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2023-12-31-accounts

Charity registration number: 204536

Bideford Bridge Trust

The Bridge Trust known as Bideford Bridge Trust Annual Report and Financial Statements for the year ended 31 December 2023

BIDEFORD BRIDGE TRUST CONTENTS (CONTINUED)

Reference and Administrative Details 1
Trustees' Report 2 to 8
Statement of Trustees' Responsibilities 3
Independent Auditors' Report 9 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statements 16 to 32

BIDEFORD BRIDGE TRUST REFERENCE AND ADMINISTRATIVE DETAILS

Chairman O Chope
Trustees P S Christie (to 20/02/2024)
Mrs S J Ellis
Mrs S L Green
Mrs J Gubb
The Mayor of Bideford, J A McKenzie, Ex-Officio Trustee
E A Hubber
W G Isaac
Mrs E Junkison
Mrs S J Langford
J A McKenzie
P R Sims
Other Officers Mrs R Gould, Steward
Charity Registration Number 204536
Principal Office First Floor Offices
4 Bridgeland Street
BIDEFORD
Devon
EX39 2PS
Auditor Glover Stanbury
Chartered Accountants and Registered Auditors
27 Bridgeland Street
BIDEFORD
Devon
EX39 2PZ
Solicitors Bazeley Barnes & Bazeley
24 Bridgeland Street
BIDEFORD
Devon
EX39 2QB
Bankers National Westminster Bank plc
41 High Street
BARNSTAPLE
Devon
EX31 1DA

Page 1

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 December 2023.

Structure, governance and management

Nature of governing document

The Trust is an unincorporated trust registered with the Charity Commission as a charity under the name of The Bridge Trust, but with a working name of Bideford Bridge Trust. It is governed by a Scheme of the Charity Commissioners of 11 January 1973, as amended by their orders of 1 June 1988 and 24 July 2003, and aims to follow the principles of the Charity Governance Code. The Trust does not carry out fundraising activities and receives no public funds or grants.

The names of the Trustees who served during the year are shown on page 1 of these financial statements. The Trustees are appointed in accordance with the Scheme sealed by the Charity Commissioners on 11 January 1973 which provides for 8 Co-optative Trustees who hold office for a term of 5 years, 3 Nominative Trustees appointed by Bideford Town Council to serve for a term of 4 years and the Mayor of Bideford for the time being as Ex-officio Trustee.

New Trustees receive an introductory pack on appointment, which comprises the framework documents of the Trust, together with a Statement for signature stating that they accept and are willing to act in the Trusts of the Scheme. They are encouraged to contact the Steward for any further clarification.

The Steward deals with day-to-day management issues of the Trust, reporting and accountable to the Trustees. The business of the Trust is also conducted with the help of Sub-Committees, whose functions are:

i) Bursar’s Sub-Committee

To consider applications for Grants and to make recommendations in respect thereof, or to make decisions within specified financial limits.

ii) Property Sub-Committee

To advise the Trust in respect of the implications of major property transactions and to supervise the day to day running of the real property of the Trust.

iii) Housing Sub-Committee To appoint residential tenants. iv) Business Start-up Working Party To review applications for Business Start-Up Grants and to make recommendations to the Trust. v) Budgetary Working Party To formulate a budget for recommendation to the Trustees on an annual basis. vi) SORPS Working Party

To review Trust policies and make recommendations as required in the light of SORPS variations or amendments.

All Sub-Committees report to, and are accountable to, the Main Trust meetings.

The advisors to the Trust are listed on page 1 of these financial statements.

Page 2

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT (CONTINUED)

Major risks and management of those risks

The Trustees have introduced a formal risk management process to assess business risks and implement risk management strategies. This involved identifying the types of risks the Trust faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. The Trustees are satisfied that systems are in place to mitigate any such risks.

The Trustees have considered the question of risk management in general, and have identified that the key risks are an unexpected property repair liability and a decrease in commercial letting rents. They are conscious that they will receive applications for assistance from potential beneficiaries and that some of these applications will be for significant sums. However the Trustees as a matter of policy do not commit themselves to make repeat or future grants, and all current significant promises of grants are recorded and factored into their assessments. So far as the income of the Trust is concerned, this is broadly based, being partly from investments managed by CCLA Fund Managers Limited and partly from rental returns on residential and commercial properties, so sudden or unforeseen declines of income are not foreseen as a realistic risk

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 3

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT (CONTINUED)

Objectives and activities

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Objects and aims

The Trust exists to distribute its income for charitable purposes, as defined by the Charities Act 2011, benefiting persons resident in Bideford and its neighbourhood. In making such distributions, the Trustees have full regard to the guidance contained in the Charity Commission’s general guidance on public benefit issued in accordance with their powers under section 4 of the Charities Act 2011. Funding is provided by holding and managing property and other investments. During the year under review the Trust operated successfully, and maintained it's effectiveness.

