ANNUAL REPORT
of the
CREDITON RELIEF IN NEED CHARITY
Also known as
CREDITON UNITED CHARITIES
For the Financial Year ended 31 August 2025
Registered Charity Number: 247038 Office Address: The Armstrong Room, 5 Parr House, Lennard Road, Crediton, Devon, EX17 2PA Office Telephone: 01363 776529 Mobile No: 07410 897613 email address: nhaandcuc@gmail.com Clerk to the Trustees: Karen Limon Bankers: National Westminster Bank plc, 59 High Street, Exeter, EX4 3DL Solicitors: Messrs Gilbert Stephens, 1 Westward Business Centre, Mill Street, Crediton, EX17 1HB Independent Examiner of Accounts: Clair Mann
Member of the Almshouse Association
1
Structure, Governance and Management
The Crediton United Charities comprise the Crediton Relief in Need Charity together with eight Almshouses administered under the Charity of Humphrey Spurway. To simplify the Accounts, the Charity of Humphrey Spurway has a separate Bank Account to the Relief in Need Charity, and the two are shown as separate entities on the Annual Accounts. Crediton United Charities is run in accordance with Schemes prepared by the Charity Commission, the latest Scheme being sealed on 19th May 1983.
Expenditure is controlled by the Trustees, whilst day-to-day administration is undertaken by the Clerk. The trustees generally meet around five times a year. There are seven Trustees in all, appointed as follows:-
By the Governors of the Church Corporation Trust at Crediton: Mrs S L Turner (appointment renewed December 2020) Mr A A White (appointment renewed December 2020) Mr J King (appointed April 2022)
By Crediton Town Council:
Miss J Harris (appointment renewed May 2024) Mrs H Zorlu (appointment renewed May 2024)
By Crediton Hamlets Parish Council:
Mr A T Cole (appointment renewed in May 2024) Ms R Vigers (appointment renewed in May 2024)
On appointment, a new trustee is given a copy of the Scheme together with the Minutes of the previous two meetings in order to gain an understanding of the Charity’s method of working. At their first meeting they are asked to sign a declaration to accept and act within the trusts of the Scheme.
Crediton Relief in Need Charity
Objectves and Actvites
This Charity was formed from an amalgamation of various small Charities set up by means of Will bequests since 1524. Income is used for the benefit of those in need, hardship, or distress within the Town of Crediton and Parish of Crediton Hamlets, by making grants of money or providing or paying for items, services or facilities. The Charity is not permitted to relieve public funds such as rates or taxes, nor to take the place of available statutory benefits. Each application for grant funds is decided on its merits by all the Trustees at their bi-monthly meetings. As a general rule, successful applicants for funding are not provided with cash directly, but wherever possible goods or services are purchased by the Charity on the applicant’s behalf.
Any requests for Grants should be made to the Clerk at the Office Address, either in writing, by email or by telephone to request an application form.
2
Achievements and Performance
Investments produced an income of £16887.42 during the year. Expenditure totalled £9375.28. Therefore, the excess of income over expenditure was £7512.14 (last year £9890.79). In addition to which, the sum of £6000.00 was used to purchase additional Surplus Income Unit Trusts.
During the year, the Charity made the following grants (with last year’s figures given in brackets) :
| To Individuals : **10 Grants: To Groups : 2 Grants: Total |
£2947.00 (£ 204.81) (1) £ 730.50 (£3450.80) (5) £3677.50 |
|---|---|
Benefit Tickets are now obsolete and not used by any establishment.
Funding has again been provided to three of the four local Schools within the area to help and support pay Residential Trip fees which would otherwise need to be found from the School budgets. (The payment to Haywards School was not paid until the next accounting year although support agreed in this current accounting year and will therefore be shown in next year’s Report).
** Assistance was provided to all eight Almshouse residents to help with paying utility bills due to the cancellation of Government funding (Winter Fuel Allowance).
Two further grant requests were considered by the Trustees, however they were refused as criteria did not meet the terms of the Charity Trust Deed. On further request was received and approved but the individual’s circumstances changed and support was therefore no longer required.
The Almshouse residents are helped by the charity paying their water bills out of endowment income, which does not then have a negative impact on their housing benefit payments.
