial statements as a pennanenl endowment. in accordan￿ with the trust's charity scheme a5 described in the Report of the Trustees. Income arising on the endowment funds Can be used 1ri accordano with the objects ol the c*arity and is included as unrestricted incorne. Any capital gains or losse5 3rising on the investments fom) part ol the endowment fund. Other inv8strnents, which have been purchased using the proce8ds ofsales offre8hokl property, are also included in the endowment fiJrKI. Other Financial instruments The ttU5t only enters into basic finanoal instruments that result in the recc¥Jnitson of finanaal assets arKI liabilities such as rent, trade and other accounts ￿￿1Vable and payable. and cash hekl at bank. Further disclosu￿$ relating to the finantsal instiutnents are given in the notes for particular items. Dèbtors Rent and other debtois af8 re￿nised at the settlem&nt arnount due after any discount offe￿. Pr4>ayrnents a￿ valued al the amount prepaKI net of any discount5 due. c￿dItOrS Creditor5 aTKJ prow510n5 are r6cognised where the charity has a present obligation resultiw Irom a pa5l event that will probabty ￿sUIt in the tran5fef of funds to a thir(1 party and the amount due to S8tt1e the obligation can b8 measured or estimated reliably. Cieditors and provisions are recognised al their settlem8nt atnount after allowing for any al￿O￿nts due. Inve$tment assets and unrealised gains The valuation ol the Investment Property is an important factor in the Finanaal Statements and this is a key source tsfestimatson un￿rtainty. The portfolio of commercial, mixed commerciallresidential, ￿SIdential and agricultural property which fflake up the investment propety are measured at fair valu8 at each ￿porting date with thanges in fair value recognised in'net gains I Ilossesl on invesknents. in the SOFA. It is the trustees policy to have a full independent quinquennial ieview completed by a v81uer who holds a recryni5ed and relevant professional qualification and has recent experien￿ In the location and ejass of the propety being valued. The quinquennial review was last ¢ompletei1 on 31st Decernber 2021 in accordan￿ with RICS Valuation standards. In the intervening years in Order lo ensure the carrying amounts are at lair value. the sidential propety is revalued in accordan￿ to the Land Registry house price index and the commercial property values are adjusted If there is a material charvJe in circutnstano with guidan￿ being prowded by an independent valuer Page 14 Notes to the Financial Statements- for he Year Ended 31 December 2023 ACCOUNTING POLICIES- contlnued Other Investment assets in the form of the Charities Offiual Investrrenl Fund 5h8res, a￿ shown in the finanaal statements at fair value. un￿alIsed gains on invesbment and other assets represenl the difference between the fail value at the end of the year and". il for investfflent and other assets held at the start ol the year, the latr value at that date, or ill for investment and other assets acquiiEd in the year, the cost ol acquisrtion. Changes in fair value a￿ recognised in the SOFA. Employee Beneffts When ernployees have rendered service to the trust, short-tenn employee bènefits to which the employees are enliled are recconised at ￿ ufjdiscounted amtsunt expected to ￿ paid in exthange for that service_ The trust operates a defined contribution plan br thÈ bènèfit of its ￿plOYees. Contnbutions are expensed as they become payable. INVESTMENT INCOME 2023 2022 Rents rec8ived Wayleaves COIF_ dividend$ Deposit account intsrest 488,083 48 50,68S 6,094 469,664 45 50.685 1.631 544,890 522,025 INVESTMENT MANAGEMENT COSTS 2023 2022 General insurance Bad debts Pfoperty ￿paIrS General and water fates Light and heal Advertising Surveyors and valuers feè5 Legal and professional fees Support costs 35,643 7,156 171,498 19.330 3.871 17.365 199.241 17.860 5.540 17.334 13,078 37.655 19,674 2.576 30.112 306.417 2g2.368 Page 15 Blanchmlnster T the Financial Statements - continu for the Y r Ended 31 December 2023 CHARITABLE ACTIVITIES COSTS Grant fvjnding Of activities (see note 51 Support 05ts Isee note 61 Totals Educational grants Cotnmunity grants Relièf in nee(1 grants 333.320 22,344 32,798 17,156 8,677 8,S77 350,476 30.921 41,375 388,462 34,310 422.772 The obj'ects of the trust S￿ to make grants in three speafic areas.. l. Rel￿f in reed The trust is lo give generally or individually lo persons, who are in conditions of ne¢d, hardship or rJi5tress. grant of money or by piowding services or facilit￿$ to alleviate this need. 2. Pr(xmotion ofeducatK)n The trust is to award a rnaintenancè allowance, scholarship or otherwise prowd8 finanual assistan￿ to persons who are in need of such assistance, to (x)ntinue theif studies. The trust is to also provide schools with speoal bBnefits not nomially provided by the IoGqI education authonty. The trust is to also provide financial assistan￿ to any charitable Ofgantsation whose objects indude the promotion of 8ducation. 