Sarah Wood Fogwell's Charity Registered Charity Number 254738 Trustees Report and Financial Statements Year Ended 31 October 2024 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Contents Page Trustees, Report Independent Examiner's Report Statement of Financial Attivities 12 Balance Sheet 13 Notes and Accounting Policies 14 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Report of the Trustees Objectives and activities What the Charity does The Charity was established in October 1968 for general charitable purposes. It owns various properties in Brixham, Devon. Aims The charity supports charitable purposes as the Trustee thinks fit. General Objectives We review our aims, objectives and activities each year and plan our activities for the future, including the trustees as5e5sing our activitie5 Wlth regard to the Charity Commission's guidance on public benefit. The charity operates mostly but not exclusively in the Brixham area. Its focus over the year has been to maintain properties and to establish title following transfer to Devon Community Foundation from UKCF. The chariws beneficiaries are restricted to those defined under the objects of the charity. The trustees are confident that the finances are stable and will continue to be so for the foreseeable future. All properties except 43 Overgang were let. Following the establishment of title to the property 43 Overgang is undergoing refurbishment with a view to renting it out in 2025. Financial review The accounts show that a surplus of £19,649 for the year to 31" October 202412023.. deficit £77112023 had punitive council tax levied due to 43 Overgang being unoccupied. Reserves Policy and Going Concern The Charity had unrestricted reserves of £111,911 and restricted reserves of £735,000 as at 31" October 2024. The trustee considers these adequate at the current time. Risk Management The trustees have assessed and acted on conclusions about the risks the charity could face and are satisfied that systems are in place to mitigate any exposure to major risks. SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Report of the Trustees {contl Compliance with the charity's governing document and FR5102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. Plans for future periods The trustees will seek to have all properties registered in the name of Devon Community Foundation in 2025. 43 Overgang will be refurbished and rented out in 2025. The trustees will formulate plans for the future of the properties and charity for the benefit of the community. Structure. Governance and Management Governing document The Charity's governing instrument is the scheme dated 18, September 1967 The charity was formed in 1968 and is registered with the Charity Commission (Registered Charity Number 2547381. Trustee Devon Community Foundation IDCFI is the sole trustee of Sarah Wod Fogwell's Charity Reference and Administrative details The Charity '. Sarah Wood Fogwells Charity Registered Charity Number 254738 The Charity's correspondent, Andrew Minns, can be contacted there. Registered Office.. The Factory Leat Street Tiverton EX16 5LL Bankers.. Charities Aid Foundation West Malling Kent ME194TA SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Reference and Administrative details Icontl Independent Examiner Neil Hitchings FCA lon behalf of) Francis Clark LLP Centenary House Peninsula House Rydon Lane Exeter EX2 7XE Solicitors Tozers Broadwalk House Southernhay West Exeter EXI IUA Declarations The trustee declare that they have approved the trustees report above. Signed on behalf of the Charity's trustee Dlnah Cox (Mar 18. 2026. 5'.32pml Dinah Cox Chair of trustees of the Devon Community Foundation DATE: 18 March 2026 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Trustees, responslbS1Stles In relatlon tothe flnanclal statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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 the financial statements the trustees are required to.. select suitable accounting policies and then applv them consistentlv; observe the methods and principles in the applicable Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularitie5 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31" October 2024 Independent Examiners report to the trustee of Sarah Wood Fogwell's Charity I report to the trustee orb my examination of the accounts of Sarah Wood Fogerll's Charity for the year ended 31" October 2024, which are set out on pages 8 to 17 Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination we have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= 111 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 121 the accounts do not accord with those records. 131 The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Neil Hitchings FCA lon behalf on Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Date.. 20 March 2026 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Statement of Financial Activities Unrestricted Funds Restricted Funds Note 2024 2023 Income Investments .. Property Investments .. Shares 29,067 1,024 29,067 1,024 24,305 99 Total income 30,091 30,091 24,404 Expenditure on.. Charitable Activities Total expenditure 10,442 10,442 25,175 Net income / lexpenditurel 19,649 19,649 17711 Net movement in funds 19,649 19,649 17711 Fund balances broLJght forward 92,262 735,000 827,262 828,033 Fund balances carried forward 111,911 735,000 846,911 827,262 The statement of financial activities includes gains and losses recognised in the year. All income and expenditure derive from continuing activity. SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Balance Sheet 2024 2023 Note Fixed Assets.. Investment Property 735,000 735,0(X) Total f ixed assets 735,000 735,0(X) Current Assets.. Investments Debtors Cash at bank 7,017 106,394 6,201 86,061 io Total current assets 113,411 92,262 Creditors amouts falling due within one year li 1,500 Net current assets 111,911 92,262 Tolal assets less current liabilities 846,911 827,262 Funds of the charity Restricted Funds 15 735,(N)O 735,000 Unrestricted Funds 14 111,911 92,262 Total charity funds 846,911 827,262 The notes on pages 10 to 17 form part of these financial statements. These finantial statements were approved by Trustee on 18 March 2026 and were signed on their behalf Dinah ewmar 18. 2026. 