The Trust plans to continue to distribute income, considering monthly the grant applications received which are encouraged as detailed on the Trust's website and where the relevant application forms can be downloaded.

Page 4

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT (CONTINUED)

Grant making policies

It is the policy of the Trust to distribute the whole of the net income of the Trust as Grants, subject to maintaining its reserves. However, both this policy and the Reserve Policy are aspirational as opposed to fixed. Consequently, if there are particularly deserving Grants to be made then consideration will be given to reducing Reserves and, conversely, if there are insufficient deserving applications for Grants then Reserves will be increased. No political donations are paid by the Trust.

The Trust has a website bidefordbridgetrust.org.uk which informs the public of the history of the organisation and what it does, and allows them to download grant forms and contact the Trust. This includes a news section, reporting the major activities of the Trust.

The ambit of Grants is dictated by the Scheme of the Trust. Within this Scheme, it is the policy of the Trust to make the following Grants:

(i) To encourage education. This is achieved by Book Grants and Bursaries for Students, living within the Parish of Bideford or to the North of the Parish of Bideford but to the South of the Link Road, attending post - “A” level courses. Hardship Grants are also made for other Students not within the Parish of Bideford but within the area of benefit of the Trust. The Trust also gives discretionary grants to support persons resident within the Parish of Bideford attending vocational or apprenticeship training schemes. The total annual budget for these grants has been set at £95,000 for the 2024 year and £89,050 was paid for the year under review.

(ii) To encourage unemployed people and those who were recently unemployed to become self-sufficient by assisting them in Business Start-Up Schemes. Successful applicants receive Business Start-Up Grants over a period of two years, or occasionally loans. There is an annual budget for this of £75,000 for the 2024 year and £79,250 was paid or committed for the year under review.

(iii) Individual Applications for charitable assistance (such as on the grounds of poverty or ill health) on an urgent basis are considered every month on their merits. The annual budget for such grants amounts to £50,000 for the 2024 year and £19,810 was paid for the year under review.

Page 5

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT (CONTINUED)

(iv) To assist the travel requirements of the elderly and infirm through the Torridge Taxi Voucher Scheme. The annual budget for payments to redeem vouchers under the Scheme has been set at £20,000 for the 2024 year, and £17,788 was paid or committed for the year under review.

(v) To encourage the young to learn to swim by subsidising the cost of swimming lessons for local school children. The annual budget for this was set at £25,000 for the 2024 year plus an amount of £9,000 to assist transport costs to the local swimming pool, and £27,064 and £9,964 respectively were paid or committed for the year under review.

(vi) Applications from Clubs and Charities for assistance are considered on an annual basis every summer. It had been the trend for organisations and Charities to apply other than on an urgent basis throughout the year and in earlier years these were considered on a monthly basis. It is now the policy of the Trust to give consideration to such applications only if there is good reason to do so, but otherwise to defer them until the time of consideration of the Annual Grants. By doing so the Trust seeks to reconcile its desire to be responsive for the benefit of the beneficiaries of the Scheme of the Trust with its desire to manage its reserve policy properly. In considering the applications the Trustees are always cognisant of the Charity Commission’s public benefit guidance in respect of the funds to be allocated. The annual budget for grants to Clubs and Charities was set at £286,000 for the 2024 year and £276,851 was paid or committed for the year under review.

(vii) To consider actively during the year any other appropriate significant charitable projects. The annual budget for this was set at £120,000 for the 2024 year and £119,382 was committed for the year under review.

It will be noted that Charitable Grants are shown in Note 6 to total £639,159 for the year, which includes £195,535 of Grants approved by the Trustees and advised to the applicants but not paid at the year end and £19,287 for Taxi vouchers issued but unredeemed at the year end. This accounting treatment reflects the contents of the Charities SORP (FRS102) as all legal and constructive obligations are provided for.

Page 6

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT (CONTINUED)

Investment policy and performance against policy requirements

The policy of the Trust is to maintain its diversification of long term investments between the property market and the Stock Market. In the event of real property being sold, it is the policy of the Trust to replace this with other real property subject to appropriate professional advice. Whilst maintaining diversification as a broad principle, it is also the policy of the Trust to acquire further real property in the interest of good estate management. The monies awaiting investment in real property are held on deposit. The Trustees regularly review the market to take steps to obtain maximum yields on the Trust’s liquid funds, coupled with reasonable availability when required. This is currently achieved by investing a significant proportion of such funds in the COIF Charities Ethical Investment Fund; this is a separate holding in addition to the endowment funds already invested in that fund since 2010. Whilst performance against policy is monitored regularly, it is not the policy of the Trust to change investments frequently due to the costs of transfer incurred.

