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 othe￿iSe.
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
a￿al 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 pa￿ntS 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 Obj￿￿vaS.
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 fO￿ard 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 p￿VIouS
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 ad￿sers. 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 fina￿CIal 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 I￿rMal 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 th￿e 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 Chari￿s 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. E￿3 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) R￿UlatIonS 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 Ir￿Ming 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 InteMa￿OnaI Standards on Auditing IUKI IISAS IUKII and applIca￿e 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 Con￿rn 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 kno￿edge
obtatned in th8 audit or othemse appears to be materially misstated. If w8 id8n*fy 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 $tatsmgnts
We havg been appointed as audito[5 under Section 144 01 the Charities Act 2011 and report in acwdance with Ihe Act
and relevant regulations rnade or hawing effect thereunder.
Our objectives are lo obtain reasonable assurance about wheth8T thè financlal statements as a thole are free from
material misstatement. whether due to fraud or error. and to Issue a Report of thè Independent Auditors that indudes
our opinion. Reasonable assuran￿ is a high level ol assurance, but is not a guai8ntee that an audit conducted in
accordan￿ wtth ISAS IUKI will always detect a rnaterial mtsstatement when it exists. Mi55t8tements can arise from traud
or error and a￿ considered material il, individually or in the agg￿gate. they could reasonably b8 exp8Cted to Influgn¢g
the economic decisions ol users taken on the basis of these financial statements.
The extent to which our procedurès ara Capab￿ of date￿n9 IrregUlar￿eS, induding fraud is detailed below.
We galned an und8rstsnding of the tggal and regu1810ry framework applicable to the Trust.
We obtained an understanding of the gnliV5 risk assessmgnt procgs5, induding the rtsk of fra4Jd.
Wg reviewed the financial statements and tested the disclosures against supporting doeum8nt8ts"on.
We reviewad minutes of meetings of those charged with management and governan￿.
We perfomied audit Work, induding reviewlng the risk of management override of controls. testing journal entries and
other adjustments for appropriateness. evaluating the rationale of 5ignthcant transactions, and reviewing accounting
èsb"mates for bias.
Because of the inherent lirnitalions ol an audit. there is a risk that we will not delect all irregularitles. induding those
leading to a material misstatement in the financial statements or non-cornpliance with regulation. This risk Inc￿SseS thé
mor8 that eompliance with a law or regulation is removed from the events and transactions feflected in the financial
statement5. as we wll be ￿s$ 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 lo￿ted on the FinancTal Reportin9
Council's website at ￿¥w.fre.org.U￿jaudlt0r$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
T￿al
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
EXpEND￿uRE 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 acCor￿ance 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 re￿Ived.
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 loga￿eS 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
unrest￿cted fund5 are availablè for use at the diSc￿tIon 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 re￿1Vable 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$u￿ the Carrying amounts are at fairvalue, the
residential property is revalued in accordance lo the Land Reglstry house price index and the c￿lMercial
property value$ 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 ￿$1 of acquisition.
Chang8s in fair value ar8 r8cognised in the SOFA.
Employee Benefits
Vvhen employees have rendered service lo the trust, short-t8rn1 ernployee benefits to which the employees
are en￿tle1 are ￿¢09￿1$ed at the undiscounled amounl expected to b8 paid in exchange for that seN¢e.
The trust opeiale5 a defined contribution plan for the bel￿fit 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
ac11￿lIeS
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 Can￿r 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 p￿paration 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 De￿rnber 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 r￿ed 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 De￿rnber 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 INvESTME￿S- 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.
cRED￿ORS. 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.
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