REGISTERED CHARITY NUMBER.. 202118 ort of the Trustees and Financial Statements for the Year Ended 31 December 2024 for ¢h Melherell Gard Lld Chartered Accountants Burn View Bude Comwall EX23 8BX
BlanehmlnsterTrust Contents of the Financlal Statements for the Year Ended 31 December 2024 Pa99 Report of the Trustees Roport of th• Independent Audltors Statement of Flnanclal Actlvtti85 Balan¢e Sheet io Cash Flow Statemenl 11 Notes to the Cash Flow Statement 12 Notes to the Flnanclal Stat8m8nts 13 10 23
Blanchminster Trust Re ort of the Trustees for the Year Ended 31 December 2024 The trustees present their report wlth the financial stalernents ol the charity for th8 year 8nded 31 December 2024. The twste85 have aijopted Ihe provisions of Accounting and Reporting by Charities.. Statemenl of Recofflmended Practice applicable lo chaTilies preparing rheir a¢untS in accordance vath the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 1021 leff8cbve 1 January 20191. OBJECTIVES AND ACTMTIES Objectives and aims Blanchminster Trust is said to be possibly the oldest established grant making charity in the county lor even the worfdl bèing able lo traoe its origins direcuy back to the year 1421. and has recenuy celebrated the 600th anniversary. Despite chang8s of name through the long history, the tiusl has retained its general principl8 in so far a5 the'rellef of local need, is concerned. At that eady dale. considerable area5 of land in the dislri¢t We bequeathed to the trust, and over th8 yeaTS this has changed into a concentration of ownershlp ol sIdentIal and commercial properties m0511y in Bude itself. The first Charity CotnflliS5iOn Scheffle for the trust, then known as the Blan¢hminsler Charity. vrds dated 12th December 1893. This directed th8"F80ffees" at that tim8 to forrnally Set up the admlnlslration whlch, apart from th8 approved minor hange$ in recent times, has r8mained to Ihe present day. The objective of Ihe Iwsl is to manage the land belonging io It. in order to provide surplus Income hthich it then applies in the followng ways by means ol grants or otheiSe. Re118f in need The trust is to giv8, g8n8rally or individually. to P8r50ns who ars in condilons of n8ed, hardship or distress. by grant ol money or by providing services or factliti8s to a118viat8 this ne8d. Promotlon ol education The trust is to award a maintenance allowance or otherwse provtd8 financial assistance to persons who are in need of such assistance, to continue thelr studles. The twst 15 to also provic58 Schools wlth special benefits not nwrnally provided by the local education authority. Th8 trust is to also provide financlal assistance to any charitable organisatqon whose objects indude Ihe promotion ol education. Comrnunity aid The trust is lo provide financial assislarice to local charflable organisalions for the benefit of the community. The area of b8nefil È5 principally the parishes of Bude, Stfallon and Povghill Ilhe former Bude-slrallon urban district aal but in $peci81 circumslances this rnay be extended lo the irntnediate area outside these pari5he5. In order for an application to qualify for assistance. it rnusl be proved not only does ¢he applicant SIde within th8 area of benefrl bul also that the grant falls wthin th8 three application type5 an¢J that there is a gentsine need. Consideration may. however. be given to current or immediate past pupils of Budehaven School who do noi side in the area of b8nefit Whe an education grant has been requesled. The truste8s will also consider educalional giant applications from student$ who have a parentl pantS living wthin the designated area. Following many years of low levels of income from propety rentals. with the consequent lad( of inveslment in the maintenance of those propertie5. the trustees have, since the earfy 1980$. undertaken 8 Steady upora¢Jing of the trust's properties whenever the opportunity ha5 arisen. This course ol action had been pcissible through the raising of the rents to, or near to, the registered rent lev81 and the setting of realistic rents for commercial properties, as guid8d by professional advice. The truslees continue tu follow th8 programrne ol reGent years in gradually raising the standard of all investment properfyes. It is a long-term process as mosl of th8 building5 afe very old vmth Ihe majority falling within a d8Sl9naled Conservation Area. The trustees believe that Ihis policy is required to ensure thai future Surplus income is achieved lo conlinue ils grant making ObjvaS. Pago 1
Blanchrninster frust Re ort of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVMES Grant Making Policy Applications are normally made In writlng to thè clerk, when a 'financlal enquiry form. is sent for completion and relum. Applicants may be called for an informal tnterview by the relevant committee. Fo11owng this, a recornmendatson 15 made to the full Board of Truste85 who make the fin81 d8cision. In the case of clubs. organisations etc.. the lalesl annual accounts ar• call8d for. together ¥th an updated financlal Statement. Assistance can be given In the form of a cash grant or provislon of equipment. There has been no chang8 of policy by tho truste85 In their procedures ¢Juwlng the past year. In setting their objectives and planning their act¢vitie5, the Iru5tees have gtven careful consideration to the Charity Commission's general guidance on publi¢ bgnefit. The trustees measufe Ihe success of meeting Iheir objectives by the 18v81 of grants rnade In the year. ACHIEVEMENT AND PERFORMANCE Grants Mad Grants Declined Other Total Ne8d8 Education Community Outside Of The Scope Withdrawn Carrieij fOard to 2025 250 10 15 265 61 38 61 418 The charity's maln source of Income rernains ntaI receipts from the 18tting of its investment property. As in pVIouS years, a number of properties have been refvrbi5hed. The Iruste8s are pleased that. overall. the invoslmont property portfolio shows very few instances of non occupancy, and. with th8 guidanc8 of th8 trusl's property adsers. continues lo achleve cornpetitwe. cornm8rcial rental retums. By far the largest number of requests fall wthin the 'Education' category. Each year the trust offers a Standard grant to mainly students of Budehaven Community School who are momng on to hl9her education wh8r8 8 financial need is established. This has provided in many cases an invaluabl6 help to the students and their families at a time when Local Education Authority grants have been removed. In 2024 th& standard grant paid was £1,200. FUNDRAISING ACTIVITIES The charity doe5 not participate in any extemal fundraising activities nor does il engage any professional fundraising setvi¢es. Th8 Costs of raising fund5 as noted in the SOFA on page 9 are detsiled in note 3 to the finaCIal 5ta18rn?nts, and relate solely to the managemeril of the Investment Propertles. Page 2