The Trustees are pleased to note that up to now Trust income has been substantially maintained in the current difficult economic climate, due to its prudent mix of property and Stock Market investments. This has enabled the Trust to maintain its active policy of grant distribution

Policy on reserves

It is the policy of the Trust to aim to maintain Reserves of Unrestricted Funds equivalent to one year’s net income before donations. The reasons for such reserves are:

(i) To maintain the normal level of Grant making in the event of any short-fall of income; (ii) To make provision for any major refurbishments that might be required in respect of properties; and

(iii) To be in the position to make a major one-off Grant, if appropriate.

At the year end the Trust held Endowment Funds of £17,432,961, Restricted Funds of £150 and Reserves of Unrestricted Funds amounting to £717,975, and had not contracted for any expenditure (2022 - £Nil) on major refurbishment projects of investment properties. The current Reserve aspiration is £500,000 of Unrestricted Funds but this policy is reviewed every year after the Annual Accounts are presented.

The Trustees have set their Reserve Policy on the basis of using unrestricted income funds only. The permanent endowment funds of the Trust comprising investment property holdings and a share portfolio have been excluded. The Trust has no significant tangible fixed assets other than investment property.

The Trust sets a budget for each year, which sets out both its proposed anticipated grants and its anticipated expenses. Its reserves policy is to provide for expenses over and above those set out in its budget. It has no liability in respect of pension schemes.

Bearing all the above factors in mind, the Trustees have resolved that prudent reserves policy would normally be to retain £500,000, to be used if necessary in respect of unforeseen developments and thereafter replenished as soon as feasible.

Page 7

BIDEFORD BRIDGE TRUST

TRUSTEES' REPORT (CONTINUED)

Key performance indicators

The Trustees review the summary of funds available on a monthly basis, comparing firstly income and expenditure against budget and then calculating Unrestricted Cash Funds available after deduction of the Permanent Endowment element included in the Bank balances, followed by a calculation of Uncommitted Funds after taking account of Grants promised but awaiting payment. A report is also made of Tenants over 1 month late in settlement.

The Key Financial Performance Indicators are therefore the Unrestricted Cash Funds and Uncommitted Funds available, Tenant balances overdue and performance of income and expenditure against budget.

On an annual basis the Key Financial Performance Indicators are the Estate rental income, other investment income and grants committed.

Fixed asset investments

Movements in fixed asset investments are shown in Note 12 to the Accounts. The Trustees draw attention to the inclusion of the Trust's freehold properties in the Accounts at a valuation, as explained in Note 12, and to the inclusion of other investments at their market values. This is to comply with the Charities Act 2011 and the Charities SORP (FRS102).

Taxation status

As a charity utilising all of its net income for charitable purposes the Trust is exempt from income tax, corporation tax and capital gains tax. The Trust has waived its exemption from Value Added Tax in respect of certain properties.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 3 October 2024 and signed on its behalf by:

O Chope Chairman

Page 8

BIDEFORD BRIDGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BIDEFORD BRIDGE TRUST

Opinion

We have audited the financial statements of Bideford Bridge Trust (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 9

BIDEFORD BRIDGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BIDEFORD BRIDGE TRUST (CONTINUED)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 3), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

Page 10

BIDEFORD BRIDGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BIDEFORD BRIDGE TRUST (CONTINUED)

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

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

  1. The nature of the charity and sector, control environment and charity performance;

  2. results of our enquiries of management about their own identification and assessment of the risks of irregularities;

  3. any matters we identified having discussed the Trust’s documentation of their policies and procedures relating to:

  4. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  5. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  6. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

  7. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based upon our understanding we designed and conducted audit procedures which included: - Enquiring of Trustees and management as to the Charity's policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 11

BIDEFORD BRIDGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BIDEFORD BRIDGE TRUST (CONTINUED)

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Glover Stanbury (Statutory Auditor)

27 Bridgeland Street BIDEFORD Devon EX39 2PZ

4 October 2024

Glover Stanbury is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 12

BIDEFORD BRIDGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Unrestricted
£
Income and Endowments from:
Donations and legacies
3
250
Investment income
4
880,792
Total income
881,042
Expenditure on:
Raising funds
5
(335,367)
Charitable activities
6
(678,191)
Other expenditure
7
(1,000)
Total expenditure
(1,014,558)
Gains/losses on
investment assets
69,320
Net movement in funds
(64,196)
Reconciliation of funds
Total funds brought
forward
782,171
Total funds carried
forward
17
717,975		 Restricted
£
Endowment
£
Total
2023
£
Total
2022
£
-
-
250
1,000
-
-
880,792
878,257
-
-
881,042
879,257
-
(9,152)
(344,519)
(369,764)
-
-
(678,191)
(703,861)
-
-
(1,000)
(1,000)
-
(9,152)
(1,023,710)
(1,074,625)
-
(2,214,541)
(2,145,221)
(41,243)
-
(2,223,693)
(2,287,889)
(236,611)
150
19,706,654
20,488,975
20,725,586
150
17,482,961
18,201,086
20,488,975		 Total
2022
£
1,000
878,257
879,257
(369,764)
(703,861)
(1,000)
(1,074,625)
(41,243)

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 17.

