REGISTERED CHARtrY NUMBER: 202118 Rè rtol and Flnanelal Ststem•nts for the Ygar Ended 31 December lanchminster Trust Street5 Audit LLP Metherell Gard Bum Vi&¥ Bude Comwati EX23 88X
Blanchm Rè rt of the Trustees forthe Yèar Ended 31 December 202 The trustees pres¢nt their report wth the finanual statsments of the thwrity for the year ended 370rnber 2025. The trustees have adopted the provisions of Acc(MJnting and Reporhng by Charities.- Slalemènt of Recommended Practi¢0 applicable to charities preparing their accounts in accordance vAlh the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} {¢ffeth"ve 1 January 20191. OBJECTIVES AND ACTIVITIES ObjectNes and alms Blanchminsler Trust is said lo be possiNy the ddest established grant making tharity in the county lor even the worfdl being able to trac& its origins directty back lo the year 1421. and has reeenuy celebrated the 60(Xh anniversary. Desplte changes ol name through long history. the trust has retained its g&nw81 principle in so far as the 'reJief of local need, is COnmed. At that early dale, considerable areas of land in the distrTret were bequeathed to the trust, and over th& years this has changed rnto a CCentratIon of ovmership ol residential and commercial properties mostly in Bude itself. The first Charity Commission Stheme for the trust. then known as the Blanchminsler Charity. was datèd 12th December 1893. This directed the"Fèoffee5" at that tiffle to form81ty sel up the alministtation which, apart the approved minor changes in recent limes, has remained to the present day. The objective of the tnjst is to rn8nage the L2rwJ bdonging to it, in order to w(1de SUfp1us incomo whith rt then applies in the followng ways by méans of grants or othemse. Relief in need The Iiust is lo give. generally or indwidualty. lo persons ate in )nditIOnS of no. hardship or distrèss, by grant of money or by prowding 3eNces orfacililies to althate th5 need. Promoiion of education The trust is to awatd a maintenance allowance or otheTh¥ise provide financial assistance to persons vrtw are in need of such assrslance. to conlinufl thar sludies. The trust is lo a150 Ptovide s11$ with spe(xal benefrts not normally provided by the local education aLrthority. The Irust is to also provide financial assistancè to 8ny charitable organisab'on whose objects indude the piomotion of education. Community aid The trust is tr) provide finarKial assist8nr to hxal charilable oan1&attOnS for the beneffl of the community. The area of benefit is prinapalty Ihe paTrshes of Bude. stratt arKJ Poughill (the forrn 8ude-Str8tton urban district areal but in special tircutnstances Ihis may be extended to the immediate area outside these parishes. In order for an application to qualify for aSstanCe, it musl be woved not onty does the applicant reside wlhin the area of benefit bul 81so that the grant falls wthin the thiee application types Ènd th theie is a genurne need. Consideration may. however, bo given to Cent or immediate past pupils of BLKlehaven Sthool do not ieside in the area of bÈnÈfit where an educatÈon grant has been quested. The tnjstees wll also consider educational gi8nt app&calions from sludtrnts who hav8 a parenll parents living bmthin the designated aa. Followlng many years of low levels of income from property renlals. vAlh the consequent 18ck of investment in the maintenance of those properties, thè trustees have, since the earty 1980$, uThJeriaken a steady upgrading of the trusfs properties whenever the opportunity has arisen. This course of acti< had been possible through the raising ol the rents to, or near to, the registered rent level and the setting of realistic rer)Is f c¢mmeri#81 properties, as guided by professional adwcè. The trustees continue to foll¢y•Y the programme of iecent years in giadualy raising the standard of all investment prDperties.11 is a long-tenn pr¢esS as most of the buildings are very old the majority falling within a designated Conservation Area. The trustees beliève that this policy is required lo ensu that fijtuie sutplus income is achieved lo continue its grant m3kiTrJ objectives. Page 1
Blanchm5nster Trus Re ort of tha Trustèès r the Year Ended 31 December 2025 OBJECTIVES AND AcnwllES Grant Making Pollcy Applications are nomally Inade in writing to the derk. when a nanual enquiry form. is sen( for completion and retum. Applicants may be caUe(I for an infom7 inteNew by the relevant committee. Following this. a recommendali¢)n is made lo the full Board of Trusfees who make the final decision. In the case of dubs, organis8lions &lc.. fhe latest annual acLYJunts are calléd fr)r, together with an updated financial 51aternent. ASSIStar can be given in the fo of a cash gtant or prowsion of equipm6nt. There has been no thange of poIY by the IStee5 in their WOLxdures dLNiThJ the pasl year. In sgtting their objectives and planning their aclivttles. Ihe InJst8es have given (xreful corlderatIon lo (he Charity Commission's general guidani on Publ benefft. Thè trustees measure su¢)xss of meeting their okicti¥ès by the level of grants made in the year. ACHIEVEMENTS AND PERFORMANCE Grdnts IAade Grants Declined Othar Total Needs Education Communrty Outsidè Of The Scope Withdrawn Carried forward to 2026 17 220 12 19 29 239 65 49 49 By far the largest number of requests lall wlhin the 'Education' category. Each year the tnjst offers a standard grant to mainly student8 of Budehaven Comtnuntty School wh) are movirvJ on to higtrEr education whore a finanrial need is established. This has provided in many cases an inalUable hdp to the students afjd Iheir familie5 al a timo ¥then Local Education Authoiity grants have been removèd. In 2Q25 the standard gtant paid was £1,200. The charity's main source of income MaInS rental reIPtS from the letting tsl its invostment KKoperty. As in previous years. a number of prOpe¢S h8ve been refurbished. lurlher details are noted in thè