la r Trus ort of the Trustees for th8 Y8ar Ended 31 December 2024 FINANCIAL REVIEW Overall incorning resources increas8d to £558,750 in 2024 frorn £546.684 In 2023. Overall. there has been an Increase in investment income in the year of £13,356. whic* is the result of an ificrease in rental income. The trust f5 not dependent UPDn the ceipt of donations, legacies or other voluntary income. The twst ha5 applied Its in¢ome firsuy to grants In the areas of educatlon, need and community projects. which totalled £293,794 and a further £295.547 in the maintenance and repair of properl¥es. The fr8ehotd property and Ihe investments are valLted on a lair value basis as expl8ined In the aceounling pdicies. The Charities Official Investment Fund ICOIFI shares are publicly quoted. These shares were valued at tha ygar end and showed an unrealised loss of £159.487 for the year. The tru5tees' reseNe$ policy is lo relain its investment assets in order lo Secu an Income stream to rneet rAJrr8nt and future grants related expenditure. The total value ol the unrestricted Te5erves at the year end arnounted to £1,983.807 in compaiison 10 £2,440,196 in 2023. The Irustses are of the opinion that it Is pwdenl for them to hold reserves to the level of betW88n two and three year5 IrMal grants and ¢osl of r8i5ing fvnds. The reseNes currently held are in 8XC8ss or the larg8t, a5 detaile(J in Ihe next paragraph. maior costs afy anticipakd in the near fulurg and so the additional reserve5 are needed to eover those one off costs. Following a structural laull wslh one of the Trust's properties in lfjng Street in 2022 the other properties in the 51reel were surveyed and each property was found to require some level of rernedial work. It 15 currenlly anticipated thal the works will cost W811 in excess of the original esllmate of £400,000. Tenders arg soon to be received for the first two phases of the work, and this wll give a clearer pidure of the costs involved. The twst is in a sirtsng financial position èt the year end. Much ol the financial strength of the Balance Sheet Iles In the fixed assets. the rnajority of which are held by the trust as part of the endowment fund to provlde annual income. The current assets and liquidity ratios are a150 strong and represent a good buffer against any future risks. As has been noted 8arfier, the rnajority of the asseis are long leTtn and essential to the future incorne Stream of the trust. This is further reflected in the apportionment of the as5et5 between the fvnds. The 8ndowrnent bjnd Consists of Ihe rnajority of the properties owned and rnanaged by the trust and also those COIF share5 whieh have been purchased frorn the PToceeds ol the previous sale of properties. The funds are sufficient to meet the Injsfs obligations. Investrnents are held In acCOrdar with the trus¢ees' pow8r8. FUTURE PLANS Th8 trustets. inlenllon Is lo continue running the charity along very similar lines lo those carrfed on in re¢ent years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governrng Do¢umen¢ The trust is an unincorporated association which is governed by the Charity Comrnission Scheme dated 15 March 1982 as amended on 27 June 1988. 12 August 1991 and 7 August 1996 and amended by special re501ution 4 July 1997. In June 2023 the Trustees decided to update the current scheme. This was submitted to the charity commissian #nd approval granted on 9th August 2024. Apporntment of Trustee5 The Board of Trustees consSsts of thirteen members. Twstegs are appoinieil by the Board ol Trust88s. Each svch appoinlment Shall be for a period of five year5. after whi¢h lime tnjstees may pul themselves forward for re-appointment. Organisation The tull Board of Trustees meets fnonthly. There are the commitlees, 8ach of which m86t monthly.. The Property and Admlnistralion Commiltee has gxewlive powers bul repDrts all a¢bons lo the next monthly meeting of the full Board ol Trustees., 2 Th8 Education Committee,. 3 The Needs and Community Committee. Both grant appli¢8tions Committees and any two tru5t8e5 have emergency powers. recommendations lo the full board meeting on a monthly basi5. Olhemse they make Page 3
hminster Trust tsrt of the Trustees for th8 Year Ended 31 De¢eml)er 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Induction and Training of New Trn$tee$ AJI ttustees ar8 fully awar8 of their r8sponsibilities to the trust. In the event of a new appointm8nt, either by further trustees being required or permanent rebrement. th8 senior and junior slockwarden are jointly pOnsible for providing all the necessary induction and 9uidance to any ne appointed trustee. Tho derk to the trustees assists in this regard, adwsing on day to day responsibilities and tasks. Key mana9ement remuneration Remuneration ol key rnanagement is reviewed by trustees annually. Related Parties Related party transactions requiring disdosure are recorded at note 17 In the accounts. AJI trustees who have a Connection wlh a recipient of a grant or have any Involvement th 8 grant recipients application are not involved in the deliberation or decision rnaking proc8ss for those partlcular grants. Risk Managem?nt The principal risks to which the charity is expose(I, as identified by the Irustees. hav8 b88n ravi&wed and systems hav8 been established to mitigate thos8 r15k5. The prfn¢ipal risks faced by th8 Trust li8 In the performance of investsnenls. The Charis principal income source is from ranlal receipts of ils investment properties. The tru5te8s have 8nsureil that adequate insurance is in place for the propertie5 and carry out regular maintenance io mitigate the risks. Page 4