Page 13

BIDEFORD BRIDGE TRUST

(REGISTRATION NUMBER: 204536) BALANCE SHEET AS AT 31 DECEMBER 2023

BIDEFORD BRIDGE TRUST
(REGISTRATION NUMBER: 204536)
BALANCE SHEET AS AT 31 DECEMBER 2023
2023 2022
Note £ £
Fixed assets
Investments 12 18,396,210 20,506,007
Current assets
Stocks 13 269 277
Debtors 14 79,792 84,076
Cash at bank and in hand 15 44,511 109,378
124,572 193,731
Creditors: Amounts falling due within one year 16 (319,696) (210,763)
Net current liabilities (195,124) (17,032)
Net assets 18,201,086 20,488,975
Funds of the charity:
Endowment funds 17,482,961 19,706,654
Restricted income funds
Restricted funds 150 150
Unrestricted income funds
Unrestricted funds 717,975 782,171
Total funds 17 18,201,086 20,488,975

The financial statements on pages 13 to 32 were approved by the trustees, and authorised for issue on 3 October 2024 and signed on their behalf by:

O Chope Chairman

Page 14

BIDEFORD BRIDGE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Note
2023
£
Cash flows from operating activities
Net cash expenditure
(137,365)
Adjustments to cash flows
Investment income
4
(880,792)
(1,018,157)
Working capital adjustments
Decrease in stocks
13
8
Decrease/(increase) in debtors
14
4,284
Increase in creditors
16
108,933
Net cash flows from operating activities
(904,932)
Cash flows from investing activities
Interest receivable and similar income
4
880,792
Purchase of investments
12
(512,056)
Sale of investments
471,329
Net cash flows from investing activities
840,065
Net decrease in cash and cash equivalents
(64,867)
Cash and cash equivalents at 1 January
109,378
Cash and cash equivalents at 31 December
44,511
Reconciliation between net movement in funds and net cash expenditure
2023
£
Net movement in funds
(2,287,889)
Unrealised gains/(losses)
2,150,524
Net cash expenditure
(137,365)		 2022
£
(195,368)
(878,257)
(1,073,625)
483
(4,737)
42,517
(1,035,362)
878,257
(82,500)
91,889
887,646
(147,716)
257,094
109,378
2022
£
(236,611)
41,243
(195,368)

All of the cash flows are derived from continuing operations during the above two periods.

Page 15

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 LEGAL FORM OF THE TRUST

The Trust is an unincorporated trust registered as a charity with the Charity Commission for England and Wales (registration number 204536) and is a public benefit entity with a registered office at First Floor Offices, 4 Bridgeland Street, BIDEFORD, Devon, EX39 2PS.

2 ACCOUNTING POLICIES

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The Trust's functional and presentation currency is the £ sterling.

Going concern

The Trustees have considered, and are not aware of any circumstances or issues that might cast doubt on, the Trust’s ability to continue as a going concern.

Judgements

Judgements made by the Trustees in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of investment properties. These are measured at fair value at each reporting date, as valued by a firm of Chartered Surveyors. In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, and are reviewed on an ongoing basis. Actual results may differ from these estimates and any revisions are recognised in the period in which the estimate is revised.

Income and endowments

Investment income from property, quoted investments and interest is unrestricted and is recognised on a receivable basis. Voluntary income including donations, legacies and grants is recognised when there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Page 16

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Expenditure

All expenditure is accounted for on an accruals basis and liabilities are recognised as soon as it is considered that there is either a legal or constructive obligation committing the Trust to the expenditure, arising from events prior to the year end.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Grant provisions

Grants payable are charged in the year when the offer is conveyed to the recipient.

Other expenditure

Apportionment of Steward’s fees:

The steward also acts as Bursar and Steward’s fees are apportioned, based on an estimate of the proportion of the work performed in each role. No other costs are apportioned.

Office equipment:

The minimum capitalisation of tangible fixed assets is £1,000. Any individual office equipment items below this figure have been treated as an expense.

Support costs

Support costs consist of those costs which relate to the general administration of the Torridge Taxi Voucher Scheme. The Torridge Taxi Voucher Scheme was previously administered by an outside agency, supported by funding from this Trust. The Trustees reviewed the working of the Scheme in 2012 and decided to improve the efficiency of working and reduce the overall cost of the Scheme by administering it using services provided by the officers of the Trust, as disclosed in Note 9 to these Financial Statements.