finanr4al reMew. The trustees are pleased th3t. overall, the invests))ent Iwopèty portfolio sh(h¥s very few instsnces of non occupan, and, wtth the guidance of the trust's property a(fvisws. continues to 8th1e competthve, )MMerCial rental retums. In line wrth Ihe charity scheme. the th8rity has invested sh other Ihan that needed for immèdiate workiThJ purposes, ftjnds have Invested with CCLA investment funds to generate a retum. Part of the shares werg disposed of during the year to fund investment property works. See note 2 for details of dividends received. FUNDRA]SING ACTIVITIES The charity doe5 not partiopate in any Èxternal fundraising a¢tNitses nor does il engage any professional fvndraising servIs. The costs of raising fvnds as noted in the SOFA on page 9 are detaikd in note 3 to the finanaal slalemenls, and relate solely to the management of the Inve5trnent Properties. Page 2
Blancluninster Trust Re rt ofthe TAte•S r the Year Ended 31 Decembgr 2025 FINANCIAL REVIEII Overall incoming resourc£s Inrxeased lo £573,929 in 2025 from £558.750 in 2024. Ovorall, there has been an incr68Sè In investment income in year of £14.18S. vA)kh 1$ the result of an increase in rental income. The trust is not depennt upon the receipt of donatior, lega£?es or other voluntary i[)rne. The trust has applied ils Fncome firstly lo grants in the aTeas of education, need and comrnunty projeds. which totslkd £265,333 and a further 3,667 in the Maintenan and repair of properties. The freehold property and tha investmerts are valued on a fdir value basis as eWain6d in the aTrxJunling policies. Investments are held in accotd8nce vrilh the INstees' pthrs. The Charities Official Investment Fund ICOIF) shares ar6 publicly quoted. These shares wore valued al the year end and showed an unrealised gain of £82.376 for Ihe year. Thè trustees are required to retain the investment properties arKI other assets in the petmanont gndowmenl fund. The assets secure an incorne stream to tneel current and future grants and related expenditure. The end¢)WTnenl fund is not port oflhe reseNes polw considèration. The tot81 value of the unrestricted loserve at the yEar end amounted to £1.891.305 (2024 £1,983,807), wlh iangible assets totalling £3,310, these are exckn(1811 trGYn Ihe reserves consideration, leawng a balartt of free reseeS of £1,887,995. The trustees h2ve ¢on5idered the level of fr09 resetves that need to be retained, in the light of the Charities Commission document"8uilding ReSi1r. published in June 2023. In the opinion of th& trustees the reserves h61d to irhdude an operational Ixhflow balan of £5.LJ). In addition lo this amount thè trustees believe they need over a penod knme lo hold a further balan¢x in retained reseeS lo Gover unforeseen costs of fflaintaining the pem7anent e[Kloent assets. The amunt of ieserves needed will need to bè In a range of £500,0 to £1.500.OCA), and the actuaj figu will be depend1 upon whefé in the cyrje the Trust is. The range needed is evhlenced in the note bell. Therefore, the target range for free serveS retsined is between £1.500.(XJO and £2.fAX),000. The current levd of Such reserves at the year Ènd is within this range. Following a structural fauh wth one DI Ihe Tnjsvs properties in 2022 the other prOrt1&S of a similar construction were surveyed and each property wa3 found lo require some level (rf iernedial work. This work is bèing cornpleted in stages and il is currently antiapated that the first and second phase will cost £91.( vthich will be spread over 2-3 years. Further phases will be required. Th6 trust is in 8 strong finanoal posltion 8t ttTre year end. howEver as detaiknl in the above paragiaph, major costs are antiupated in the nexr fijlure. FUTURE PLANS The trustees, intention is to cntinUe running the tharity ak)ng very similar lines to Iho88 carried on in recent years. As Previously noleLI: the Iruslees are committed to the maintaining of the trusts properties held in the perrnanont endowment fund. STRUCTURE. GOVERNANCE AND MANAGEMEP Governing Document The trusl is an unincorporated 8ssoaation which is govetned by the Charity Commission Seheme dated 16 March 1982 as amended on 27 June 1988. 12 August 1991 and 7 August 1996 and amonded by special resolution 4 July 1997. In June 2D23 the Truslees deoded to update the ¢)Jrt scheme. This was submitted to the Ghwily commission and appioval grarhted on 9th August 2024. Appolntment of TrnstO•S The Board of Trustee5 consists of thirteen members. Trustees *e appointed by the Board of TnJ5tees. Each Such appointment shall be for a period of fNe years, 8fter whith time twstee5 may put themselves for¥vdrd for re-appointment. Page 3
BlaTrchmlnster Tntst Re ort of thg Tru5tse5 lof the Yèar End•d 31 Doeember 2025 STRUCTURE, GI)VERNANCE AND MAMAGEMENT Organisation The fvll Board of Tnjslees me6ts M1hty. There are three commrftees, each Of1th meet monlw. 1 The Property and Administration Committee has execulive powers bLrt POrts 1 8cliony lo the next monthly meeting ofthe full Board of Trnstees", 2 The Education Committee.. 3 Thg Needs and cMUnItY Committeè. Both grant 8pplieations cA)mmittees aThJ any two tws18es have emergency powers. recommendations lo the fvdl board meeting on a fflonthty basis. Olhervrise they make Induction and Tralnlng of New Trvstees All Iru$loe$ aro fully 8ware of their responsibilthes to the twsl. In the event of a new apintment. elther by lurther Ituslees being requireil or permanent retirèmènt, thè senior and junior stockwarden are jointly responsible for providing all the necessary indudTon and guidance to any SpIn* trustee. The derk to the trust asslsts in this regard, advising on day to day responsibilities and tasks. Key management ramuneratlon Remuneration DI key management is reviewed by trustees annualty. Related Pardes Related party transactions roquiring disdosure are recorded at notè 17 in thts account8. All Iruslees have a connection wAlh 8 reciyent of a grant or have any involvement Imih a gfanl redplenl's 8ppli¢81ioll are not invdved in the deliberation decision making process for those particular grants. Risk Management The principal iisk5 to which the charity is exposed, as identified by the Injstses, have been reviewed and systems have been established to tntti.gale those risks. The princApal risks faced by the Trust lie in the performance ol investments. The dwritys principal income stsuree is from fenial receipts of its investment properties. The Iruslees have ensured that adequate insurarice is in pla for the properties and cary out regular maintenance to mTbgale the risks. Page 4