BlanchmirEster Trust Re ort of Ihe Trustees for the Year Ended 31 De¢ember 2024 REFERENCE AND ADMINISTRATIVE OETAILS Name and Address Blanchminst8r Trust. Blanchmlnster Building. 38 Lansdown Road. Bude, Cornwall, EX23 8BN. Reg15ter•d Charlty Number 202118 AJI of the trustees noted below were in office for the period from 1st January 2024 to the date of th¢s report except where otherwise stated. The offices held and committee dglails are as al the date of thi5 report. Trustee$ Mrs J Adams Mrs P Gliddon Mr A R James Mrs S A Lamb18 lJunior Stockwardenl MrOAMay Dr A Moss r5 V A Newman Mr C D Nichols ISenSor Stockwardenl Mr I Saltem Mrs J M Shepherd Mr L M Tozer Mr P M Walter lappointtd 3rd January 20251 Mrs D Y Wellington Mr l J Whiffield (resigned 4th October 20241 staff IPart tlmel responslble for day.torflay managemenl Ms J E Cornish (Clerk to the Trustees Mrs J Hinson (Office Secretary) Property and AdminFstration Committee Mrs P Gliddon (Chairperson) Mr A R James Mr8 S A Latnble MrOAMay Mrs V A Newman Mr C D Ni¢hol$ Mr I Saltern Mrs J M Shepherd Mr L M Tozer Mrs D Y W811ington Edu¢atJon Commltiee Mrs J Adams Mr A R James MrOAMay Dr A Moss Mrs V A Newman Mr C D Nichols Mr L M Tozer Ichairpersonl Mr l J Whiffjeld Needs and Community Commlttee Mrs P Gliddon Mr A R James Mrs S A Lamble Ichairpersonl MrOAMay Mrs V A Newman Mr C D Nichols Mrs J M Shepherd Mr L M Toz8r Mr8 D Y Wellington Bankers National Westminster Bank plc, Launceston Branch, fj4 Westgate Street. Launceston. Cornwall. PLEA 7AG. Solicitors Messrs Peter. Peter & Wright, 1 Queen Street. Bude. Corww811. EX23 8hZ. Audltors M8ther811 Gard Ltd, Bum View, Bude, Comwall, EX23 88X. Ar¢hlte¢ts Th8 Baz81èy Partnership, Efford Fam), Vlcarage Road. Bude, EX23 8LT Surveyor and Pioperty A9ent Mr A P Furse BSC. MRICS, Underwood Wright Lld. 5 Queen St¥eet, Bude. Comwall. E3 8AY. In$urer8 AXA Insurance PLC. 20 Gracechurch Street. London. EC3V 08G Higos Insurance, 7 Cary Court. Somerton Business Park, Somerton. TA116SB STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and th8 financial statements in accordance with appli¢atrJe law and United 'ngdoM Accounting Standards (United Kingdom Generally Accepted Accounting Piaeticél. Pagtr 5
Blanchmlnster Trust ort of the Trustees for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued The 18w applicable lo charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reptsrtsl Regulations 2008 and the provisions of the trust deed iequire5 the trustees to prepare financial siaternents for èach rinancial year which give a true and fair view of the stale of affairs ol the charity and of the incomSng resources and application of resources, including the incom8 and expenditure. of the charity for that period. In pr8P8ring th058 financt81 statements, the trust88s are required to select sultable aco)unting w)licies and then apply th8m consistently, observe the methods and principles in the Charity SORP., make ju(fgements and estimates that are reasonable and prudent.. stste whether applicable accounting standaids have been folbwed, subje¢l to any material departures disclosed and explained in the financial staternent5', prepare the financia15talements on th8 going concern basis unless it is Inappropriai8 to pr8sume that the charity wll continue in business. The trustees are responsible for keeping proper accounting CordS kvhich disdose with reasonable 8ecuracy at any tirne the financial position of the charity and to enable Ihem to ensure that the finanGial statements cornply with the Charities Act 2011, the Charity (Accounts and Reports) RUlatIonS 2008 and the Pfovislons of the trust deed. They are also sponSible foi safeguarding the a55ets of the charSty and hence for taking r8850nable steps lor the prevention and dete¢lion of fraud and other lffegularities. Approved by order of th8 bo8rd of trustees on 4 April 2025 and signed on ils behall by.. C Nicho15 (Senior Stockwardenl- Trus¢ee Page 6
Re ort ofthe Inde endent Auditors to t Blanchminster fmst tees of Opinion We have audited Ihe financial statemenls of Blanchminster Trust (the 'charity'l for the year ended 31 December 2024 which comprise the Statement ol Financial Activities, the Balanc8 Sheet, the Cash Flow Statement and notes to the financial slatemenls, includin9 a sumrnary of significanl accounting policies. The financlal pOrtsTrg frarnework thal has been applied in their preparation is applicable law and United Kingdom Accounting Slandafds (United Kingdom Generally Accepted Accounting Practscel. In our opinion the financlal statements: 91V8 a true and fair view of the slate of the charitls affalrs as at 31 December 2024 8nd of its IrMing resource5 and application of resources, for th8 year then ended". have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Cha¥ities Act 2011. Basis for oplnlon We conducted our audit in accordan with InteMaOnaI Standards on Auditing IUKI IISAS IUKII and applIcae law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit of the rinan¢ial statements section of our report. We are Independent ol the ¢harity in accordance wth lh8 8thical iequirern8nls that a relevant to our audit of the finanaal statements in the UK, including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accoidance with these requiremenis. W8 beliove that Ihe audit evidence we have obtained 15 sufficienl and appropriate to provi¢Jè a basis for our opinion. Con¢lusions relating to going concern In auditing the financial staternents. we have concluded that the trust885' use of the golng con¢em basis of accoyntlng in ¢h8 prèparation of the financlal stalemenls is appropriate. Based on the work we have performed, we have not identifie¢J any material uncertainties relating to events or conijitions that, Individvally or collectiV81y, rnay cast significant doubt on the charity's abillly to continue a5 a golng Concem for a PeTiod of at least months from when the financial statements are aulhorised for issue. Our responsibilit18s and the responsibilities of the trustees wth resppct to going Conrn ar8 d8scribed in th8 rel8V8nl 