Governance costs

Governance costs consist of those costs which relate to the overall running of the Trust, including meeting statutory and regulatory requirements. The Trust has no employees and no fees or expenses are paid to the Trustees or to persons closely connected with them.

Investment properties

All properties owned by the Trust are vested in the Official Custodian for Charities. Freehold land and buildings held as investments are carried at fair value and are revalued annually, to comply with the Charities SORP (FRS102), and gains or losses arising on revaluation are recognised in the Statement of Financial Activities.

Page 17

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Fixed asset investments

All quoted Stock Market investments are stated at market value and gains or losses arising on revaluation are recognised in the Statement of Financial Activities and allocated to the appropriate Fund. Separate holdings of quoted investments are maintained for the Endowment Fund and Unrestricted Fund and are categorised as Fixed Assets where they relate to Endowment Funds. The quoted investments relating to Unrestricted Funds were previously included in Current Assets as they replaced bank deposits on the clear understanding that withdrawals must be straightforward and available at short notice when required to fund the charitable activities and day-to-day running of the Trust. As this holding had not changed for a number of years this was categorised as Fixed Assets in 2021. Income from all investments is credited to Unrestricted Funds in accordance with the Trust deed.

Stock

The value of book stocks is estimated by the Trustees, based on the lower of cost and net realisable value.

Trade debtors

Trade debtors are amounts due from tenants for rents due in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised initially at the transaction price.

Page 18

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Endowment funds represent the properties and other investments gifted to the Trust, the income from which is to be used for charitable purposes (as defined by the Charities Act 2011) benefiting persons resident in Bideford and its neighbourhood.

3 INCOME FROM DONATIONS AND LEGACIES

3 INCOME FROM DONATIONS AND LEGACIES
Unrestricted
funds
General
£
Donations and legacies;
Donations from companies, trusts and similar proceeds
250
250
4 INVESTMENT INCOME
Unrestricted
funds
General
£
Interest receivable and similar income;
Interest receivable on bank deposits
2,126
Other income from fixed asset investments
127,251
Other investment income
23
Income from rents
751,392
880,792		 Total
2023
£
250
250
Total
2023
£
2,126
127,251
23
751,392
880,792		 Total
2022
£
1,000
1,000
Total
2022
£
338
124,228
30
753,661
878,257

Page 19

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

BIDEFORD BRIDGE TRUST

5 EXPENDITURE ON RAISING FUNDS

A) INVESTMENT MANAGEMENT COSTS

A) INVESTMENT MANAGEMENT COSTS
Unrestricted Endowment
funds
General
£
funds
Permanent
£
Other investment management costs;
Book purchases
8
-
Void rates and water rates
4,653
-
Lighting and heating of trust properties
4,822
-
Insurance
22,284
-
Repairs and servicing costs
223,303
-
Telephone and internet
331
-
Office equipment
2,637
-
Printing, stationery and software
4,371
-
Sundry expenses
-
-
Sundry expenses
1,909
-
Cleaning, gardener and caretaker
1,808
-
Warden's fees
24,477
-
Steward's fees (50%)
21,161
-
Advertising
1,780
-
Professional fees
-
9,152
Professional fees
19,620
-
Book-keeping and Xero support
550
-
Bank charges
1,653
-
(Gain)/loss on investments
-
-
335,367
9,152		 Total
2023
£
8
4,653
4,822
22,284
223,303
331
2,637
4,371
-
1,909
1,808
24,477
21,161
1,780
9,152
19,620
550
1,653
-
344,519		 Total
2022
£
483
1,607
8,062
20,584
264,910
-
-
615
50
1,225
3,843
28,800
19,350
863
2,591
5,315
390
1,686
9,390
369,764

Investment Management Costs consist of those costs which relate to the management of the Trust investment portfolio, and particularly to the investment properties held on Permanent Endowment to fund the charitable activities of the Trust.The Trust has no employees and no fees or expenses are paid to the Trustees or to persons closely connected with them.

Page 20

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

6 EXPENDITURE ON CHARITABLE ACTIVITIES

6 EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
funds
General
£
Grant funding of activities
639,159
Allocated support costs
1,978
Governance costs
37,054
678,191		 Total
2023
£
639,159
1,978
37,054
678,191		 Total
2022
£
668,559
1,618
33,684
703,861

Governance Costs consist of those costs which relate to the overall running of the Trust, including meeting statutory and regulatory requirements. The Trust has no employees and no fees or expenses are paid to the Trustees or to persons closely connected with them.