The Clerk’s Stipend and Office Expenses attributed to the Relief in Need work amounted to £3719.07 (Stipend = £2474.88 / Office Expenses = £1244.19 being 22.02% of income (last year £3032.87 total being 16.47% of Income). The Office Expenses comprise mainly a contribution towards the expenses of running the shared office (approximately one third of the total cost). Increased phone and Broadband costs have also contributed to the increased Office Expenses costs.
Financial Review
Income from the Permanent Endowment COIF Income Shares amounted to £13755.59 (last year £13430.23) from the Endowment Fund, plus a further £3061.85 (last year £2840.09) from the Accumulated Income Fund. The Permanent Endowment COIF Income Shares have a market value of £481019.99 as at 31 August 2025 (£498763.06 last year), giving a return on the investment of approximately 2.85% (last year 2.69%).
3
The NAACIF Income shares (managed by M&G Securities Ltd) were purchased with the K J T Stoneman Legacy to form a Permanent Endowment, the income from which is only to be used to purchase Christmas gifts for the Humphrey Spurway Charity’s Almshouse residents. These Income shares have a market value of £1688.25 as at 31 August 2025 (£1636.58 last year). With an income of £69.98 (last year £69.11), giving a return on the investment of approximately 4.14% (last year 4.22%).
Reserves Policy
Any surplus income is placed on a Deposit Account to provide a cushion should the Charity need to make an unusually high grant at any time. The Deposit Account balance is reviewed regularly during the year at each Trustees meeting, and if there are sufficient funds, an investment is made into the Surplus Funds Unit Trust holding. This investment is phased over the year by monthly instalments in order to reduce the effect of any excessive fluctuations in the unit price.
Plans for the Future
The level of grants being made is still short of that some years ago, but the trustees continue to look for an alternative worthwhile outlets for their funds, at the same time maintaining the criteria for relief of those in need.
It is anticipated that Residential School Trips (assistance) will be provided in 2026.
Charity of Humphrey Spurway
Objectves and Actvites
The Almshouses owned by this Charity comprise four flats in a sixteenth century building at Park Street, together with four bungalows in a more modern (1970’s) block at Lennard Road.
The Almshouse at Park Street was established under directions of the Will of Humphrey Spurway dated 1st February 1555, and is for the benefit of ‘for poor persons’ from Crediton Town or the Parish of Crediton Hamlets.
Due to the problems of access at Old Spurways, Park Street, these flats are generally inhabited by younger residents, whereas the New Spurways properties at Lennard Road are part of an estate of bungalows with alarm system assistance built-in and are specifically for more elderly residents.
As at 31 August 2025, all eight properties were occupied. Any Almshouse vacancies are advertised in the local press. A waiting list is not maintained.
4
Achievements and Performance
An Alarm System is in place at the properties in Lennard Road to meet the unexpected needs of the elderly residents. This service is provided in place of the previous Warden facilities. Shortly the current Scheme will be out of date, with all services moving to digital. It is anticipated that in the 2025-2026 Accounting Year, the system will be updated for all Lennard House Almshouse residents.
All other administration and services are provided by the Trustees’ Clerk. The stipend in respect of the management of the Almshouses amounted to £4331.69 (last year £3863.14). In addition to this, the sum of £321.59 was paid into a pension scheme for the Clerk. Therefore the total overall cost was £4653.28. This represents 11.16% of normal income (£41666.26). Last year = 10.33%. In addition to these costs, an Annual Subscription of £353.00 was made to the Almshouse Association. The Association provides guidance on updates of the Law and other matters which may be of relevance to the smooth running of the properties and / or of benefit to the Residents.
Tax paid through the year (VAT and Insurance Premium Tax) amounted to £332.43 or 0.79% of Income (last year £1378.74 or 3.41%).
Financial Review
Total income from the Weekly Maintenance Contributions amounted to £41666.26 (last year £40396.36).
This figure is broken down as follows:-
| Old Spurways Weekly Maintenance Contributon (WMC) Income Old Spurways expenditure Net WMC Income New Spurways Weekly Maintenance Contributon (WMC) Income New Spurways expenditure Net WMC Income |
£19722.35 £ 591.43 |
|---|---|
| £19130.92 £21943.91 £ 2129.07 |
|
| £19814.84 |
The Weekly Maintenance Contribution was reviewed and increased during the year.
Reserves Policy
The Almshouse Charity’s reserves carried forward to next year comprise Deposit Accounts for day-to-day and cyclical (five-yearly) maintenance, totalling £186070.64 plus an Emergency Repair Fund reserve held in Unit Trusts.