3_ Community aid The trust t5 lo provide financial assistan￿ to local Charitab￿ organisations for the benefit ol the community. GRANTS PAYABLE 2023 2022 Educ2tional grant5 Community grants Relief in Deed grants 333,320 22,344 32,798 250.121 21.130 13,683 388.462 284.934 Page 16 Blznchmlnster Trust Notes to the Financlal Stste continued for the Year Ended 31 December 2023 GRANTS PAYABLE . continued The total grants paid to Jnstilutions during the yearwas as follows.. 2023 2022 Budehaven School St Michaels Church Bude Canoe Club 8u¢Jehaven Nursery stratton Playgroup SÈW N Sew Gmup Bude At Wai Bude Croquet Club Bude Primary Acadwny Bedazzled 2 Minute Foundation Comwall Grows CIC Christians Together Ikharnplon PTA Citizens Advi￿. Bude Young People's Pop Up Cafe Poughill Short Mat B￿￿Ing Club Royal British Legion Bude Cane8r Support 12,1521 2.622 1,000 2.000 3.640 5,000 1,000 1.750 2,500 2.346 2,570 4,2(NJ 500 3.300 10,000 18981 898 1,200 572 620 22.344 22.624 The total giants paid to individuals during the year was as knllows.. 2023 2022 Promoknon of E¢Jucalion Relief ifi Need 333,320 32,798 248,627 13.683 366.118 262,310 SUPPORT COSTS Goveman Costs Management Totals Investment rnanag8rnent Costs Educational grants Community 9rants Relief in need grants 30.315 14,606 7,302 7,302 7,340 2,550 1.275 1,275 37,655 17.156 8.S77 8,S77 59,525 12,440 71,985 Activity Managefflent Governan￿ cosis Basis of allocation TIME SPENT TIME SPENT Page 17 BlanchminsterTrust Notes to the Flnanclal Ststemen continued for the Year Ended 31 Decemb r 2 SUPPORT COSTS . contlnued Support costs, included in tha abovè. ar& as follow5.. Managèment 1n￿trn&nt management costs Educational grants Community giants Wages PÈn51(XlS Insur8nc8 Office utilities Telephone Printing and adverbsing Postage Sundries Office rèpairs Depreciation of ¢arvJibb fixsd assats 22.473 669 569 687 393 789 187 312 2,9S4 1,282 11,236 334 5,618 167 343 196 42 171 21 47 78 738 320 156 1,477 640 30,315 14,606 7,302 2023 2022 Rel￿f in Total activibes Total tivitsès grants Wages Pensions In5uran¢e Office utilities Telephone Printing and advertising Poslage SurH1ri85 Office repair5 Deprerialion oftangible fixed a5sels 5,618 167 44,945 1,337 745 1,372 785 873 375 624 5.907 2,562 40,466 1,096 742 1,314 730 978 340 465 191 2.483 171 98 21 47 78 738 320 7,302 59,525 48,805 Governance costs Investment rnanagement cos15 Educational grants Communty grants Audrtors. remunerats'on Le9al and pioles5ional fee5 4,280 3.060 1.260 1.290 630 645 7.340 2.550 1.275 Page 18 Blanchminst•r Trust Notes Fin tatements - continuèd for the Year Ended 31 December 2023 SUPPORT COSTS- contlnued Governance c05ts- continued 2023 2022 Relief in need grants Total actsvibes Tota1 aciwilÈS Auditor5, ￿munerattt)n Legal and professional fa85 630 645 6,700 4,720 5,640 1,275 12A40 11,420 AUDITORS. REMUNERATION 2023 2022 Fees payable lo the charivs auditors forthe a￿lit of the eharity's financial statements 6,700 The total auditors rernuneralion indudes fees for non-audit Servi￿$. The non-audit SeNC85 indude assistan with tt)e preparation of the statutory accounts, £5.160 has been allocated in governance costs as kgal and professional fees. TRUSTEES. REMUNERAnON AND BENEFITS There were no Iru5t8e5' remun8ratK)n or other benefits for the year end8d 31 D6￿mber 2023 nor for the year ended 31 Decemb8r 2f122. Trustees. expenses Thert were no trustees, expenses paid for the year ended 31 De￿mber 2023 noi for the year ended 31 De￿mber 2022. STAFF COSTS 2023 2022 Wages and salaries Other pension costs 44,945 1,337 40.466 1.096 46,282 41,562 The average monthly nurnber ol ernployees durtng the yearwas as follows.. 