7 OTHER EXPENDITURE

Unrestricted
funds
General
£
Bridge Maintenance Order
1,000
1,000		 Total
2023
£
1,000
1,000		 Total
2022
£
1,000
1,000

Page 21

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

8 GRANT-MAKING

Analysis of grants

Analysis
Business start-ups
Community events
Furthering of education
Local churches and religious groups
Local heritage
Local sports clubs, facilities and
organisations
Other local charitable and community
organisations
Performing and visual arts
School swimming lessons and transport
Taxi voucher scheme
Welfare of people in financial need
Youth organisations		 Grants to institutions
2023
£
2022
£
-
-
6,500
5,811
40,568
23,930
25,500
36,500
24,700
34,150
176,767
181,230
73,967
66,740
19,150
20,150
36,571
40,934
-
-
17,500
27,300
12,038
14,230
433,261
450,975		 Grants to individuals
2023
£
2022
£
79,250
82,967
-
-
89,050
86,320
-
-
-
-
-
-
-
-
-
-
-
-
17,788
18,715
19,810
29,582
-
-
205,898
217,584		 Grants to individuals
2023
£
2022
£
79,250
82,967
-
-
89,050
86,320
-
-
-
-
-
-
-
-
-
-
-
-
17,788
18,715
19,810
29,582
-
-
205,898
217,584
217,584

The support costs associated with grant-making are £Nil (31 December 2022 - £Nil).

In making grants, the Trustees have full regard to the guidance contained in the Charity Commission’s general guidance on public benefit issued in accordance with their powers under Section 4 of the Charities Act 2011.

None of the Trustees or their related parties had a pecuniary interest in any grants to organisations of which they are members.

A full list of grants made can be obtained from the Trust by application to its address.

Below are details of grants made.

Below are details of grants made.
2023 2022
Name of institution £ £
20 Bideford Air Training Corps 2,000 -
Appledore Band 1,000 1,500
Appledore Football Club 3,000 3,000
Appledore Maritime Heritage Trust 5,000 10,000
Atlantic Racquet Centre - 140,000
Bideford Amateur Athletic Club 23,157 -
Bideford Amateur Football Club - Youth 2,000 4,000
Page 22

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

(CONTINUED)
Bideford Amateur Rowing Club 5,000 5,000
Bideford and District Archive Council - 1,750
Bideford Baptist Church 3,000 -
Bideford Blues & Appledore Junior FC 10,000 6,000
Bideford Carnival 1,500 1,500
Becky's Christmas Toy Bank 2,000 1,800
Bideford College - Battlefield Trip 10,000 2,000
Bideford College - Duke of Edinburgh contribution 2,588 3,680
Bideford College - Enrichment Week transport 3,556 5,000
Bideford College - Sunrise interventions 3,450 -
Bideford College 5,000 -
Bideford, Littleham & Westward Ho! Cricket Club (Colts Section) 5,000 5,000
Bideford Massed Pipes & Drums 2,000 3,000
Bideford Methodist Church 5,000 10,000
Bideford Railway Heritage Centre 5,000 4,000
Bideford Rotary Club - Water Festival 1,500 1,750
Bideford Rugby Club Limited 5,000 4,000
Bideford Soapbox Derby 1,500 -
Bideford Street Pastors and School Pastors 2,000 4,000
Bideford Town Band 2,000 -
Bideford Youth Pipe Band 1,500 2,000
Buckland Brewer Methodist Church (including 2018 Youth Project) 1,000 2,500
Buckland Brewer Primary School 5,700 -
Burton at Bideford - 5,000
Clovelly Pilot Gig Club 2,000 2,000
East-the-Water Community Pantry 3,000 -
East-the-Water Community Primary School 6,600 11,830
Edukid 1,000 2,000
Family Compass 2,000 -
Friends of Northam Schools - 2,000
Go North Devon Ltd (Cancer Care Service) - 2,000
Harbour Bideford 5,000 3,000
Hartland Recreational Ground 1,800 -
Holy Trinity Church, Westward Ho! 1,000 2,000
Home-Start Torridge and North Devon - 4,500
Just Play Sports 2,000 -
Laughter 1,500 -
Lavington United Reform Church 4,000 4,000
Lemon Jelly Youth Work 3,000 3,000
Libraries Unlimited 6,262 -
Little Green Town Bideford - 3,000
Macmillan Cancer Support 5,000 -
Monkleigh Primary School - 2,600
North Devon Display Gymnastics Club 1,000 2,000
North Devon Down Syndrome Association 1,800 1,800
North Devon Forum for Autism Spectrum Conditions and ADHD 2,000 1,800
Page 23