Blanchminster Tnlst rt of the Trustees for the Year Ended 31 December 2025 REFERENCE AND ADMINISTRATIVE OAlLs Name and Address BlanchfflinsleT Tmst, Blancthminster Building. 38 LansikMm Road. Bude. Comwall. EX23 8BN. Regfstered Charlty MuMr 202118 All of thè trustees rtaled belryw MEre in office fc the perlNJ from 1st January 2025 to the dat& of this report except whore othe1$e slated. Tho offi¢es held and committee detaS are as at the dale of this report. Trustees Mrs J Adams Mr J Addicott (Winled 511212025> Mrs P Gliddon MrA R Jam6S Mrs S A Lamble lJunior Sfockwardenl Mr O A May {signed 3110512025) DrA Moss Mrs V A Newman Mr C D Nitthols {Senior Stockwanlenl Mr I Sattem Mrs J M Sheph&rd Mr L M Tozer Mr P M Watter lappoirrtgd 3101r20251 Mrs D Y Welington Some of the title deeds of the investmenl properlies held by the Trust were rggisteted in the IrVIdUal names of the Iruslees serwng on the board al thg date of the of registration. Staff (Part timel ponsIble for day404Jay manag•mgnt Ms J E Comish (Clerk to the TtU5tees) Mrs J Hinson (Office Secretary) Property and Admlnlstration Commlttee r J Addi¢ott Mr5 P Gliddon (Chairperson) MrA R James Mrs S A Lamble Mr O A May (resigned 31105r20251 Mrs V A Nemnan Mr C D Nirthols Mr I Salkèm Mrs J M Shepherd Mr L M Tozer Mr P Wamer {from 03A)1r20251 Mrs D Y Wdlington Edueatlon Committee Mrs J Adarns MrA R Jarnes Mrs S A LatlltAe hAr O A May Iiesigned 31105120251 Dr A Moss Mrs V A Nu4Th811 Mr C D Nichols Mr L M Tozer Ichairpwsonl Mr P Walter {from 03101r2025} Need¥ and Community Commlttee Mrs P Gliddon MrA R James Mrs S A LamNe (Chairperson) MT O A May (resigned 31105f2L125) Mrs V A Newman Mr C D NicIS Mrs J M Shepherd Mr L M Tozer Mr P Wter (from 03101r2025) Mrs D Y Welfjruton Banke National Westminster Bank plc. 250 8istM]psgate. London EC2M 4A Solicitors Messis Peter. Peter & Wiighl, 1 Queen Street. Bude, Comwall. EX23 8AL Audltors StreEts Audit LLP, Metherell Gard Ltd. Burn VM¥. Bude, Comwal. EX23 88X. Architects The Bazeley Partnership, Effutd Fartn. Vicarage Road. Bude. EX23 8LT Surveyor and Property Agent Mr A P Furse BSC. MRICS. Underwood Wright Ltd. 5 Queen StreeL Bude, Cotnwall, EX23 8AY. Insurers AXA Insurance PLC, 2Q Gracechurth Street, London, EC3V OBG Page 5
lanchmlnster Tntst thè Trustees Ended 31 Dec•m forthey 2026 BrDwn & Brown InsurarKe, 3 MoMnna Tèrrats, B. Comwall, EX23 8BU STATEMENT OF TRUSTEES, RESPONSIBILrriES The trustsès ar8 résponsibfe lor prepanng thtr R&yort of the Trustees and thè ffnancial ststgments in accordance with appllcable law and Unitgd ngdoM Accounting Standards {Unrted lQ"wJc¥n Gan&rg1ty Accepted Accounting Practical. Charity law requires the trustees to wepare finanoal statamarrts for eath finanal year. UNkr thatlgw. the tru8teeB have elected to prepare thg finanoal ststements in )rdance with United KJ"ngdom Ganoralty A¢¢epled Accounting Practice (uni .gdoM Accn'r0 Stsndard5 and w)1rab lawl. Undèr charity law ihe trustees must not appTove lh8 finan(#al statements unless they are satisfied that th8y givo a truo and fair view ol t statè of affairs of the tharity aryj of the rnc(Kning resou$ and appliGgtion of resources, including the income and exp8nditure, of the charity for that FEriod. In pyaring those finarrial statements. the bwstees arg ulièd to select suitsble accounting policie5 8nd then appty th consist8ndy', observe ihe methods and princip$ in the Charrbes SORP", make judgements and estimates that are reasonabl8 and prudent statg whethgr applirable a¢counting stat¥Jard5 hwe been follmd, subiocl to any material deparbJres dlsdosed and explained In the financial ststements." prepare the financial statements ¢n thè goiryj concem basi8 unkss in9rOpriate to presume that thè eharty WTII ntinue in business. The trusts8s we rèsponslble for kew'TrJ prcyr accounb.ny rocuds vthith disdose vri1h roa$onabkg auraCY al any me the financial position of the charity ond to anab theTh to ensure that the finan81 stslernents compty ¥th the Chariligs Act 2C111 aThY The Chanty {Accounls and Reports) RegULab"c$ 2008. They are also responble for S8faguarding the sssets of the chartiy and hence for takirvJ asonabl& st8ps tDr the preveThtKJn and dthtion ol frgud 2nd other irregular.e$. Approved by order olthe board of tnJ8tees on ...... ... .... . and svJned on ts behalfby." C Nicho ¢Kkwar(lanj. Trustee Page 6
Re the Inde endent Auditors to the Trustees of Blanchminster Trust Opinion We have audited the finanaal slalefnents of Blanchminster Twsl (the 'CharIt for the year ended 31 Dgcember 2025 ¥vhich comprise the Statement of FinancAal Acliwlies. Ihe Balance Sheet, thB Gash Flow Statement and nDtes to the financial stalemenls. incj1Ing a summary ol significant accounting policies. The finana81 reporting fr8mmk that has been applied in their preparation is applicable Liw arhd Unrtèd lQngdom ArtIng Slandardg (Unitèd Kingdom Generally Accepted Accounting practi). In our opinion the finanal slalemenls= give a Iwe and fair view ol the slate of the chariws affairs as al 31 Decembei 2025 arkd of its incoming rèsources aThJ application of resources, for the year then ended,. have been propedy prep8r8d in a)rdance wlh Unrted Kingdom G¢neraltyA¢¢¢pted A¢wunb"ng Praclice.. and have been prepared in