58Ctions of this report. other Infomiation The trustees are responsible for the other information. Th8 Other information comprises the information included in the Annual Report, other Ihan the financial ststements and our Raptsrt of the Independent Auditors ther80n. Our opinion on the financial statements does not cover th8 other information and, excepl io the extent olhemse explicidy stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial gtatements. our spOnSibl11ty is to rgad the other information and, in doing so, consider whether the other inlorrnats.on 15 materially inconsistent with the financial statements or our knoedge obtatned in th8 audit or othemse appears to be materially misstated. If w8 id8nfy Such rnalerial inconsistencies or apparent material rniss18t8mentS. W8 are required to detertnine whether this gives rise to a material mlsstatemenl in the financial statements themselves. If, based on the work we have performed. we conclude thal there is a rnat8rial mi5Statement of this other inlormatson. we are required to report that fact. We have nothing to repori in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the followng matters where the Charities IAccounts and Reports) Regulation5 2008 requires us to report to you if, in our opinion.. the infomiation given in th8 Report of the Trustees is inGonsistent in any material respect with the finaneial slalement5', or sufficient accounting records have not be8n kept., or the financial stat8m8nts are not in agre8rnent wth the accounting records and returns- or we have nol rec8iV8d all the information and explanations we require for our audit. Responsiblllties of trustee5 A5 explained more fully in the Statemen¢ of Trust885' Responsibilities, the trustees are responsible for the preparalion of the financial statements which give a true and fair view. and ft)r Such intemal control as the tru5t8es delermine is necessary to enable the pieparation of financ4al statements that are free from material nmsstatement. whalher due lo fraud or error. In prepafing the financial statem8nts, th8 trustees are responsible for assessing th8 ctiariW5 ability to continue as a going concern. disclo8ing, as applicable, rllatters related to going concern and using the going concem basi5 of 8ccounting unless the trus¢ees eilher intend io liquidale the charity or lo ase operatiOn5, or have no aliStIC alternAtive bul to do so. Page 7
Re ort of he Inde endent Audltors to the Trustees of Blan¢hmln$ter TnJ$ Our r•sponslbilitios for the audit of the financial $tatsmgnts We havg been appointed as audito[5 under Section 144 01 the Charities Act 2011 and report in acwdance with Ihe Act and relevant regulations rnade or hawing effect thereunder. Our objectives are lo obtain reasonable assurance about wheth8T thè financlal statements as a thole are free from material misstatement. whether due to fraud or error. and to Issue a Report of thè Independent Auditors that indudes our opinion. Reasonable assuran is a high level ol assurance, but is not a guai8ntee that an audit conducted in accordan wtth ISAS IUKI will always detect a rnaterial mtsstatement when it exists. Mi55t8tements can arise from traud or error and a considered material il, individually or in the agggate. they could reasonably b8 exp8Cted to Influgn¢g the economic decisions ol users taken on the basis of these financial statements. The extent to which our procedurès ara Capab of daten9 IrregUlareS, induding fraud is detailed below. We galned an und8rstsnding of the tggal and regu1810ry framework applicable to the Trust. We obtained an understanding of the gnliV5 risk assessmgnt procgs5, induding the rtsk of fra4Jd. Wg reviewed the financial statements and tested the disclosures against supporting doeum8nt8ts"on. We reviewad minutes of meetings of those charged with management and governan. We perfomied audit Work, induding reviewlng the risk of management override of controls. testing journal entries and other adjustments for appropriateness. evaluating the rationale of 5ignthcant transactions, and reviewing accounting èsb"mates for bias. Because of the inherent lirnitalions ol an audit. there is a risk that we will not delect all irregularitles. induding those leading to a material misstatement in the financial statements or non-cornpliance with regulation. This risk IncSseS thé mor8 that eompliance with a law or regulation is removed from the events and transactions feflected in the financial statement5. as we wll be s$ likely to become aware ol snstances ol non-compliance. The risk 45 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves irtentional concealrnent. forgery. tdlusion, omission or misrepresentstion. A fvrther description of our rasponsibilitiès for the audlt of the financial statements is loted on the FinancTal Reportin9 Council's website at ¥w.fre.org.Ujaudlt0r$r*5ponslbllitles. This description foms part ol our Report of the Independent Audilors. U88 of our report This report 15 made solely to the ¢hariVs Iru5tegs, a5 a body, in accordance wth Part 4 of the Charibe5 IA¢wunts and Roportsl Regulation5 2008. Our audit Work has b8&n undertaken so that we might state to the ¢haritys trustees those rnatters we are required to state to thern in an auditors. report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assurne responsibility to anyone othèr than tha charity and the charity's trustees as a body, for our audit work, for this report. or lor the opinions we have forrn8d. for and on Chartered Accountants Bum View Bude Cornwall EX23 8BX 11 Gard Ltd Dal¢-. 2a.S.2 Page 8
Blanchfflinster Trust Statement of Financial Activities for the Year Ended 31 December 2024 2024 Tal lund$ 2023 Total funds Unrestricted fund Endowment fund Notes INCOMEAND ENDOWMENTS FROM Inveslm8nt income Other inwm8 558,246 504 558.246 504 544.890 1.794 Total 558,750 558,750 546.684 EXpENDuRE ON Ralsin9 funds Investment management costs 48S,281 659 485,940 306,417 485,Z81 6S9 485,940 306,417 Charitable a¢tivitles Educational grants Community grants R81ief in n6e¢J grants 305.989 29,228 3B,359 330 165 165 306,319 29,393 38,524 350.476 30.921 41,375 Total 858,857 1.319 860,176 729,189 Net gainslllossesl on inve5tsHent5 1156,2821 1134,2121 1290,4941 1201.4731 NET INCOMEIIEXPENOITUREI 1456.3891 1135.5311 1591,9201 1383.9781 RECONCILIATION OF FUNDS Totsl funds brought for*ward 2.440,196 10,579.958 13.020,154 13.404,132 TOTAL FUNOS CARRIED FORWARD 1,983,807 10.444.427 12,428,234 13.020,154 The notes form part ol these financial statements Page 9