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

(CONTINUED)
North Devon Hospice
Northern Devon Food Bank
Northam Lions Football Club
Northam Methodist Church
Over and Above
Penguin Sports Foundation
Sandymere Blues Football Club
School Swimming Lessons (1610 Limited and Active Torridge)
South West Blood Bikes
South West Heritage Trust - North Devon Record Office
Steamship Freshspring Society
Survivors Alliance North Devon
Tarka Child Contact Centre
The RainBo Music Trust
Torridge District Guides
Torridge, N Devon, Mid & West Devon Citizens Advice Bureau
Torridge Pilot Gig Club
Torridge Voluntary Services - 3 C's Warm Hub Scheme
Torridge Voluntary Services - Bideford Volunteer Centre
Torridgeside Amateur Swimming Club
Transport Costs for School Swimming Lessons
Up Close Theatre
Victoria Park Community Action Group
Westward Ho! Community Association
Wings South West
Grants under £1,500 to institutions
Business Start-Ups
Taxi Voucher Scheme
Book, Bursary, Social and Training		 17,000
5,000
3,000
1,500
10,000
1,500
1,500
27,064
-
7,000
5,000
2,000
3,000
1,500
750
2,500
2,000
-
15,960
2,000
9,964
5,000
99,965
-
2,000
39,645
79,250
17,788
108,860
639,159		 16,000
8,000
1,500
1,500
10,000
-
1,500
29,156
3,000
6,000
7,000
-
3,000
-
1,500
4,000
-
6,000
13,000
2,000
10,315
4,000
-
4,000
-
45,493
82,967
18,716
115,902
668,559

Page 24

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

9 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS

Charitable activities expenditure

9 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Charitable activities expenditure
Unrestricted
funds
Total
Basis of
allocation
General
£
2023
£
Support costs
A
1,978
1,978
Governance costs
37,054
37,054
39,032
39,032
Support costs allocated to charitable activities
Basis of
allocation
Administration
costs
£
Total
2023
£
Administration costs for Torridge
Taxi Voucher Scheme
A
1,978
1,978		 Total
2022
£
1,618
33,684
35,302
Total
2022
£
1,618

Basis of allocation

Reference Method of allocation A Costs directly associated with the Torridge Taxi Volunteer Scheme grant scheme

Page 25

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

GOVERNANCE COSTS

GOVERNANCE COSTS
Unrestricted
funds
General
£
Steward's fees (50%)
21,160
Accountancy fees payable to auditor
4,500
The audit of the charity's annual accounts
10,860
Professional indemnity insurance
534
37,054		 Total
2023
£
21,160
4,500
10,860
534
37,054		 Total
2022
£
19,350
4,500
9,300
534
33,684

10 TRUSTEES REMUNERATION AND EXPENSES

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

11 TAXATION

As a charity utilising all of its net income for charitable purposes the Trust is exempt from income tax, corporation tax and capital gains tax. The Trust has waived its exemption from Value Added Tax in respect of certain properties.

Page 26

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

12 FIXED ASSET INVESTMENTS
2023 2022
£ £
Investment properties 13,837,202 16,565,000
Other investments 4,559,008 3,941,007
18,396,210 20,506,007
INVESTMENT PROPERTIES
Investment
properties
£
At valuation
At 1 January 2023 16,565,000
Revaluation (2,546,104)
Additions 124,806
Disposals (306,500)
At 31 December 2023 13,837,202
Provision
At 31 December 2023 -
Net book value
At 31 December 2023 13,837,202
At 31 December 2022 16,565,000
Valuation of investment properties is by an independent valuer.
Purchases and major refurbishments of properties in the year are included at cost.

Freehold land and buildings were originally gifted to the Trust and no original costs were recorded. A valuation was first included in the 1997 Trust Accounts and subsequently updated quinquennially in accordance with the provisions of the then-current Charities SORPs. The revised Charities SORP (FRS102), which was first applicable to the Trust 2016 Financial Statements, now requires annual valuations to fair value of all investment assets. The property valuations have been prepared by David Northridge BSc MRICS and Iain Neale BSc (Hons) MRICS of Abercorn Surveyors Ltd, a firm of Chartered Surveyors who are independent and have recent experience in the location and types of property being valued. The movement in value since the previous year end has been incorporated in these Financial Statements. The method of valuation for residential properties is Market Approach using comparable evidence retained in Abercorn Surveyors Ltd files, for commercial properties and properties which consist of commercial units and residential elements the valuation method uses rate of return using open market rental values with considerations made for facilities and condition upon inspection of the property.

Page 27

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

OTHER INVESTMENTS

At valuation
At 1 January 2023
Revaluation
Additions
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
All other investments are in the Charities Official Investment Fund.
13 STOCK
Stocks		 Listed
investments
£
3,941,007
395,580
387,250
(164,829)
4,559,008
4,559,008
3,941,007
2023
£
269		 Total
£
3,941,007
395,580
387,250
(164,829)
4,559,008
4,559,008
3,941,007
2022
£
277