At the end of the year the reserve fund was made up of 233.97 Units of COIF Accumulation Shares valued at £60471.60 (last year valued at £50883.80). Amounts set aside in these reserve funds are based on guidance figures provided by The Almshouse Association.
5
Plans for the Future
The Surplus Reserve Fund was set up to help finance the purchase of new Almshouses in the future. The Clerk keeps a regular eye on properties available within the Crediton area to look for potential purchases.
Signed, by two Trustees on behalf of all the Trustees.
. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . Dated . . . . . . . . . . . . . . . .
6
; ~
CREDITON UNITED CHARITIES
RELIEF IN NEED CHARITY
ACCOUNTS FOR YEAR ENDED 31 AUGUST 2025
| INCOME | 2024/25 | 2023/24 | ||
|---|---|---|---|---|
| Permanent Endowment | ||||
| 24,463.08 COIF Income Shares | 13755.59 | 13430.23 | ||
| 1,728 NAACIF Income Shares | 69.98 | 69.11 | ||
| Accumulated Income | ||||
| 3,207.93 COIF Income Shares | 3061.85 | 16887.42 | 2840.09 | 16339.43 |
| COIF Charities Deposit a/c Interest | 2225.83 | 2064.24 | ||
| Reimbursement ofbank charges | ||||
| Reimbursement from HS Account | 2225.83 | 2064.24 | ||
| Total Income | 19113°25 | 18403.67 | ||
| EXPENDITURE | ||||
| Grants to Individuals | 2947.00 | 204.81 | ||
| Grants to Groups | 730.50 | 3450.80 | ||
| Almshouse residents water charges | 1578.71 | 1424.40 | ||
| KJTStoneman Legacy Christmas Gifts | 400.00 | 400.00 | ||
| General Benefit Tickets | 0.00 | 5656.21 | 0.00 | 5480.01 |
| Clerk's Stipend | 2474.88 | 2395.28 | ||
| Office Expenses | 1244.19 | 637.59 | ||
| Trustees Indemnity Insurance Premium | 0.00 | 0.00 | ||
| Misc expenditure | 0.00 | 3719.07 | 0.00 | 3032.87 |
| Total Expenditure | 9375.28 | 8512.88 | ||
| Income less Expenditure | 9737.97 | 9890.79 | ||
| Less purchase of‘Surplus Income’ units | 6000.00 | -6000.00 | 3500.00 | -3500.00 |
| Surplus/ (Deficit) forthe year | 3737.97 | 6390.79 | ||
| MOVEMENTOF FUNDS | ||||
| As at 1 September | ||||
| NatWest Bank Current a/c | g1524 415 | 18694.60 | ||
| COIF Charities Deposit a/c | 45575.94 | 57097.09 | 32011.70 | 50706.30 |
| Add surplus forthe year | 3737.97 | 6390.79 | ||
| 60835.06 | 57097.09 | |||
| As at31 August | ||||
| NatWest Bank Current a/c | 8033.29 | 11521.15 | ||
| COIFCharitiesDeposita/c | 52801.77 | 60835.06 | 45575.94 | _-57097.09 |
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CREDITON RELIEF IN NEED CHARITY
(Continued)
Notes:
-
24,463.08 Permanent Endowment COIF Income shares valued at £481019.99 at year end (Valued at £498763.06 as at 31 August 2024)
-
1,728 Permanent Endowment NAACIF Income shares valued at £1688.25 at 31/08/25 (Valued at £1636.58 as at 31 August 2024)
-
5569.4011 Accumulated Income COIF Income shares valued at £110011.69 at year end (5220.251 shares valued at £107938.85 as at 31 August 2024)
Memorandum Balances
K J T Stoneman Legacy
The bequest by Mr K J T Stoneman, a former Chairman of the Trustees, was invested in 1,728 NAACIF Income shares in March 2000. The income from these shares is used to fund a Christmas distribution to the Humphrey Spurway Charity's Almshouse residents.