Balance Sheet 31 D8C8rnber 2024 2024 Total funds 2023 Total fund5 Unrestricted fund Endowrn8nt rund Notes FixeD ASSErs Tangible assets Investrnents 10 11 5.195 1,831.614 81,040 10,363,387 86.235 12.195.001 85.701 12,387.830 1.836.809 10,444,427 12.281,236 12.473,531 CURRENT ASSETS Sto¢ks Debtors Cash al bank 12 13 14 340 57,660 146,583 340 57.660 146.583 114 57.406 618,896 204,583 204.583 676,416 CREDITORS Arnount5 falllng due wthin one year 15 157.5851 157.5B51 1129.7931 NET CURRENT As$s 146.998 146.998 546,623 TOTAL ASSETS LESS CURRENT LIABILITIES 1.983.807 10.444,427 12,428.234 13,020,154 NET ASSErs 1.983.807 10,444,427 12,428.234 13,020.154 FUNDS Unrestricted funds Endowfflent funds 16 1.9B3,807 10,444,427 2,440.196 10.579,958 TOTAL FUNDS 12.428.234 13,020.154 The financlal statements We approved by the Board ol Trusta8s and auth(yised for issue on 4 April 2025 and wer& signed on its behalf by- C Nichols (Senior Stockwrdrdenl- Trust88 The note5 form part of these financial statements Page 10
Blanchmlnster Trust Cash Flow Statement for the Year Ended 31 December 2024 2024 2023 Notss Cash flows from operatlng actlvltles Cash generated from operallons 1366,9811 1420.7271 Net cash used in operating activities 1366.9B11 1420,7271 Cash flows from tnve$ting actFVlties Purchase ol tangible fixed assets Purchase ol fixed assel inveslments Net rents received Interest received Divld8nds received 3,4751 1178,7471 19,083 6,416 51,391 1116,6871 180,562 2,494 50.685 Net cash (used inyprow¢J8d by investing 8Ctiviti8s 1105.3321 117,054 Change In ¢a$h and ¢a$h equlvalents In the r8portlng perlod Cash and cash equivalents at tho be9lnning of the reporting period 1472,3131 1303.6731 618,896 922,569 Cash and cash 8quiva18nts at the end of the r¢porting persod 146,S83 618.896 The notes form part ol these financial statem8nts Pag8 11
Blanehmlnster Trust Notes to the Cash Flow Statement for th8 Year Ended 31 December 2024 RECONCILIATION OF NEf EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expendlture for the reporting period la$ per the Statement of Flnan¢lal A¢tlvltle$l Adlustment$ for: Depre¢iation charges Unrealised Igaln)Aosses on Irwestments Net 1$ received Inter8St received Dividends received Ilncreaselldecrease in stocks Ilncre8$8yd8crease in deblors Increaselldecreasel in creditors 1591,920) 1383.9781 2.941 290.494 122.0791 12.2741 151.6991 12261 1211 7.803 2,562 201,473 1192,0081 16,0941 150,6851 10.165 121 12,2831 Net Cash used In operatlons 1366.981) 1420,7271 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash now At 31.12.24 Net cash Cash at bank 618.896 (472,313) 146.583 618,896 {472,3131 146.583 Total 618.896 1472.3131 146.583 The notes lomi part of th858 financial statements Page 12
BlanchminsterTrust Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POUCIES Basls of preparlng the Ilnanclal statements Th8 financial ststements of the charity, whieh is a publSc benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Ststement of Recomrnended Practi applicable to charities preparing thelr accounts in accordance wth the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 1021 (effective 1 January 20191.. Financial Reporknng Standard 102 The Financial Reporting Sland&rd applicable in the UK and Republic of Ireland. and the ChaAties Act 2011. Tho financial statements have been prepared lo give a 'twe and fairf view and have departed from the Chaiitie5 (Accounts and Report51 Regulation5 2008 only to the extent requlred to provide a 'true and fair view. Thts dep8rlure has involved following the Accounting and Reporting by Charities.. Slaternent of Recomm8nd8d Practice applicable to charities preparing their account5 in acCorance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effectNe froffl January 2019 rather than the Accounting and Reporting by Charities.. Statement of Recomm8nded Practieè effective fiom 1 April 2005 whith has since been ilhdrawn. Th8 financial statements are prepared on a going concern basis under thg historical cost conventson, rnodifted to include certain Items at falr value. The financial stalements are presgnted in sterfing which (s the functional CUfTency ol the charity and rounded to the nearest £. The principal accounting pdicigs adopted, ludg8rnents and key sources ol estlmation uncertainty in the preparation of the financial statements are as follows: Income All incoming resources are included in the Statement of Financial Acliwiliès ISOFAI when the tharity is legally entitled lo the incorne after any perfomance condition5 have b8en rnet, the arnount can be measured reliably an¢J It is probable that the income will be reIved. Donaterl goods are measured at their lair value and included in income. They are included when the trust has been ntstified of their entillemenl. all conditions hav& been met and the fjnal amount is known and expecte£l. Donations and logaeS ar8 included in Income hvhen the charity h8$ tjeen notified of their entitlement. all condttsons have been tnet, and Ihe ffnal amount is known and expected. Rental incorne frorn investment proporty leased out unilei an operating lease 15 recognised in incorne on straight lin8 basis over th8 lease terrn. Any income received In advance is included as a creditor a5 shown in not8 15. Investment income Irorn interest and dividend5 IS Shown in tre atcounts on a receivable basis. Expendkiure Liabilities a recognised as eypenditure as 500n as there is a legal or conslruclive obligation committing the charity to that expenditure, Il is probable that a Iransler of economic benefits will be required in selllernent and the amount of th& obligation can be measured reliably. Expenditure is accounted for on an accfua15 b8sis and has been ela55tfied under headings that aygregale all Costs ielated lo the category. In particular raising funds includes