Page 28

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

14 DEBTORS
2023
£
Trade debtors
48,875
Prepayments
11,945
Other debtors
18,972
79,792
Debtors includes £16,972 (2022: £17,883) receivable after more than one year.
2023
£
Other debtors
16,972
15 CASH AND CASH EQUIVALENTS
2023
£
Cash on hand
5
Cash at bank
44,506
44,511
16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Trade creditors
26,344
VAT payable
4,808
Other creditors
214,820
Accruals and deferred income
73,724
319,696		 2022
£
52,711
11,482
19,883
84,076
2022
£
17,883
2022
£
5
109,373
109,378
2022
£
27,371
5,726
117,828
59,838
210,763

Page 29

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

17 FUNDS

Unrestricted funds
General
Restricted funds
Endowment funds
Permanent
Total funds
Unrestricted funds
General
Restricted funds
Endowment funds
Permanent
Total funds		 Balance at 1
January 2023
£
782,171
150
19,706,654
20,488,975
Balance at 1
January 2022
£
1,077,830
200
19,647,556
20,725,586		 Incoming
resources
£
881,042
-
-
881,042
Incoming
resources
£
879,257
-
-
879,257		 Resources
expended
£
Other
recognised
gains/(losses)
£
(1,014,558)
69,320
-
-
(9,152)
(2,214,541)
(1,023,710)
(2,145,221)
Resources
expended
£
Other
recognised
gains/(losses)
£
(1,062,594)
(112,322)
(50)
-
(11,981)
71,079
(1,074,625)
(41,243)		 Balance at
31 December
2023
£
717,975
150
17,482,961
18,201,086
Balance at
31 December
2022
£
782,171
150
19,706,654
20,488,975

The specific purposes for which the funds are to be applied are as follows:

Endowment Funds

This comprises the freehold property owned by the Trust, together with the proceeds of sale of properties originally held by the Trust. Accumulated funds of £17,482,961 (2022 - £19,706,654) include £14,777,731 (2022 - £16,993,022) for revaluation adjustments arising from the inclusion on Investment properties and other investments at valuation.

Unrestricted Funds

All of the income generated by Endowment Fund investments is to be treated as Unrestricted Funds which are available for distribution for charitable purposes, at the Trustees' discretion, in accordance with the objects of the Trust. Accumulated funds of £717,975 (2022 - £782,171) include £332,673 (2022 - £267,906) for revaluation adjustments arising from the inclusion of other investments at valuation.

Page 30

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
897,481
124,422
(303,928)
717,975
Unrestricted
funds
General
£
792,247
193,581
(203,657)
782,171		 Restricted
Endowment
funds
Total
funds at
31
December
funds
£
Permanent
£
2023
£
-
17,498,729
18,396,210
150
-
124,572
-
(15,768)
(319,696)
150
17,482,961
18,201,086
Restricted
Endowment
funds
Total
funds at
31
December
funds
£
Permanent
£
2022
£
-
19,713,760
20,506,007
150
-
193,731
-
(7,106)
(210,763)
150
19,706,654
20,488,975

19 ANALYSIS OF NET FUNDS

Cash at bank and in hand
Net funds
Cash at bank and in hand
Net funds		 At 1
January
2023
£
Financing
cash flows
£
109,378
(64,867)
109,378
(64,867)
At 1 January
2022
£
Financing
cash flows
£
257,094
(147,716)
257,094
(147,716)		 At 31
December
2023
£
44,511
44,511
At 31
December
2022
£
109,378
109,378

Page 31

BIDEFORD BRIDGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

20 RELATED PARTY TRANSACTIONS

During the year the charity made the following related party transactions:

Underwood Wright Ltd

The Steward was a contractor of Underwood Wright Ltd up to June 2023. Underwood Wright Ltd invoiced the Trust quarterly for the Steward's fees, including administration and office support. A total of £19,350 (2022 - £38,700) was charged in the year for Steward's fees.

The former Warden, who resigned from the Trust in August 2023, was also an employee of Underwood Wright Ltd. A total of £19,327 (2022 - £28,800) was charged in the year for Warden's fees from Underwood Wright Ltd.

In addition, Underwood Wright Ltd had responsibility for the administration of the Torridge Taxi Voucher Scheme during 2022 and charged the Trust for: Administration costs relating to the Torridge Taxi Voucher Scheme - £Nil (2022 - £1,618). Additional professional costs relating to the Trust properties - £1,885 (2022 - £1,440) Out of pocket expenses incurred on behalf of the Trust - £768 (2022 - £1,185).

At the balance sheet date the amount due to/from Underwood Wright Ltd was £Nil (2022 - £18,389).

Underwood Wright Ltd as tenants of the Trust

Underwood Wright Ltd are tenants of the Trust, being charged rents of £4,250 (2022 - £4,250) for the year under review. Rental terms and conditions are at market rates, negotiated by independent agents on the Trust’s behalf to avoid potential con fl icts of interest..

At the balance sheet date the amount due to/from Underwood Wright Ltd as tenants of the Trust was £Nil (2022 - £Nil).

Page 32