5.32pml Chalr of trustees of Devon Community Foundation SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notes to the financial statements Accounting Policies Basis of preparation The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 rather than the Accounting and Reporting by Charities- Statement of Recommended Practice effective from l April 2005 which has been withdrawn. The trustees have assessed the charity's activities with regard to the Charity Commission's guidance on public benefit. The FoLJndation meets the definition of a public benefit entity under FRS 102. The functional currency of Sarah Wood Fogwell's Charity considered to be pounds sterling because it IS the currency of the primary economic environment in which the charity operates. Preparation of financial statements on a going concern basis The charity had a surplus on unrestricted funds of £111,911 at 31 October 202412023.. £92,2621. The financial statements therefore continue to be prepared on a going concern basis. Income Income from charitable activities is recognised when the charity has entitlement to the funds, any conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance is deferred until the criteria for income recognition are met. For legacies, entitlement is taken as the earlier of the date on which either.. the Charity is aware that probate has been granted, the estate has been finalised, and notification has been made by the executorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not 10 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notes tothe financial statements (continued) Accounting Policies Icontinuedl been met, then the legacy is treated as a contingent asset and disclosed if material (none in 2023-20241. Income from other trading activities includes income earned from trading activities to raise funds for the charity. Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of interest paid or payable by the bank. Fund accounting Unrestricted funds are available to spend on artivities that further any of the purposes of charity. Restricted funds consist of tangible fixed assets which are land and investment property (see note 61. These funds are available to spend on activities defined in the trust deed Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of grant making, property expenses and project activities undertaken to further the purposes of the charity and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Allocation of support costs Support Costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the Charity. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charities activities. Taxation Sarah Wood Fogwell's Charity has charitable status and uses Its funds for charitable purposes. Therefore, no taxation is included in these financial statements and is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992. The charity is not registered for Value Added Tax, and expenditure therefore includes VAT where appropriate Operating Leases The Charity classifies the leases shown under investment properties as operating leases. The lease of 3 The Strand is for are for a term of 7 years dated 24 May 2023 at an initial rent of £13,500 per annum, rising to £15,000 until 30 August 3030. See note 10. Other leases are at one months, notice. SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notes tothe financial statements (continued) Accounting Policies Icontinuedl Investment Propertv Investment properties are held at fair value. The following properties are held all in Brixham: 3 The Strand 43. Overgang Road 44 Overgang Road 45 Overgang Road Are all treated as an investment property under charities SORP IFRS 1021. A valuation was carried out by an independent expert in 2023 with a valLJe of £735,000. The trustees have not considered revaluation. All properties except 43 Overgang were rented out during the year. Cash at bank and in hand The charity does not have a bank account and uses its sole trustees banking facilities. These are with CAF Bank Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measLJred at their settlement value with the exception of bank loans which are subsequently measured at amortised cost Using the effective interest. 12 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notes tothe financial statements {continuedl l. Income from investment propertie5 2024 2023 Rental income 29,067 29,067 24,305 24,305 2. Investment Income 2024 2023 COIF intome received 1,024 1,024 99 99 3. Charitable Activities Costs 2024 2023 Support costs 10,442 10,442 25,175 25,175 4. Support Costs 2024 2023 Building & Repairs Countil tax & Water Rates Insurance costs Independent examiners fee Professional Fee I,LN)7 6,159 456 5,782 4,802 969 1,500 1,320 10,442 13,622 25,175 13 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notesto thefinancial statements (continued) 5. Net income/lexpenditurel for the year 2024 2023 This is stated after charging Independent examiners fees 1.500 1.500 6. Staff numbersand costs The charity has no employees during the year. 7. Investment Properties Investment Property Total Valuatlon At 1st November 2023 At 31 October 2024 735,000 735.000 735,000 735,0(N) Net book values At 31 October 2024 735.000 735,000 At 31 October 2023 735,000 735,000 Investment property comprises of the following properties.. 43 Overgang Road, Brixham, Devon TQ5 8AR 44 Overgang Road, Brixham, Devon TQ5 8AR 45 Overgang Road, Brixham, Devon TQ5 8AR 3 The Strand, Brixham, Devpn TQ5 8EH The properties were valued as at 17 August 2023 by Stratton Creber Commercial, Exeter. 14 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notesto thefinancial Statements (continued) 8. Investments 2024 2023 COIF Charity Investment Funds 7,017 7,017 6,201 6,201 9. Debtors: amounts falling due within one year. 2024 2023 Inter company account Devon Community Foundation 106,186 106,186 86,061 86,061 10. Cash at bank and in hand 2024 2023 2024 2023 11. Creditors: amounts falling due within one year. Other creditors 1.500 1.500 12. Operating Leases Future minimum lease receipts: Not later than 1- 5 Years Later than l Year 5years 43 Overgang Road, Brixham, Devon TQ5 8AR 44 Overgang Road, Brixham, Devon TQ5 8AR 45 Overgang Road, Brixham, Devon TQ5 8AR 3 The Strand, Brixham, Devpn TQ5 8EH 700 675 13,500 45,0(K) 14.875 45,OCN) 15 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 13. Funds ofthe charity Income and expenditure account At l November 2023 Surplus/ldeficitl for the year At 31 October 2024 92,262 19,649 111,911 14. Unrestricted funds 2024 2023 Fund balances brought forward incoming resources Outgoing resources Fund balance carried forward 92.262 30.091 110.4421 111.911 93,033 24,404 125,1751 92,262 15. Restrl¢ted Funds 2024 2023 Land & Buildings Fund balance carried forward 735.fy 735.fy 735,000 735,000 16 SARAH WOOD FOGWELL'S CHARITY Financial statements for the year ending 31st October 2024 Notesto thefinancial statements (continued) 16. Analysls of net assets between funds Tangible Assets Net current 2024 Totsl Restricted funds Unrestricted funds 735,000 735,OlXI 111,911 846,911 111,911 111,911 735,000 16a. Analysis of net assets between funds comparative Tangible Assets Net current 2023 Total Assets Restricted unds Unrestricted funds 735.000 735,000 92,262 827,262 92,262 92.262 735,000 17. Capitsl commitments There were no capital commitments at the year end12023 £nill 17