property rnanagernent costs relating lo the inv8Stm8nt property held as Permanent Endowmen¢. Grants payable are ¢09ft1$ed as expeftditUTe when the grant is approved by the Board of the Trust88s and the decision has been comtnunicated lo the recipient. Allocation and apportlonment of costs Support cos15 are Ihose that assist the work ol the charity but do not directly represent charitable activities and include offic8 costs. governanc8 Costs, adtninistrative payroll Costs Governance costs eomprise of costs Invdved in the public accountabilily of the Irusl and its compliance regulation and good pract¢. Support costs have been allocated and apportioned on the basis of lime spent. lurlher analysis is shown in note Tan9lble fixed assets Tangible fixed assets are 5tate¢J at cost (of deemed costl or valuation less accumulated depreualion anil accumulated impaifment 1055es. C05t inclu¢Jes costs dlrecuy attribulab18 to making the asset capable of operating as intended. Page 13 continued..-
Blanchmlnster Trus Notes to the Financial Statement5- Contlnue for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Tangible fixed assets Depreciation is provltjed on all tangible fixed assets, at rates cal¢ulated lo writè off thè cost, less estirnatèd residual value, of each asset on a systemallc basis over ils expe¢ted us8ful lif8 as follows-. Freehold Land Freehold Buildings Fixtuies and Fittings 2V/ts per annum on valuation 10Yo per annurn on wrbtten down basis 25Yo pw annurn straight lin8 ba515 All flxtures and fittings are Sncluded at hlsiorlc cost and are reviewed for impaifment at 8ach balan sheet date. Stocks stocks are valued al the lower of cost and net realisable value. after rnaking due allowdnce lor obsolete and slow moving iletns. Taxation The charity is 8Xgmpt from tax on its ch8rit8bl8 8Ctivitie5. Fund$ Unrestrlcted unrestcted fund5 are availablè for use at the diSctIon ol the trustees in furtherance of th? g8ntral objectives of the charity and which have not been designated lor other purposes. Endowment Endowment lunds repr88ent those assets which must be heky pemanently by the charity. The investment and freehold prop8ty are shown in the financial statetnents a5 a petrnanent endowmenL in accordance with Ihe trust's charity scherne a5 described in the Report of the Tru51ees. Income arising on th8 8ndowThenl funds can be used in accordance wth the objects of lh8 charity and is included as unrestr5¢ted income. Any capitsl gains or Ioss88 arising on lh8 inv&stmenls form part of the endtswment fund. Other investments, which havg been purchased using the proceeds of sales of freehold property, are also Sncluded in the endowrnent fund. Other Flnanclal tnstruments The trust only enters into bas1¢ financial instruments that resutt in the recognition of finanaal assets and liabilitlas such as rent. trade and other accounts re1Vable and payable. and cash h81d at bank. Further di5dosur85 r8latlng to the financial instrument5 are given in the notes for particular items. D•btors Rent and other debiors are recognis81S at the settlement amount due after any di5¢0Ltnt offered. PrEpaym8nts are valued at the arnount prepaid nel of any di5COUnts due. Creditors Creditors and provlslons are recognlsed where the charity has a pr858nt obligation resulting Irotn a past event that wll probably result In the transfer of funds lo a third party and the arnounl due to selue the obligation can be measured or estitnated reliably. CTedit015 and provislons are recognised at their s8tt1ement amount after allowng for any di5¢0unls due. Investment assets and unreallsed galns The valuation of the Investment Property 15 an Important lacior in the Financtal Stat8rn8nts and thls És a key sourc8 of estimation uncertainty- The portfolio of commer¢i81. mixed commerciallresidential, residential and agri¢ullural property which make up the investmen¢ property are measured at fair value at 8a¢h reporting date wlth changes in fair value recognlsed in 'net gain5 11105sesl on investments, in the SOFA. It 15 the trustees policy to have a full independent quinquennial rewew cofflpleted by a valuer who hold5 a recognised and relevant professional qualification an(J has recenl exp8ri8rice IFI th8 location and class of th8 property being valued. The quinquennial review was last cornpleted on 31st December 2021 in a¢cordance with RICS Valuation stand8rds. In the inteNening years in order to eTh$u the Carrying amounts are at fairvalue, the residential property is revalued in accordance lo the Land Reglstry house price index and the clMercial property value$ are adjusted il there is a material change in circum5taFKe bmlh guidance being provided by an independent valuer. Pa9e 14 conts"nutd...
Blanchminsttr Trust No es to the Finan¢ial Ststements- continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- conUnued Other Investment assets in th8 form of the Charities orricial Inv8Strnent Fund shares, are shown in the financial staternent5 at fair value. Unrealised gains on investment and other assets repr8s8nt th8 difference between the fair valug al the end of the year and.. il for inveslment and other assets held at the start of the year. the lair valu9 at Ihat date, c li} for investtnent and other assets acquired in the year, the $1 of acquisition. Chang8s in fair value ar8 r8cognised in the SOFA. Employee Benefits Vvhen employees have rendered service lo the trust, short-t8rn1 ernployee benefits to which the employees are entle1 are ¢091$ed at the undiscounled amounl expected to b8 paid in exchange for that seN¢e. The trust opeiale5 a defined contribution plan for the belfit of its employee5. Contributions are expensed a5 they b8come payable. INVESTMENT INCOME 2024 2023 Rents received Wayteaves COIF- dividends Deposit account interest 504.229 45 51.698 2.274 488,063 48 50,685 8.094 558.246 S44,890 INVESTMENT MANAGEMENT COSTS 2024 2023 General insuran Bad debts Property Tepairs Generdl and water rates Light and heat Advertising Surveyors and valuers fees Legal and professional fees Support costs 38,054 35,643 7,156 771.496 19,330 3.871 295.547 19,868 6,150 131 39.049 6,703 80,438 17.334 13.878 37.655 485,940 306,417 Page 15 eonlinued...