acc{xdan v*ith the requiremgnts ofthe Chaiibes Act 2011. Ba¥1¥ lor opinion We conducted our 8ud(c in accordanfjo th Inlefflational Standards Auditing (UK) IISAS IUK}) and applicable law. Our resp¢)nsibililies under those 5tandard5 are further desuibed in the Atjditors. responsibilities for the audit of the financial $18lemÈnts section cf our rer We are independent of thè tharity in sccordance wth the ethical requlremenls that are rÈl8vant to our audit of the finanoal stslements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethi¢al responsits"lrti93 in adance wilh these iequirem¢rbts. We believe Ihat the audit evidenco we have obtsined is sulfiaent and apwopriale to provide a basis for our opinion. Concluglons relatlng to golng concern In auditing the finanual statements, we have COrHuded that Ihe trustees, use of the gng coeM basis of accounting in the prèparautsn of the finan stst6mènts is appropriate. Based the work have perfoirned, we have not iderbtified any material uncertaintiès relating to events conditions that, individually or collectivety. may cast signrfiix)t doLknt on the chaTiVs ability lo continue as a going concem for a perlod of at le8St Iwefvo monlhs from the financial stalements are auttKJliSed for issue. OLW responsibilities and the responsibilities of the twstses ¢h iespect to going 1ce are d8s(xsb8d in thè r6lèvAnt sections of this report. Othèr informatlon The trustees arè fÉsponsibl6 for thè other infomiation. The other infom)ation comprises the information incbjded in the Annual Report. other than the financ4al statements and cyjr Report of the Independent AlItorS thereon. Our opinion on the financial slalements does not cover the other information and. except to the extent othe1$¢ èxpliady stated in Ouf report, we do not express any form of assuiance concjusion Ihereon. In connection with our audit of the ffinancial stalemenls, our responsibility is to Tead the other inforrnation and, in doing so, consider whether the other infcjrmation is fflat8ti81ty inconsistent vKth the ffinantial statements or our knowledge obtained in the atKlil or OtheThse appeals lo be fflaterialty mi5Statefl. If we idenlrfy such tnaterial inconsistencies or apparent fflateli misslatemenls. we are ieqvir8d lo detetThine whetheT this gsves rise to È material misstatement in the financAal statements theffl5thes. Ir. based on the ¥%Yrt we have perfom)ed, we conclude that there is a rnalerial misslateTnent of this othèr infomation, we arè requiied to re)rt that fact We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing io report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requiie5 US to report tD you if, in our opinion.. the information given in the Report of the Trustees is inconsistenl in any material respect wtth the financial statements,. or sufficient accounting records have not been kept.. of the financaal statemenls are not in agreement the accounting iecoids and retums.. or we have not received the informalK)n and expla[lorS we requiie lor our 8udrt. Responsibllities of trustees As explained more fully in the Stalernent of Trustees. Ressx)nsibditTrBs, the trustees arè rèsponsible for the preparation of the fifianii81 statements whi¢h give a true and laii view. and for such intemal control as the trustees delermine is necessary lo enablo the weparation of finanoal statements (hat are free frotn material tnisstatement, whether due lo fraud or error. In pieparing the finanaal statements, the tmstees are responsible for assessing the charitys akn'lity lo continue as a going COnrn, disclosing, as applicable, matters related to going o)ncem and using the going concern basig of acGounting unless the Itustees prfthei irrtend tts liquidale the charity or to cease operations, or have no realistic altemative but to do so. Page 7
rt ol the Inde endent Auditors to the Twstees of Blanchrniftster Trust Our responsibiliti for the audit oi the financial staternents Vve havè en appointed as 8uditors under SÈction 144 01 tha Ch8thiÈg Act 2011 and rÈport in 8tranc& wth thè Act and relevant reyulatr'ons made or having elfecl thereund¥. Our objectives are to obtain aSonable assur3nce about vhiether the finan(xal ststemenls as a whulE are free from matèri81 misstatement, hthether due to fraud or error. and to issue a Rèport of the ItKlep@ndent Auditors that indudes our tspinion. Reasonable assurance is 8 high lev61 of assurance, bth is not 8 guarantée that an audit conducted in accordance with ISAS (UK) wil aknys detect a material misstatementythen it exists. Mis5tatetnents can arise from fraud or error and are considered materlal rf, inrfNidualty ot in the aggregate, they (x)uld reasorbably be expected to Infiuence thè economic decisions of users taken on Ihè basis ofthese finanual statements. The extent to vthich our procedures are capable of delecting irregulartties, indLKling fraud is detailed below.. We gained an understanding ofthe legal and regulatory framv•rk ak¥•bcae to the TrLLSt. We obtained an understanding of the enWs risk assessment process. induding the risk of fraud. We reviewed the finanoal stslements and tested the disdosufes against SUPPOTting dcMetakn. We reviewed minutes of meetings of those charged with Manage1 and govemance. We perlomied audit work, induding reviewing the risk of marogement override of controls, testing journal entrie5 and other adjLJSttnents for appropri8teness, evaluating the ralitsn81e of significant Iransadions, and reviewing acix)untlng estimate8 for bi8s. Because of the inherent limttatr(s of an audit. there is a rrsk that we will not detect all irregularittes. induding those le8cfing to s rnaterial misstatemènt in the ffinanci statèmènts or non4xxnpli8rh( Vth regulation. This Tisk incréases the more that oomplianca th a law or rgulation 1$ removod from th& events 8nd tr8ns8Ctions fefl6ctèd in th¢ finanual statement5, 35 we will be le55 likely lo becDme awdre of ifistar of no1coMplIae. The risk 15 a150 gater regarding IfgUlar•e$ occurring due lo fraud father than error. as fraud invofves intentional nCealMent. forgery, collusion. Omison or misrepresentation. A further description of our responsibflities for the audil of the finanual stalements is located on the Finanual Reporting Council's website at WWbV.frc.org.uklaudttorsresponsibilities. Th desuiption forms part of our Report of the Independent Auditors. Use of our report This report is fflade solely to the charivs trustees, as a L. in accordance Part 4 of the Charities IAcLounts and Reports) Regulations 20Q8. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required lo slate lo them in an atjditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other Ihan the charrty and the charitys trustees as a body, fof our audit wo(k. fof this report, for the opinions we have fonned. foi and on MetherÈll Gard Buin View Bude Cornwall EX23 8BX dit LLP Date= /J.r.2 Page 8
81onchmingt•r Trust Statement of Firhancial Activities for the Year Ended 31 Decgmber 202 2025 Total funds 2024 Total funds Unrestrtded Endowm1 fvnd fijnd Notes INCOME AND ENDOWMENTS FROM Investment inctsrna other income 5T2.432 1.497 572,432 1.497 558,246 504 Total 573.929 S73,929 658,750 EXPENDITURE ON RaisSng fvnds Investment management ttssts 492,783 660 493.443 4.940 492.783 485.940 Charitable actlvitigs Educational grants Communty grdnls Relief in need grants 264.180 17.003 33,689 330 165 165 264,510 17.168 33,854 306.319 29.393 38,524 Total 807.655 1,320 808.975 860,176 Nel gainslllosso$1 on investments 141.224 118,3531 122,8Y1 1290,4941 INCOMEIIEXPENDITUREI 1919)21 119.673) 1112.1751 (591,9201 RECONCILIATION OF FUNDS Total funds brought forwsrd 1.983.807 10.44£427 12.428,234 13,020,154 TOTAL FUNDS CARRIED FORWARD 1,891.305 10.424.754 12.316.059 12.428,234 The notes forrn part of these finanual statements Page 9
Blanchmlnsler Tru Balanc& S Decwnber 2 2026 Total ndg 21r24 TotsF funds Unrestricted EThInant fijt nd FIXED ASSETS Tangible assets Investsnents 10 11 3,310 1A99.076 79.720 10,345,034 83.030 11,844,110 86,236 12, 195,001 1.502,386 10.4247S4 11,927.140 12,281.237 CURRENT ASSETS Stocks Dèbtors Cash at bank 12 13 14 249 48.526 437,036 249 48,526 437,036 340 57,659 146.583 485.811 48S.811 204,582 CREDITORS Arnounts falling due within on8 15 196,8921 196,8921 {57,5851 NET CURRENT ASS8 384919 388,919 146,997 TOTAL ASSETS LESS CURRETr UABIUTIES 1.891.305 10A24,7S4 12,316,lJ59 12,428.234 NET ASSETS 1.891.305 10,424,754 11316,059 12,428.234 FUNDS Unrestrictsd knnds EndowTrent fvnds 16 1,891.305 10,424,754 1,983,807 10,444,427 TOTAL FUNDS 11316,059 12,428,234 tatntS were approved by Board of Trustees aThJ authoris8d ft>r issue qT.¥.'.la.L.......... on and were syned on its behawby". C Nichols {S8nr Stockwardenl- Trustee The notes form psrt Orth finanrAal ststements Page 10
Blanchminster Trust Cash Flow Statement for the Year Ended 31 December 2025 2025 2024 Notes Cash Ilows fmm operating activltles Cash generated from operations 1316.260) 1386,9801 Nel cash used in opeialing actNities 1316.26Ql 1366,9801 Cash flows from investing activiknes Purchase of langible fixed assets Purchase of fixed asset investments Sale Of fixed asset investments Net rents receNed Interest received Dividends recaved {3,476} 1178.747} 126,238) 500.OOQ 89,385 977 42.589 19,083 8,416 51.391 Net cash provided byllused in> investing actithe5 6(6,713 1105.333) Change In cash and cash equivalents In the reporting period Cash and cash equivalents al tho beglnnlng of the reportlng perfod 290,453 1472.313) 146,583 618,896 Cash and cash equivalents at the end of the reportlng perlod 437.036 146,583 The notes ftsrrn part of these financial statements Page11
Blanchminster Trust Notes to the Cash Flow Statement for the Year Ended 31 December 202S RECONCILtATION OF EXPENDrruRE TO NEf CASH FLOW FROM OPERATING ACTMTIES 2025 2024 Net expenditur¢ fwthe reportlng period {as per the Statsmgrrt ol Financial Activities) Adjustments for.. Depreciation charges Loss on disposal of fued assets Unrealised {gainlAosses on investments Realised Igain}Aosses on investrnents Nel rents received Interest received Dividends received Decreasel{increasel in stocks Increase in debtors {Decrea5e)f1rTea$e in ueditors (112,17SI 1591,920) 3.145 61 155,8411 167,0301 142,2371 12,4151 139.5841 91 1411 12341 2,941 290,494 {22,0791 (2,2741 (51,6991 {2261 1201 7,803 Net cash used in operations 1316,2601 {366,9801 ANALYSIS OF CHANGES IN NEf FUNDS At 1.1.25 Cash flow At 31.12.25 Net Cash al bank 146.583 290,453 437,036 146.583 290,453 437.036 Total 146.583 290,453 437.036 The notes fomi part of these financial slatements Page 12
Blanchminster Trust Notes to the Financlal Statements for the Year Ended 31 December 202 ACCOUNTING POUCIES Basis of preparing the financial statements The finanGial 51atem¢nls of the tharity. whi( is a public benefft entity under FRS 102, have been prepared in accordance wlh the Ch8riles SORP {FRS 1021'Ac(x)unting and Reporting by Charities.. Slatemenl ol Recommènded Practicè applieable to chanties preparing their accounts in acc£Jrdance wth the Financial Repr)rting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191.. Financial Reporting Standard 1Q The Financial Retiorttllg Stsndard applicatAe in the UK and Republic of Ireland, and the Charities Art 2011. The financial StatentS have been prepaffjd 10 9ive a Injg and fai¢ view and h8ve departed fr¢>m the Charities {Acwunts and Report51 Regulations 2(M)8 only lo the exlenl required to prowde a 'true 8Trd fair view.. This departure has invOed lollowng the Accounting and Rewrtiny by Chariti"es'. Staletllenl of Recommended Practice applicable to charities preparing their a¢Cjnts in accordance vKth the FinÈnci81 Reporting Standard Bpplicable in the UK and Republic of Irda1 effethvÈ from January 2019 rdther than the Accounting and Reporting by Charitses.. Statement