| Balance Brought Forward | 0.00 |
|---|---|
| Income Received | 69.98 |
| 69.98 | |
| less Expenditure onChristmas gifts | -400.00 |
| BalancefromgeneralReliefinNeedfunds | -330.02 |
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CHARITY OF HUMPHREY SPURWAY
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|INCOME|2024 / 25|2023|/ 24|
|Weekly|Maintenance|Contributions|
|Old|Spurways,|Park|Street|19722.35|19205.36|
|New Spurways,|Lennard|Road|21943.91|41666.26|21191.00|40396.36|
|Misc|Income|
|0.00|0.00|
|Interest|
|Routine|Maintenance|a/c|3756.21|3225.00|
|Cyclical|Maintenance|a/c|3765.31|7521.52|3740.73|6965.73|
|Sub-total|49187.78|47362.09|
|Exceptional|Income|
|Sale|of Emergency|Repair|Fund|units|0.00|0.00|
|Water|charges|refunded|from|Relief|in|Need|0.00|0.00|
|Total|Income|49187.78|47362.09|
|EXPENDITURE|
|Routine|Maintenance|1051.51|4525.39|
|Cyclical|Maintenance|0.00|0.00|
|Extraordinary|Repair|Fund|0.00|0.00|
|Buildings|Insurance|Premium|1029.54|997.89|
|Water|0.00|0.00|
|Electricity|- Old|Spurways|376.60|306.00|
|Alarm|System|628.69|605.96|
|Clerk's|Stipend|4331.69|3863.14|
|Clerk's|Pension|321.59|310.50|
|Office|expenses|0.00|19.58|
|Almshouse|Association|353.00|343.00|
|Miscellaneous|(Gardening)|(Quinquennial)|663.70|3692.00|
|Total|Expenditure|8756.32|14663.46|
|Income|less|expenditure|40431.46|32698.63|
|Purchase|of|‘Extraordinary|Repair|Fund'|Units|6000.00|3000.00|
|Purchase|of|‘Surplus|Reserve|Fund’|Units|0.00|-6000.00|0.00|-3000.00|
|Surplus /|(Deficit)|for the year|34431.46|29698.63|
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SIZ\26
CHARITY OF HUMPHREY SPURWAY
MOVEMENT OF FUNDS
2023 / 24
| As at 1 September | ||||
|---|---|---|---|---|
| NatWest Bank CurrentAccount | 15803.58 | 25070.68 | ||
| COIF Routine Maintenance a/c | 73099.63 | 49874.63 | ||
| COIF Cyclical Maintenance a/c | 77449.49 | 166352.7 | 61708.76 | 136654.07 |
| Add surplus forthe year | 34431.46 | 29698.63 | ||
| Deduct deficit forthe year | ||||
| 200784.16 | 166352.70 | |||
| As at 31 August | ||||
| Nat West Bank Current Account | 14713.52 | 15803.58 | ||
| COIF Routine Maintenance a/c | 98855.84 | 73099.63 | ||
| COIFCyclicalMaintenancea/c | 87214.80 | 200784.16 | 77449.49 | 166352.70 |
Notes: Tax paid through the year (VAT, Council Tax and Insurance Premium Tax) amounted to £332.43 (last year £1378.74)
Emergency Repair Fund
233.9738 COIF Accumulation shares valued at £60471.60 as at 31 August 2025 (212.65 shares valued at £54915.83 as at 31 Aug 2024)
Surplus Reserve Fund
1,305.544 Accumulation Shares in the National Association of Almshouses Charity Multi Asset Fund, valued at £171176.92 as at 31 August 2025 (shares valued at £154821.98 as at 30 June 2024)
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CHARITY COMMISSION Independent examiner's
FOR ENGLAND AND WALES report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/
members of CASED TOS UrivenD CrHaeaireses
On accounts for the year _ Charity no
ended | OGOST Zo2s (ifany)| ZU 1038
| report to the trustees on my examination of the accounts of the above
charity (“the Trust”) for the year ended .
Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation
basis of report of the accounts in accordance with the requirements of the Charities Act
2011 (“the Act”).
| report in respect of my examination of the Trust’s accounts carried out
under section 145 of the 2011 Act and in carrying out my examination, |
have followed the applicable Directions given by the Charity Commission
under section 145(5)(b) of the Act.
independent | have completed my examination. | confirm that no material matters have
examiner's statement come to my attention (otherthan-that-diselesed-betow™) in connection with
the examination which gives me cause to believe that in, any material
respect:
e accounting records were not kept in accordance with section 130 of
the Act or
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e the accounts do not accord with the accounting records
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. . * Please delete the words in the brackets if they do not apply.
Relevant professional qualification(s) or body (if any):
IER
1
October 2018