Blanchminsttr Trnst s to the Financlal Statements continued for the Year Ended 31 Decembei 2024 CHARITABLE ACTIVITIES COSTS Granl funding of ac11lIeS 158e note 51 Support costs Isee note 61 Totals Educational grants Community grant5 Relief in need grants 266.099 9,282 18,413 40,220 20,111 20,111 306,319 29,393 38,524 293,794 80,442 374.236 Th& objects of the trust are lo make grants in three specifi¢ are8S= 1. Reliel In need Th8 trust is to giv8 generally or individually to persons, who ale in condilKJns of need. hardship 01 distress, by grant of money or by providing seNicÈs or faulities to allevfjate U)Is need. 2. Promotion of education The trust Is to awar(J a maintenance allowance, scholarship or otherwise provide financial asslstsnrR to persons who are in need of such asslstan¢e. to continue their studies. The tnjst is to also provide schcx)Is special benefits not nortnally provided by the local edurAlion authority. Thg Irust is to also provide finanGial as5isiance to any charltable organi5ation whose objects include the promotion ol education. 3. Cornmunlty ald Th8 trust is to provide financial assistance to local dwdtable organlsations for Ihe benefit of the community. GRANTS PAYABLE 2024 2023 Educational grants Comrnunity grants Relief in need grants 266,099 9,282 18,413 333,320 22.344 32,798 293,794 388,462 Page 16 conlinued...
lan¢ Notes to the Ftnancial Statement5- ¢Olltinue for the Year Ended 31 Decgmber 2024 GRANTS PAYABLE- continued The total grants paid to institutions during the year was as follows= 2024 2023 8udehaven School St Michaels Church 8ude Canoe Club South Westem Ambulance Servi$ NHS Foundation Trust stratton Playoroup Sew N Sew Group Sensory Trust Blend Bude Al War Bude Primary Acaderny Comwall Grows CIC Citizens Ai1vi, Bude Young People's Pop Up Cafe Royal Bri115h Legion Bud8 Canr Support Sing Up Biadel Copy Monkey Lirnited Cameo Sell Help Bude Bee Keepers Budehaven ARB 660 4,000 1,000 1.200 5,000 1.000 500 500 2SO 1,750 5.000 11901 3.300 10.000 18981 572 620 1.000 500 572 950 720 15.fj62 22.344 The lotal granis paid to individuals during the yearwag as folkn¥s'. 2024 2023 Prornolton of Education Relief in Negd 259,719 18.413 333.320 32,798 278,132 366,118 SUPPORT COSTS Govemance costs Mana9ement To(È15 Investment rn8n8g8m8nl IxJs15 Education81 grants Community grants Relief in need grants 72,031 36,016 18,009 18,009 8.407 4.204 2,102 2,102 80.438 40.220 20.111 20,111 144,065 16.815 160,880 Page 17 cDnts"nued...
Blanchrninster Trust ote$ to the Financial Statements- continued for the Year Ended 31 Oe¢ember 2024 SUPPORT COSTS - ¢ontlnued Activity Managem8nt Goveman¢e costs Ba515 01 allocation TJME SPENT TIME SPENT Support costs, included in Ihe above. are as follows.. Management Investment managemenl costs Educational grants Comrnunity grants Wages P8ns4ons Insurance Office utilitie$ Telephone Prfnting and adverfising Postage Sundries Office repairs Depr8ciation of tangible fixed assets 27,314 1.012 13,656 506 172 703 215 6,828 253 86 352 107 1.407 429 Ill 285 409 479 38.883 1.469 143 205 240 19,441 735 72 103 120 9.720 368 72,031 36.016 18.009 2024 2023 Relief in need grants Totsl activities Total activities Wages Pensions Insurance Office utilities Telephon& Printing and a¢Jvertlslng Postage Sundries Office repairs Depreciation of tangibl8 fixed assets 6,828 253 86 352 107 72 103 120 9.720 368 54.626 2.024 688 2,814 858 572 820 959 77,764 2,940 44.945 1,337 745 1,372 785 873 375 624 5,907 2.562 18.009 144,065 59,525 Governance costs Investment management costs Educational grants Community gran¢s Auditors, remuneration Legal and professional f885 3.449 4.958 1,725 2,479 863 1.239 8,407 4,204 2,102 P8g8 18 continued...
Blanchrnin5ter TNst Notes to the Financial Statements continued for the Year Ended 31 December 2024 SUPPORT COSTS - continued Governance ¢osts - Contlnuod 2024 2023 Relief in need grants Total 8cliviti8S Total activities Auditor3. remuneration Legal and professional fees 863 1,239 6,900 9,915 6,800 5,640 2,102 16,815 12,440 AUDITORS. REMUNERATION 2024 2023 Fees payable lo the charitys auditors for th8 audit of the charity's financial statements 6,900 6,800 Thg total 8uditors remuneration include5 fees for non-audit services. The non-audit services include assistanc8 wllh the pparation of the stalulory accounts. £9,500 has been allocated in governance cost5 a5 le981 and professional fees. TRUSTEES. REMUNERATION AND BENEFITS There We no trustees. muneration or other bgn8fi1s for the year ended 31 December 2024 nor for the year ende¢J 31 Dernber 2023. Trustees. expenses There were no trust80S' txpenses paid for the year ended 31 Decernber 2024 nor for the yeaf ended 31 December 2023. STAFF COSTS 2024 2023 Wages and salaries Othw pension costs 54.626 2,024 44,945 1,337 56,650 46,282 The av8fdg8 rnonthly numb8r of employee5 durin9 the year was as follows.. 2024 2023 staff lexduding trustees) No employees received emoluments in excess of £60,000. The charity operates a ¢Jefined contributton plan for Ihe benefit of ils employees. ContribLtbons are expensed a$ they become payable. Key managgrnenl personnel salary totals £34,392 for Ihe year12023'. £28,0911. Page 19 conlinu8d...