of RecomrrÉnded Pradtce eff¢¢tiV9 from 1 April 2005 which has sin¢e been Ythhdmwn. The financial statements are wepared on a going concem basis undèrthe histotical (x>st Etsnvèntion, modifièd to include certain items al fair value. The financial statements are presented in stng which is the functional Ojfrency of the charity and iounded lo the nearest £. The wincipal 8(wunling prAie$ adopted. judgements and key sources of ests'mation uncertainty in the preparation of the finanrAal statements are as foifows.. Income All incomino resovrces are indud&d in Ihé Statem of Fin8n(i81 AdNities (SOFA) when the charity is legally entitled to the income after any perfomiance conditions have been met, thty amount ¢an be mèasurod reliably and il is probable that the income wll be rei¥J. Donated goods ole measured at thetr fail value 3rKI irthded in Irn}e. They are induded when the trust has been nolified of theii entitlement. all cormlilions have been mel and the final amount is known and expected. Donations and lega(aes 8re induded in in¢x)me wh8n the r*afity has been notified of their enlillemenl, all conditions have been met. and the final amount is knovm and expected. Rental income from investment woperty leased out under an operab.ng lèas8 is recognisèd in incomè on a straight line baS over the le&8e tem). Ary income eVed in advance is induded as a Credit as shown in nole 15. Investment incryne from interest and dividends is shown in th8 accounts on a receivable basis. EXpendIre Liabilities ai& recogni$ed as expenditure a$ soon as there 15 a or constnjctive obligation committing the haiity to that expend1ture. it 15 probable that a transfer of ec¢)nomic benefits will t required in settlement and the arnount of the obligatiorh be measured refiably. Expenditure is accounted lor on an acctuals basis and has been dassified under headings that aggiogatè an related to the category. In particular rai9 funds includes Pfopety management (xjsts ielab.ng to the investment property held as Permanent Endowment. Grallls payable are recognised as expendituie vthen the grant is approved by the Board of the Trustees and the decision has been communicaled lo the Teupienl. Allocatlon and apportionment of costs Support costs are those that as54St th8 work of the tharity txjl do not direclly represent charitable aclivilies and inejude office costs, govemance costs, adfflinistratNe payroll costs. Governance costs comprise of costs involved in the public acctsunt8bdity of the Injsl and its cQTnpIi8n regulation and good practice. Support costs have been allocated and apwtboned on the basis of time spenl. further analysis is shown in note Page 13 continued...
Blanchminster Trust Notes to the Flnancial Statements - continued for the Year Ended 31 December 2025 ACCOUNTING POLICIES- continued Tangible red a¥¥ets T8ngible fixed assets are stated al cx)st lor deewned Gost) or valuation $S accumulated depreuation and accumulated impairment losses. Cost includes costs diiectty altribLrtable to making thÉ assèt capable of operating as intended. Depre&ation is provided on all tsngible ffixed assets. al iales ral(xJlat¢d to lIe off the cost. less estimated residual value, of each asset on a systematic basis over its expeded useful lrfe as follows.. Freehold Land Freehold Buildings Fixtur88 and Fittings 2 /0 per annum on valuation 10Vv per annum on vnitten down b85iS 25°h per annum straight line basls All fixtures and fftb'ng3 are induded at histmc cosi and ar8 revi6v for impaimienl al each balan sheet dale. stocks Stocks are valued al the lower of rA)8t and net ISable value. aftèr making due allowance for obsolete and slow rnoving rtem$. Taxation The charity is exempt from tax on its tharitable actsvi$. Funds Unrestcted Unres1Cted funds are available for use al the Ifisc¥elion of the trustees in fvtherance ol the ggnoral objgctives f the charity and which have not been egnated for ¢)ther purposes. Endowmgrht Endowment funds represent those assets must be held pettnanently by the charity. The investment and freehold properly are shown in the financial statements as a pemianent endowment, in accordance wth the trust's charity scheme as described in the Report of the Trustees. Inwme arising on the gndowrnert funds ca be used in aCcdanCe wth the objects of the charity and is induded as unreslricted income. Any capital 98111S or losses arising on the investments lomi part of the end0ent fund. Other investments, which have been purchased using the proceeds o sales of frethold propety, are also indudwj in the endoneI fund. Other Flnancial instruments The trust only enters inta basic fin8ncial instsum6nts that resull in the recognition of finanaal assets and liabilities such as rent, Irade arTrd olhef accounts reCeN0b and payab, and cash held at bank. Further disclosures ¥elaling lo the financial instrutnents are given in the notes for pawb"cular ilems. Debtors Rent and other debtor5 are iecognised at the settlement amounl due after any dis¢T)unt offered. Prepayments afe valued at Ihe amount piepaid nel of any discounts due. Credttors Creditors and provisions are recognised Nthere the carty has a preserrt obligation resulting fvom a past evènt that wll probably resuft in Ihe transfer of funds to a Ihird party and the amounl due lo settle the obligation can be measured or estimated reliatty. Creditors and provisTrons a rewjnised at their settlement amount after allowing for any discounls due. Invgstment assets and unr•allsed gains The valuation of the Investment Property is 8n imw>rtant factor in Ihe FInana Statements and this is a key source ot estimation un¢ertainty. The portfolio of commeraal. mixed c0mmeruavresident[. Tesidenlial and agricultural property whid) make up the investrnent property are measured at lair value at each Teporting date with changes in faiT value recogni5ed in 'net g8ins l (losses) on investments. in the SOF Page 14 conlinued...