2023 2022 Staff (excluding Irustsesl No employ8es received emoluments in ex￿$$ of £60.0(KJ. The charity operates a defined contribution plan lor the benefrt of its employee5. ContributDns are eXpen￿d as they beccmne payable. Key management personnel salary totals £26.854 for the year12022.' £26.1711. Page 19 Blanchmlnster No esto nctal Statements- contlnue for the Year Ended 31 December 2023 10. TANGIBLE FIXED ASSETS Fixtures and Fittings Freehold property Totsls COST At 1 January 2023 aThd 31De￿rnber 2023 85.000 12.063 97,063 DEPRECIATION At 1 January 2023 Charge foryear 1.320 1.320 7,480 1.242 8,800 2.562 At 31 December 2023 2,640 .722 11,362 NET BOOKVALUE At 31 Deomber 2023 82.360 3,341 85,701 At 31 Decembef 2022 83,680 4,583 88,263 Freehold property includès treehdd knd ests"rnated at £19.Crf)012022". £19,000) which is not depr8Uat6d. The tangible fixed assets are used in the m8nagement and admintStration of th8 charity. The freehold propety was aqui￿¢1 at no cost. The freehdd property was valued on the same basis a5 the commercial investment property detailed in the accounting policy in note 1, in order to ensure that the carryin9 amount does N)t differ materially fvom ihe fair value at the end of the reporting period. The fre8ho1d property is included in the endowrnent fvnd 11. FIXED ASSET INVESTMENTS COIFI listed shares Invgslm8nt property Totals MARKET VALUE Al l January 2023 Atjdilions Revaluations 10.701,096 197.772 1357,3061 1,690,435 12.391,531 197,772 1201,4731 155,B33 At 31 Dec8mLEr2023 10.541,562 1.846,26B 12,387,830 NET BOOK VALUE At 31 De￿mber 2023 fO.541,562 1,846.268 12,387,830 At 31 Dec￿nber 2022 10,701,096 1.690,435 12,391.531 There were no investment assets held outsKlè the UK. Cost or valuation at 31 De￿rnber 2023 is representéd by. OIFI listed shares Investment propety Totsls Valuation in 2023 10,541,562 1.B46,268 12,387,830 The investment property portfolio has been valued in line with the accounting policy in ntste 1. Page 20 Inster Trust Notes to the Financial Stat continued for the Year Ended 31 Decetnber 2023 11. FIXED ASSET INVESTMENTS - contrnued Property COIF Historical cost at 31 December 2023 1,208,367 354.870 COIF shares arè allocated as follows.. 2023 2022 General Endowment fund 1.B09,144 37,123 1.564.560 125.875 1.846,267 1.6￿,435 12. STOCKS 2023 2022 stock 114 10,279 13. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 20 Rent debtors other debtors Accrued invesbment income receivable Prepayments 7,221 8,043 17,732 24,410 9.217 35.958 14.132 7.49) 57,406 66.797 14. CASH AT BANK 2023 Total fvr¥Js 2022 Total fijnds Current account Deposit account 183.896 435,000 237.569 685.OQK) Total 618,896 922.569 Page 21 Blanchminstèr Trust e Fi tements - continu•d for the Year Ended 31 Decembei 2023 15. CREDITORS: AMOUNTS FALLING Due WITHIN ONE YEAR 2023 2022 Grants payablè Other Creditors Rents re￿iVed in advanc AccruaLq 1,905 81.273 34,S21 12,094 5,096 26,800 33,411 10.COO 129,793 75.307 16. MOVEMENT IN FUNDS movement in funds Al 31.12.23 At1.1.23 Unrestricted funds General lund Z,493,483 {53,287} 2,440.196 Endowmentfund$ Endowment fund 10,910.649 1330.691 } 10.579,958 TOTAL FUNDS 13,404,132 1383.9781 13.020,154 Net movetnent in fun($5, indudEd in the above kn￿ as follows.. Incoming resou￿$ Resourc£s expended Gains and 1055eS Movement in fund5 Unrestricted furbds General fi*r 546.684 1727,8691 127,89B 153,2871 Endowment funds Endowtnent fund 11.3201 1329,3711 1330,6911 TOTAL FUNDS 546.684 1729,1891 1201,4731 1383,9781 Comparatives for movement In lurtds Nei rnovemènt in fijnds At 31.12.22 At1.1.22 Unrestrictèd funds General fund 2.725.643 1232, 1601 2.493,483 Endowment funds Endowment fund 10,729.171 181.478 10.910,649 TOTAL FUNDS 13,454.814 150.6821 13.404.132 Page 22 Blanchmlnster Tru Notes to the Financial Statements - eontlnued for the Year Ended 31 Oecefflber 2023 16. MOVEMENT IN FUNDS- eontinuèd Comparative net movement in funds. indt¥Jed in the above are as follows.. lrtcoming resources Resou￿5 expended Gains and Ios58S Movement in funds Unre¥trlcted fund8 General fijnd 556,835 1606.0951 1182.9)01 1232,1601 Endowment funds Endowment fund 11,3201 182,798 181,478 TOTAL FUNDS 556.835 1607.4151 11021 150,6821 Endowment fund assets 2023 2022 Fieehold property18lanthminster offi￿) Inve51fflent propertie5 COIF shalès 82,360 10.460.475 37,123 83,680 10,701,094 125,875 Total 10.579.958 10,910,649 17. RELATED PARTY DISCLOSURES Mr I Salt8rn. a trusiee, was a director ol Comwall Grows unb'l 12th March 2023, grants have teen awarded to this company. as disclosed in note 5. Mr I Saltem, was exduded frorn the decision making pro￿$$. 18. GOING CONCERN The trustees consider that there a￿ no material uncertaintiès about the Trust's ability to contir)ue as a 90ing con￿M. 19. TRUSTEES INDEMNITY INSLJRANCE The main Offi￿ insurance detailed in support costs indud85 trustees ind￿nity insuraTts. Page 23