chmlnster Tru Notes to the Financial Statements. contlnued for the Year Ended 31 Decernber 2024 10. TANGIBLE FIXED ASSET5 Fixtures and FtttitWJS Freehold property Totals OST At 1 January 2024 Additions 85,000 12,063 3,475 97,063 3,475 At 31 December 2024 85,000 15,538 100.538 DEPRECIATION Al 1 January 2024 Charg9 for year 2,640 1,320 8.722 1.621 11,362 2,941 At 31 December 2024 3,960 10,343 14,303 NET BOOK VALUE At 31 December 2024 81,040 5.195 86.235 At 31 December 2023 82.360 3.341 85.701 Freehold prop8rty includes freehold land esbmated al £19.00012023'. £19,000) ¥vhtch is not depreciated. The tanglble red 8$58ts ar8 used in th8 management and adtnini5tration of the charity. The freehold propety was acquired al no cost. The freehold property wa5 valued on the same basis as the commercial investment property detailed in th8 accounting policy in note 1. in order to ensuie that the carrying arnounl does not differ matertally from the fair value at the end of thg reporting period. The freehold property is induded in the endowment fvnd. 11. FIXED ASSET INVESTMENTS COIFI listed shares Inv8strnent prop8rty Totals MARKWf VALUE At 1 January 2024 Additions Revaluations 10.541.562 97.663 1131.0051 1,846,268 12,387,830 97,663 1290,4921 1159,4871 Al 31 Dec8rnber 2024 10,508,220 1.686.781 12,195,001 NET 800K VALUE At 31 Dernber 2024 10,508,220 1,686,781 12.19S,001 Al 31 Decemb8r 2023 10.541,562 1.846,268 12,387,830 There were no invesiment asseis held outside the UK. Cost or valuation at 31 Oecember 2024 is repr88ented by= COIFI listed shares Investment property Totals Valuation in 2024 10.508.220 1,686.781 12,195.001 The investment property FY)rtfolio has been valued in lina wth the accounting policy in note 1. Page 20 continued...
Blanchminstgr Trust Notes to the Financial Statements continued for the Year Ended 31 December 2024 11. FIXED ASSET INvESTMES- continued Proparty COIF Historical cost al 31 tlecember 2024 1,306,030 354,870 COIF shares are allocated as follows.. 2024 2023 General fund Endowment fLtnd 1.536,002 150,779 1,809.144 37,124 1,686,781 1.846,268 12. STOCKS 2024 2023 Sloek 340 114 13. DEBTORS: AMOUNTS FALLING DU£ WITHIN ONE YEAR 2024 2023 Rent debtors Other debtors A¢crued investment income receivable Prepayments 12.693 6,000 13.897 25,070 7.221 8,043 17,732 24.410 57,660 57,406 14. CASH AT BANK 2024 Total fvnd5 2023 Total runds Current account Deposit account 111,583 35.000 183,896 435.000 Total 146.583 618,896 Page 21 continued...
Blanchmlnster Trus Not85 to the Financial Staternent5 Colttlnued for the Year Ended 31 December 2024 1S. cREDORS. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants P8Ydblg Other Creditors Rents rec8iv8d in advance Accruals 4,293 5A50 31,803 16,039 1.905 81.273 34,521 12.094 57,5B5 129,793 16. MOVEMENT IN FUNDS Net rnovernent in funds At 31.12.24 At 1.1.24 UnrestriGted tund$ G8neral fund 2,440,196 1456,3891 1,983,807 Endowment fund5 Endowment fulld 10,579.958 {135,5311 10.444,427 TOTAL FUNDS 13.020.154 1591,9201 12,428,234 Nel movement in funds. included tn the abov9 are as follow5.. IncomÉng r8sourc8S Restsjrces expended Gains and losses Movement in funds Unrestrlcled funds General fund 558,750 185B.B571 {156.2821 1456,3891 Endowment funds Endowment fund 11.3191 {134,2121 1135,5311 TOTAL FUNDS 558,7S0 1860.1761 1290,4941 1591.9201 Compara¢lves for movement In fvnd$ Net mov8m8nl In fund5 At 1.1.23 31.12.23 Unrestricted funds General lund 2.493,483 153.2871 2.440.196 Endowmont funds Endowment fund 10,910.649 1330,6911 10.579,958 TOTAL FUNDS 13.404.132 1383,9781 13.020,154 Page 22 conlir5ued...
Blan¢h er Trust Notes to the Flnancial Statements- ¢ontlnue for the Year End8d 31 De¢ember 2024 16. MOVEMENT IN FUND5- Conllnued Comparative net rnovement in funds. includeij in thg abov8 ar8 a5 follows= In¢oming resources Resources 8xpend8d Gains and losses Movement in funds Unrestrl¢d funds G8n8ral fund &18.684 1727.8691 127.898 153.2871 Endowment funds Endowment fund {1.3201 1329,3711 1330,8911 TOTAL FUNDS 546.684 1729.1891 1201.4731 1383,9781 Endowment fund assets 2024 2023 Freehold property IBlanchmin$ter officel Investmenl properties COIF shares 81,040 10,212.608 150,779 82,360 10,460.475 37.123 Total 10,444,427 10,579.958 17. RELATED PARTY DISCLOSURES There were no related party transactions for the y8ar 8nded 31 December 2024. 18. GOING CONCERN The trustees consider that Ihere are no material uncertalnties about the frusvs ability to continue as a going concern. 19. TRUSTEES INDEMNITY INSURANCE Thg rnain office insurance detailed in support costs indudes tnjstees indemnity insurance. Pag8 23