Blanchmlnster Tnjst Notes to thè Financial Statements- continued for the Year Ended 31 December 2025 ACCOUNT1NG POUCIES- contlnuèd Other 11 is the Iruslee8 lIcY tts have a full independent quinquennial review completed by a valuer who holds a recogni8ed and Televant professional qualifitiOn and has recent experience in the location and class of the property being valued. The quiwuennial ievw was Lqsl compted on 3161 December 2021 in accordan wlh RICS Valuation standard5. In the inlervening years in order to enswe the carrying amounts are al fair value. the residential property is revalued in accordarK* to the Land Res¥stry house price index and the oommercial properly values ar& 8djusted il therè is a matarial chaThJé in trircum5tanc8 With guid8nce being provided by an independent valuei. Invesltnerlt assets In th8 form of Ihg Chartb8s OffirAal Investment Fund shai8s. are Sh7 in the financi41 slxtèménts at fair v8lu8. Unrealised gains orb investsDent and Dthw assets reptewrt the drferellcg the fair value al the end tsf the yèar and: I for invesknent and other assets hehj at the start of Ihe year. the fair value ai that date, or lil for Investment and other assets acquired in the year, Ihe cost of acqwslb'¢)n. Changes in fair value are recognised in the SOF Employèè Bènèfits When employees have rende service lo the trust, short-temi eMIOYee benefits lo which the employees are entiued are recognised al the undiscounted amount expeded lo be paid in exchange for that service. The trust operat8S 8 defined (x)ntribution p]an for fhe benefft of its emFloyees. Contributions are expensed 88 they be¢om& payablo. INVESTMENT INCOME 202S 2024 Rents received Wayleaves COIF- dwidends Deposit acGounl Inte$t 530,073 360 39,584 Z,415 504.229 45 51.698 2,274 572,432 8,246 INVESTMENT MANAGEMENT COSTS 2025 2024 General insurance Property repairs General and water rates Light and heal Advertising SuNeyors and valuers lees Legal and profe6gon fees Support costs 39,629 333,667 18.S07 2,813 38,054 295,547 19,868 6,150 131 39,049 6,703 80,438 47,309 1.320 50.198 493,443 485.940 Page 15 continued...
BlanchminsterTrust Notes to the Financial Statemerrts- cont5nued for the Year Ended 31 December 2025 CHARITABLE ACTIVITIES COSTS Grant fun¢Jing of activitTr8S (see nole 51 Support costs Ise8 note 6) Total$ Educational grants Community grants Relief in need gran15 239.411 4,618 21,304 2S.099 11550 11S50 264,510 17.168 33,854 265.333 50,199 315,532 Th& obJ6ets of the trust are to makè grants in thr8È S(fiC area5'. 1. Rellef In need The trust is lo give generalty or indiwduaty to petsons, who a in cond08 of need. hardship or di8lres$, by grant of money or by providing SerVt faalttses tr) alate IS n86d. 2. Promotion of education The trust is lo award a maintenance alowance, scholarship (x otherwise provide finanual assistance to pèrsons who are in need of such assistance, to continue their StUdS. The trust is to also provide schoc*ls with special benefits not norInty provided by the local education authority. The trust is to also provide f5nanaal assistance to any charit8ble oig8nisakon whose objeds Ind the promoth'on of education. 3. Communty aid The Irusl is to prowde ffinawal astanCe to local tharItab org8nisations for thé b8nèfit of thè community. GRANTS PAYABLE 2025 2024 Educational grants Communty grants Relief in need grants 239,411 4,618 21.304 266,099 9.282 18.413 265,333 293.794 The total giants paid to insltutions during the year a5 fouows.. 202S 2024 Budehaven School Sl Michaels Church Bude Cricket Club South Weslein Ambulance Services NHS Foundalion Trust Sew N Sew Gioup Sensory Trust Blend Bude lMary Academy The Wave Project Coinwall Grows CIC Sing Up Budèl opy Monkey Ltmited Cameo Self Help Bude Bee Keepors Budehaven ARB 8ude Boxin9 AdernY 7.288 4.000 1.000 1.200 500 500 250 5,000 3,300 11901 1,OOD 500 572 950 720 15721 890 11.906 1 S.662 Page 16 ntinued..,
BlanchmlnstsrTrust Notes to the Flnanclal Statements - continued for the Year Ended 31 Dernber 202 GRAwfs PAYABLE- contlnued The fotal grants p8ld to irKlividuals during the year was a5 follcws.. 2025 2024 Promotion of Education Relief in Need 232,123 21,304 259,719 18,413 253,427 278.132 SUPPORT COSTS Govemanc8 costs Management Totals Investment management costs Educational grants Community granls Relief in need gmnts 41,550 20,774 10.388 10,388 5D,198 25,099 12.SSO 12.550 4,32S 2,162 2,162 83.100 17.297 100.397 Actlvity Management Govemance costs Basis of amocation TIPAE SPE[ ME SPENT Support costs. induded in the above. are as fdlows: Managèmont Inve5tmefrt management )sts Educational grants Communrty grants Vvages Pension8 Insuranc Offic6 Utilities Telephone Printing and advertising Postag6 Sundries Office repatrs Depreuation of tangible fixed a55els Loss on sale of tangible ffixed assets 28.656 1,301 311 2,138 4SO 14,3Z8 650 156 1,068 225 171 130 319 2,926 786 15 7,164 325 78 534 113 85 260 638 5,850 1.573 30 160 1,463 393 41.550 20,774 10,388 202S 2024 Rdiel in eed grants Total activities Total tivities Wages Pensions Insurance Office ulililies Telephone Printing and advertising 7.164 325 7B 57.312 2,601 623 4,274 901 684 54,628 2,024 688 2.814 858 572 113 85 Carried forward 8.299 6Q395 61,582 Page 17 continU8d...
Blanchrninsler Tntst Notes to the Financial 5tatemènts- contlnued for the Year Ended 1 D*Mbtrr 2025 SUPPORT COSTS- GonnU Managernent- eonttnued 2025 2024 Relief in Total actiwties Totsl activities grants 6roughl forward Post89$ Sundries Office repairs Depreri8tion ol tangible ftted assets Loss on sale of tangible fixed assets 8,299 65 160 1.463 393 66.395 520 1.277 11.702 3.145 61 61,582 820 959 77,764 2,940 10.388 83.100 144,065 Governance ¢¢sts Investment management Educational o)sls gran15 Communliy grants Audilor5' remuneration Legal and profession fees 3.725 4,923 1.863 2,462 931 1,231 8,648 4,325 2,162 2025 2024 Relf in need grants Totsl aclivities Total activities Audito, retlluneration Leg81 and professional fees 931 1,231 7.450 9,847 6,900 9.915 1162 17.297 16,815 AUDITORS. REMUNERAnON 2025 2024 Fees payable to the tharity's auditors for th6 audi( of Ihe charilys finanlial statements 7.450 6.900 The tot audIt(S remuneration includes fees for non4urfrt services. The Th)n-audit seNices inojude assistance th the preparation of the slatulory acltS, £9.478 has been allor2ted in govemance costs as legal and professional fee5. Page 18 continued...
Blanchmlnstsr Trust Notes to the Financlal Statements . continued the Year Ended 31 December 2025 TRUSTEES. REMUNERATION AND 8ENEFtrs There were no Iwstees. iemuneration or other beneffts for the yeai endèd 31 December 2025 nor for the yeaT ended 31 December 2024. Trustees. expens&s There werè no trustees. expenses paid for the year 8nde(1 31 Drnber 2025 nor for the year ended 31 Decamb 2024. STAFF COSTS 2025 2024 Wages and salaries Other pension costs 57,312 2.601 54,626 2.024 59,913 5S,650 The 8vefage monthly number of emptoyee5 during the year was as follo¥¥s: 2025 2024 Staff {exduding trustees) No mOYeeS receNed emohJments in excess 01 £60,IMX). The charity operates a defintrd contrlbution plan for 1he benefft of its ernployees. Contributitsns are expensed as they become payablo. Key managèmènt P8tsonnel salary lotals £37.913 for Ihe year (2024.. £34,392}. 10. TANGIBLE FIXED ASSETS Fixtures and Fitbng5 Freehold Totals COST Al 1 January 2025 Disposals 85.000 1S,S39 12,2471 100,539 12,2471 At 31 December 2025 85.000 13,292 98,292 DEPRECIATION At 1 January 2025 Charge for year Eliminaled on disposal 3.960 1.320 10.343 1,825 {2,1861 14,303 3,145 12,1861 At 31 Decernbef 2025 5.280 9.982 1S,262 NET BOOK VALUE Al 31 Decembei 2025 79,720 3.310 83,030 Al 31 December 2024 81.040 5,196 66,238 Freehold property indude5 freehold land estimated at £19.00012024.. £19.IJ)O) wlu.ch is not depreciated. The tangible fixed assets are used in the management and administtatlon ol thE drIty. The freehold property was acquiied at no cost. The freehold properly was valued on Ihe satne basis as the commerc¢a1 investment propefty detailed in the accounl'ng policy in note 1. in ordei lo ensure that the Carrng amount does not differ materially Irom the fair value at the end of Ihe Teporling period. The freehold propety is incILed in Ihe endowment fund. Page 19 conlinued..
BlanchmlnsterTrust Notos to the Financial Statements- continuod for the Year Ended 31 December 2025 11. FIXED ASSET INVESTMENTS COIFI listed shares Investment property Totals MARKET VALUE Al 1 January 2025 Addtbons Disposals RÉvaluations 10.508.220 26,238 1.686.781 12.195,001 26,238 1432,9701 55,841 (432,9701 82.376 {26.5351 Al 31 Dmber 2025 10.507.923 1,336,187 11,844,110 Ngr BOOK VALUE Al 31 December 2025 10,507,923 1,336.187 11.844,110 At 31 December 2024 10,508.220 1,686.781 12,195,001 There we¥e no investment assets held outsK10 th8 UIQ Cost or valuation at 31 DecemLEr2025 is iepresented by: COIFI listed shares Investment property Total8 Valuation in 2025 10.507.923 1.336,187 11,844,110 The investment property p(0710 has been valued in line wilh the accountiThJ policy in note 1. Property COIF Histo(ical cost at 31 December 2025 1,332.268 266.575 COIF shares are allocated as follcA¥s'. 2025 2024 General fijnd Enthwmenl fund 1.203.468 132.719 1,536.002 150.779 1,336,187 1.686,781 12. STOCKS 2025 2024 Stock 249 340 Page 20 continued...
Blanchminster TruBt Notes to the Flnancial Statements- coned for the Yeai Endèd l December 2025 13. DEBTORS: AMOUNTS FALUNG DUE WtThlN ONE YEAR 2025 2024 Rent debtors Other deblors Accrued investm8nl incorne feceNable Prepayments S,069 3,907 11330 27.220 12,692 6,000 13,897 25.070 48,526 57,659 14. CASH AT BANK 2025 Total furids 2024 Total funds Current acujunt Deposit account 102,036 335,000 111.583 35,Th)0 Total 437.036 146,583 15. CREDITORS.. AMOUNTS FALUNG DUE wrtHIN ONE YEAR 2025 2024 Grants payable Other ueditors Rents recwved in advance Acuuals 1,200 29,325 46,564 19.803 4.293 5,450 31,803 16.039 96,892 57,5 18. MOVEMENT IN FUNDS Nel movefflent in funds At 31.12.25 A11.1.25 Unrestricted lunds General fund 1.983.807 {92.5021 1,891,305 Endowment funds Endowment fund 10.444,42Y 119,6731 10,424.7S4 TOTAL FUNDS 12,428.234 1112,1751 12,316,OS9 Page 21 continued...
Blanchminster Tru otss to the Financial Statements - continued for thè Year Ended 31 December 2025 16. MOVEMENT IN FUNDS- continued Endowmentfund assets 2025 2024 FehOld property {Blanchminsler offi(t) Investment properties COIF shares 79,720 10.212.31S 132,719 81,040 10,212,608 1SO,779 T¢)tal 10,424,754 10.444.427 17. RELATED PARTY DISCLOSURES There were no related party transactions forthe yèar 31 December 2025. 18. GOING CONCERN Tho trustees consider that the are no Materi uncertainties abt the Trusys abilty tri continue as a going 19. TRUSTEES INDEMNrrY INSURANCE The main office Insuran detailed in 5UPPOrt costs IndleS twslees indemnity insurance. Page 23